On revocation of insurance and reinsurance licences

On 22 April 2015, the Bank of Russia took a decision to revoke insurance and reinsurance licences from Insurance Company SEVERNAYA KAZNA, limited liability company (registration number in the unified state register of insurance agents is 1155; location: 190 Soni Morozovoy Street, Yekaterinburg, 620026; TIN 6608003165, PSRN 1026605409555).

This decision was taken due to the failure of Insurance Company SEVERNAYA KAZNA, limited liability company, to timely remove violations of insurance legislation which resulted in suspension of the insurance and reinsurance licences, and particularly due to the failure to meet Bank of Russia instructions with regard to the company’s provision of unreliable information and failure to meet the requirements to financial stability and solvency. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

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

take a decision on termination of insurance activity in compliance with Russian legislation;

fulfill its obligations arising from the contracts of insurance (reinsurance), including payments against insurance claims;

transfer obligations accepted under the contracts of insurance (reinsurance) and/or terminate these contracts.

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

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22.04.2015 00.00.00