On revocation of insurance licence

By its Order No. OD-1233, dated 3 June 2015, the Bank of Russia revoked insurance licence from ROST Insurance Company, limited liability company (registration number in the unified state register of insurance agents is 0384).

The decision is taken due to the insurer’s failure to eliminate violations of the insurance legislation, which served as a ground for the suspension of the insurance and reinsurance licences (Bank of Russia Order No. OD-347, dated 12 February 2015, ‘On Suspending Insurance and Reinsurance Licences of ROST Insurance Company, Limited Liability Company’), i.e. due to noncompliance with requirements to financial sustainability and solvency with respect to creating insurance reserves, to procedure and conditions of investing capital and insurance reserves. The decision becomes effective from the day it is published in the Bank of Russia Bulletin.

Due to the revocation of licences ROST Insurance Company, limited liability company, is obliged:

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

to meet its liabilities arising from insurance (reinsurance) contracts, including the payment of insurance benefits under insured events;

to transfer liabilities taken under insurance (reinsurance) contracts, and/or to cancel these contracts.

ROST Insurance Company, limited liability company, shall inform insured persons on the revocation of its licence, early termination of insurance (reinsurance) contracts and/or transfer of liabilities taken under insurance contracts to another insurer within a month after the decision on the revocation of licence becomes effective.

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03.06.2015 00.00.00