The Central Bank has revoked the licenses of three insurance companies

Bank of Russia withdrew the license for implementation of insurance companies “SCCA Territory”, “Gefest” and “invest-reserve. This information is published on Friday, 6 may, on the regulator’s website.

“Gefest” and “invest-reserve” have lost their licenses for insurance and reinsurance in connection with the failure to eliminate within the established period violations of the law. According to the Central Bank, 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 means and means of insurance reserves”. “Gefest” and “invest-reserve are required to fulfill obligations under insurance contracts, including to make payments on insurance claims, said the Central Bank.

The license of arms, the Territory was revoked due to the fact that the company decided to abandon the insurance business.

As notes “Interfax”, “Gefest” is one of the oldest Russian insurers. A spokesman for the market said that the company specialized in the insurance of construction risks. Her main clients source called the companies that participated in the construction of state-owned enterprises.

“The decisions of the sectoral authorities for waiver of insurance requirements for risks for construction on state contracts and inclusion of such costs in the solicitation the estimate resulted in loss of customers and stability of the insurer. Anyway “Gefest” has been implementing the concept of development of specialized insurance company, worked mostly with legal entities, business model proved to be unsuccessful in the Russian economy”, — stated the source of “Interfax”. At the end of January in the “Gefest” has appointed a provisional administration, and in March, the Central Bank suspended the license of the insurer.

TSB has also deprived the company of “Twenty-first century” license on “compulsory insurance of civil liability of owner of hazardous facility for causing harm as a result of accident on dangerous object”. The organization decided to abandon this type of insurance.