By its Order No. OD-153, dated 21 January 2016, the Bank of Russia suspended the insurance and reinsurance licences of the INSURANCE COMPANY BASTION-LINE, limited liability company (registration number in the unified state register of insurance agents 3725).
The decision is taken due to the failure of the insurance agent to properly meet Bank of Russia instructions, i.e. failure to eliminate violations of financial stability and solvency requirements with regard to securing the equity capital and insurance reserves by eligible assets. The decision becomes effective the day it is published in the Bank of Russia Bulletin.
The suspension of the insurance agent's licence means a ban on concluding insurance and reinsurance agreements and on making amendments to the respective agreements leading to increased liabilities of the insurance agent.
The insurance company is obliged to accept applications on insured events and honour its obligations.
Central Bank of Russia issued this content on 2016-01-22 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-22 11:14:03 UTC
Original Document: http://www.cbr.ru/eng/press/PR.aspx?file=22012016_140017eng_sbrfr2016-01-22T13_56_19.htm
