On suspending insurance licence

On 29 April 2015, the Bank of Russia took a decision to suspend the insurance licence of Maximum Insurance Company, limited liability company (registration number in the unified state register of insurance agents 3975).

The decision is taken due to the insurance company’s failure to duly meet the Bank of Russia instruction, particularly, financial stability and solvency requirements in terms of creating insurance reserves, procedure and conditions to invest equity and insurance reserve funds.

The suspension of licence prohibits the insurance agent from entering into new contracts of insurance and introducing amendments resulting in increase in insurance agent’s obligations under the current contracts. The insurance company must accept notifications of claim and meet its obligations.

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29.04.2015 00.00.00