On suspending the insurance licence of the insurance agent and appointing the provisional administration

By its Order No. OD-1946, dated 29 July 2014, the Bank of Russia suspended insurance licence of CJSC Voskhozhdeniye Insurance Company due to the failure to execute the instruction. This measure is aimed at preserving the insurer’s property in order to meet the obligations under the contracts of insurance and creditors’ claims.

The suspension of licence prohibits the insurance company from entering into new contracts of insurance and introducing amendments resulting in increase in liabilities under the current contracts. The insurance company must accept insurance claims and meet its obligations.

The decision has been taken to appoint a provisional administration and to suspend the powers of the insurer’s executive bodies.

The activity of the provisional administration is controlled by the Bank of Russia under the established procedure.

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30.07.2014 00.00.00