On revocation of insurance licence

The Bank of Russia revoked the insurance licence from the joint-stock insurance company Express Garant (open joint-stock company) (registration number in the unified state register of insurance agents is 2512).

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 an insurance licence, i.e. failure to properly implement Bank of Russia directions concerning ensuring sufficient assets received as collateral for insurance provisions and capital of the company. The decision becomes effective as of the day of its publication in the Bank of Russia Bulletin.

From the day the Bank of Russia’s decision on the revocation of insurance licence becomes effective, the insurance agent shall not enter into insurance contracts, reinsurance contracts, insurance broker service agreements, and also to introduce amendments into respective contracts resulting in increase in obligations of the insurance agent.

The reference to the Press Service is mandatory if you intend to use this material.

03.04.2015 00.00.00