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Bank of Russia to appeal to court to liquidate several insurers with revoked licences

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Based on the results of conducted monitoring, the Bank of Russia has established that several organisations completely devoid of all insurance licences have not removed from their names the following words: insurance, reinsurance, mutual insurance, insurance broker, as well as their derivatives. According to the law on insurance business, such companies, within 90 working days from the moment of the revocation of all licences, shall make a decision on renaming and introduce respective amendments in their charter or shall make a decision on liquidation.

Due to the above and in pursuance of legislative requirements, the Bank of Russia has prepared an appeal to court regarding the liquidation of the following legal entities: Insurance Broker Company Alternative Plus Limited Liability Company, Consumer Society for Mutual Insurance Narodnye Kassy Non-profit Corporate Organisation, TISS Insurance Broker Limited Liability Company, and East-Siberian Railway Joint-stock Insurance Company.

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Regulator Information

Abbreviation: CBR
Jurisdiction: Russian Federation

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