OREANDA-NEWS. By its Order No. OD-2092, dated 13 August 2015, the Bank of Russia revoked the reinsurance licence from the open joint-stock company Reinsurance Company Profile Re (registration number in the unified state register of insurance agents 3486).

The decision is taken due to the insurance agent's failure to timely remove violations of insurance legislation, which resulted in suspension of the reinsurance licence (Bank of Russia Order No. OD-1157, dated 26 May 2015, 'On Suspending the Reinsurance Licence of the Open Joint-Stock Company Reinsurance Company Profile Re'), namely, the failure to duly meet Bank of Russia instructions issued due to the incompliance with financial stability and solvency requirements in terms of securing capital and insurance reserves by eligible assets and violations in the accounting (financial) statements provided in compliance with legislation. The decision becomes effective the day it is published in the Bank of Russia Bulletin.

Due to the revocation of licence the open joint-stock company Reinsurance Company Profile Re is obliged:
- to take a decision on the termination of the reinsurance activity in accordance with Russian legislation;
- to meet its liabilities arising from reinsurance contracts, including the payment of insurance benefits under insurance claims;
- to transfer liabilities taken under reinsurance contracts, and/or to cancel these contracts and insurance brokerage contracts.

Open joint-stock company Reinsurance Company Profile Re shall inform the insured persons of the revocation of its licence, early termination of reinsurance contracts and insurance brokerage contracts within a month after the decision on the revocation of licence becomes effective.