Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;

Activities of provisional administration to manage Limited Liability Company Regional Insurance Centre

Following failure of Limited Liability Company Regional Insurance Centre (further referred to as the Company) to duly comply with Bank of Russia instructions and its breach of financial stability and solvency requirements, the Bank of Russia by force of its Orders Nos. ОD-2069 and ОD-2071, dated 9 August 2018, suspended the Company’s insurance licence starting from 10 August 2018 and appointed a provisional administration to manage the Company for a term of six months.

The Company’s failure to timely remedy breaches of insurance regulations entailed the revocation of its insurance licence, by force of Bank of Russia Order ОD-2197, dated 23 August 2018.

The provisional administration, acting within its mandate, established facts suggesting that the Company’s owners and officials had performed actions aimed at siphoning off corporate assets.

The provisional administration estimates the value of the Company’s property (assets) to be insufficient to meet its liabilities to creditors and mandatory payments obligations.

On 16 October 2018, the provisional administration submitted a claim to the Arbitration Court of the City of Moscow to recognise the Company as insolvent (bankrupt). The hearing is scheduled for 5 February 2019.

The Bank of Russia submitted the information on the financial transactions bearing the evidence of criminal offence conducted by the Company’s officials to the Prosecutor General’s Office of the Russian Federation, the Investigative Department of the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision making.

26 December 2018

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