On suspending insurance and reinsurance licences

On 22 April 2015, the Bank of Russia took a decision to suspend insurance and reinsurance licences of National Fire Insurance Company, limited liability company (registration number in the unified state register of insurance agents is 3084).

This decision is taken due to the failure by National Fire Insurance Company, limited liability company, to follow Bank of Russia instruction duly, namely its non-compliance with the requirements to financial stability and solvency, concerning the creation of insurance reserves, procedure and terms of investment of its own funds and insurance reserves. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

The suspension of licence prohibits the insurance company from entering into new contracts of insurance and introducing amendments, resulting in increase in the insurance agent’s liabilities under the current contracts.

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22.04.2015 00.00.00