According to the Ministry of Finance, ROSGOSSTRAKH Belarus, a subsidiary of ROSGOSSTRAKH Russia, has applied for license suspension on its own initiative.
During the following period, the insurer must transfer its obligations under voluntary insurance contracts to other insurance organizations or to cancel the contracts in accordance to the laws of the Republic of Belarus.
According to the local press, obligations of ROSGOSSTRAKH Belarus under voluntary insurance contracts will be transferred to the Belarusian state-owned insurance company BELGOSSTRAKH, which, by the gross written premiums volume criterion, ranked first on the market at the end of September 2014.
ROSGOSSTRAKH was active on the Belarusian insurance market since June 2010. In 3Q2014, the insurer's gross written premiums decreased by 30%, to EUR 0.27 million.
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