The Central Bank revoked the licenses of three insurance companies and suspended another five

MOSCOW, February 25. The Bank of Russia withdrew the license for implementation of insurance of insurance companies “Agros”, “invest-Garant” and “the Capital insurance and reinsurance center.”

The reason for the revocation of licenses from all three insurance companies was the failure to comply with the financial stability and solvency, the report said the Central Bank.

In this case, these companies must continue to fulfill the obligations arising out of contracts of reinsurance, including to make insurance payments for insured events, emphasized in the message of the regulator.

In addition, the regulator suspended the licenses of insurance companies “insurance company Borovitskaya”, “invest-Reserv”, “Height”, “Gala” and “National insurance house”.

In particular, the suspension of the license of the subject of insurance business involves a ban on the conclusion of contracts of insurance and reinsurance, and changes involving increase of obligations of the subject of insurance business, in corresponding contracts. However the insurance company is obliged to make statements about the occurrence of insured events and to fulfil its obligations, the Central Bank notes.

Statistics for 2015

In 2015, the Bank of Russia revoked the licenses of 102 insurance companies.

Of the total number of revoked licences had 76 directly to insurance companies, and 24 – to insurance brokers and 2 of the licence of a mutual insurance company. “In 57 insurance companies of temporary administration”, – explained in the Central Bank.

In the unified state register of insurance entities remained 338 insurance companies.