On suspending reinsurance licence

The Bank of Russia suspended the reinsurance licence issued to Reinsurance and Insurance Company Express, limited liability company (registration number in the unified state register of insurance agents 2713).

The decision is taken due to the insurer’s failure to execute Bank of Russia instructions, namely, due to noncompliance with the requirements to financial sustainability and solvency with respect to making 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.

Suspended licence of the insurance agent shall mean a prohibition on entering into reinsurance contracts, and also on amending respective contracts resulting in increase in the obligations of the insurance agent. The insurance agent shall accept applications on the occurrence of insured events and perform obligations.

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03.04.2015 00.00.00