Central Bank of Russia : On restricting insurance licence

The Bank of Russia has restricted the licence to carry out compulsory motor third party liability insurance issued to the open joint-stock company Zhasco railway insurance company (registration number 1595 in the unified state register of insurance entities).

This decision was taken due to the failure of the company to comply with the Bank of Russia instructions and becomes effective the day it is published in a printed media.

The licence restrictions imply a ban to sign some types of insurance contracts, reinsurance contracts as well as to amend corresponding contracts which might expand the insurers' liabilities. The insurance company shall receive the claims on the occurrence of insured events and fulfill its obligations. Read the full story

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