Lost insurance policy forms by JSC IC Sibirsky Spas

The Bank of Russia by force of its Order No. ОD-522, dated 14 March 2019, revoked an insurance licence of Joint-Stock Company Insurance Company Sibirsky Spas, Reg. No. 3467, 13 Kuznetskstroyevsky Prospekt, Novokuznetsk, Kemerovo Region (hereinafter referred to as JSC IC Sibirsky Spas).

In line with Clause 4.1, Article 25 of Russian Federation Law No. 4015-1, dated 27 November 1992, ’On the Organisation of the Insurance Business in the Russian Federation’, the Bank of Russia issued Order No. ОD-523, dated 14 March 2019 whereby a provisional administration (hereinafter referred to as the provisional administration) was appointed to JSC IC Sibirsky Spas. The powers of executive bodies of JSC IC Sibirsky Spas were suspended.

Mandatory Insurance Automated Information System data show that JSC IC Sibirsky Spas had 22,261 accountable МММ series forms of compulsory motor third-party liability insurance (hereinafter referred to as CMTPLI accountable forms).

The provisional administration-conducted inventory reconciliation at JSC IC Sibirsky Spas revealed that 18,185 CMTPLI such accountable forms had been lost (the registry of CMTPLI accountable forms is attached).

In line 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’, from the date of entry into force of the insurance supervisory body’s licence revocation decision, the insurance entity shall not be entitled to enter into insurance contracts, reinsurance contracts or insurance brokerage contracts; neither shall it make amendments to respective contracts which entail an increase in liabilities of the insurance entity.

Insurance contracts concluded on behalf of JSC IC Sibirsky Spas following the date of entry into force of the insurance supervisory body’s decision regarding the insurance licence revocation (14 March 2019), including those on CMTPLI accountable forms listed in the registry, shall be deemed invalid.

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