Provisional administration to manage Joint-stock Company National Insurance Company TATARSTAN finds shortage of OSAGO insurance policy forms

By Bank of Russia Order No. ОD-1090, dated 14 May 2019, insurance and reinsurance licences of Joint-stock Company National Insurance Company TATARSTAN (further — JSC NASKO) were revoked effective 15 May 2019.

The inventory reconciliation conducted at JSC NASKO found that as many as 48,316 pcs of accountable OSAGO forms were lost (the Register of Accountable OSAGO Forms is attached).

It is of note that in accordance with Clause 4, Article 32.8 of Russian Federation Law No. 4015-1, dated 27 November 1992, ‘On the Organisation of the Insurance Business in the Russian Federation’, insurance contracts, including those based on accountable OSAGO forms as per the Register, concluded on behalf of JSC NASCO are invalid from the date the insurance licence revocation decision took effect (15 May 2019).

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