On suspending licence to perform mediation activity as insurance broker

By its Order No. OD-1757, dated 23 July 2015, the Bank of Russia suspended a licence to perform mediation activity as an insurance broker of Insurance and Reinsurance Broker Firm Titan, limited liability company (registration number in the unified state register of insurance agents is 4272).

The decision is taken due to the avoidance by the insurance broker to receive a Bank of Russia instruction issued due to the failure to comply with requirements to application, data, documents to be submitted to obtain a licence to act as an insurance agent, and with requirements to the established standard forms. Namely, a copy of work record book of chief accountant of the insurance broker that was not either notarised or attested by the legal entity, where the said document is kept, with a record made ‘working to the present day’. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Suspended licence shall mean a prohibition on entering into new insurance broker contracts and also on amending respective contracts, resulting in increase in the existing obligations.

The insurance agent is given 5 calendar days to implement corrective actions starting from the day the order becomes effective.

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

23.07.2015 00.00.00