On revocation of insurance licence

The Bank of Russia took a decision to revoke the insurance licence from the closed joint-stock company Voskhozhdeniye Insurance Company (registration number in the unified state register of insurance agents is 3709; location: 76 Koptevskaya Street, Moscow, 125239; TIN 7734248992; PSRN 1027734001261).

The decision is taken due to the Company’s failure to timely remove the violations of the insurance legislation resulted in suspension of the insurance licence and becomes effective the day it is published in the Bank of Russia Bulletin, the official periodical of the Bank of Russia.

Starting the date the decision on the revocation of licence becomes effective, CJSC Voskhozhdeniye IC has no right to enter into contracts of insurance (reinsurance) and to introduce amendments resulting in increase in liabilities into the corresponding contracts.

Due to the revocation of the licence the Company is obliged:

to take a decision on the termination of the insurance activity in compliance with the Russian legislation;

to meet its obligations under the contracts of insurance (reinsurance), including insurance claim settlements;

to transfer obligations accepted under the contracts of insurance (reinsurance) and/or to abrogate the said contracts.

The Company shall inform the policy holders of the revocation of licence, early termination of contracts of insurance (reinsurance) and/or the transfer of obligations accepted under the contracts of insurance to another insurer within one month after the date the decision on the revocation of licence becomes effective.

Earlier, by its Order No. OD-1975, dated 31 July 2014, the Bank of Russia appointed a provisional administration to CJSC Voskhozhdeniye IC for a six-month period, the powers of the executive bodies of the insurance company are suspended.

Vladimir A. Iosipchuk, receiver (mailing address: P.O. Box 8057, 63 Sokolova Street, Rostov-on-Don, 344000) member of the non-profit partnership Siberian Guild of Turnaround Managers (10 Berezhkovskaya Embankment, office 200, Moscow, 121059), has been appointed as the head of the provisional administration.

As the Company and the provisional administration must meet the obligations under the contracts of insurance (reinsurance), beneficiaries and other individuals intending to receive insurance payouts for the insured events, must submit their requests to the Company in the shortest possible terms.

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22.08.2014 00.00.00