RUSSIA: CB closed "Soviet" insurance company

27 April 2016 —
The Bank of Russia withdrew the license for implementation of insurance of the insurance company "Soviet". The company has not eliminated in time violations of legislation on the basis of which on 16 March, the site license was suspended. "Soviet" did not comply with the requirements of financial stability and solvency. The organization needs to meet its obligations to the insured entities.

Earlier, on April 19, CB withdrew the license of the company "If Insurance" and suspended the license of the insurance organization "Mosoblgaz".

The Bank of Russia has begun an active improvement of the financial sector in 2013. Then the Central Bank began to revoke the licenses of banks. Most often, the financial organization is closed because of violation of normative acts of Bank of Russia, the AML / CFT legislation and for conducting high-risk lending policy. Read the full story RUSSIA: CB closed "Soviet" insurance company
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