On suspending insurance licence

The Bank of Russia suspended the insurance licences of the following entities:

Closed joint-stock company Insurance Company AVESTA-Med (registration number in the unified state register of insurance agents 2816) (Bank of Russia Order No. 348, dated 12 February 2015);

Closed joint-stock company Insurance Company AVESTA (registration number in the unified state register of insurance agents 3156) (Bank of Russia Order No. 349, dated 12 February 2015).

The decisions are taken due to the companies’ failure to duly meet Bank of Russia instructions and become effective the day they are published in a printed media.

The suspension of the insurance licence prohibits the companies to conclude insurance contracts and to make amendments to the related contracts resulting in increase in obligations of the insurance agent.

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12.02.2015 00.00.00