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Tuesday, October 25, 2016

Four insurance companies remained without the licenses of the Central Bank

The Bank of Russia has revoked the licences of the four crystals of the insurance company. Among them is one of the oldest Russian insurers “Gefest”. The company has not eliminated within the prescribed period the violations of insurance legislation.

photo: Gennady Cherkasov

The Central Bank revoked licenses from the Moscow companies “Gefest”, “invest-reserve” and “arms” Territory. In addition, the regulator revoked the license of one of the Ekaterinburg insurance company “Twenty-first century”.

As noted on the website of the regulator, “Gefest” and “invest-reserve” have lost their licenses in connection with the failure to eliminate within the established period violations of the insurance legislation.

In particular, the company did not comply with the requirements of financial stability and solvency regarding formation of insurance reserves, manner and conditions of investments of own funds and insurance reserves.

Now “Gefest” and “invest-reserve are required to fulfill the obligations under the contracts, including payments under insurance claims.

The reason for the revocation of licenses from companies “SCCA Territory” was its rejection of the insurance activities. In addition, the Central Bank has deprived the company of “Twenty-first century”, the license for mandatory insurance of civil liability of owner of hazardous facility in case of an injury in the accident. The organization decided to abandon this type of insurance.

As notes “Interfax”, “Gefest” is one of the oldest Russian insurers. Since 1993, the company specialized in the insurance of construction risks. The interviewee noted that clients of “Hephaestus” were mostly companies engaged in the construction of state-owned enterprises, including infrastructure.

We will remind that on April 27, the Bank of Russia closed “Soviet” insurance company, due to the fact that she “did not comply with the requirements for financial stability and solvency”.

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One Response “Four insurance companies remained without the licenses of the Central Bank”

  1. Philip Hough
    13.05.2016 at 12:10


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