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Thursday, March 15, 2018

“Under the impact of the Central Bank were five insurance companies”

To have a familiar “cleaning” of the banking sector, which systematically organizes the management of the Bank of Russia in recent years, may be added bringing order in the insurance industry — this is evidenced by the decisive steps taken by the regulator.

photo: Gennady Cherkasov

As they say in the official report of the Central Bank, the Central Bank revoked the licenses of the insurance company “Agros”, “invest-Garant” and “the Capital insurance and reinsurance center.” The decision to use such measure was taken “in connection with the failure to remove within the specified period the violations of insurance legislation, which was the basis for the suspension of the license”.

The Central Bank has instructed insurers to terminate insurance activities, to fulfill the obligations under previously signed insurance contracts.

In addition, the office of Elvira Nabiullina has suspended licenses of insurance companies “insurance company Borovitskaya”, “invest-Reserv”, “Gala”, “National insurance house”, “Height”. Now they are forbidden to enter into contracts of insurance and to make changes that give rise to the increase of obligations of the subject of insurance business, in corresponding contracts. Thus, these SC are obliged to take statements about the occurrence of insured events and to fulfill their obligations.

Recall that with the arrival of Elvira Nabiullina, the Central Bank started mopping up the Russian banking market . Among loud episodes — the revocation of the license from one of the largest and oldest credit organizations in the country — Master-the Bank. Because of the “questionable transactions” by 200 billion rubles on 20 November, 2013 lost license, the Bank with the largest ATM network.


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