The Central Bank of Russia has revoked the licenses of the insurance company Orbita, which provided financial guarantees to more than 50 Russian tour operators. The corresponding message was published on the regulator's website.
As the Central Bank explained, the decision was made in connection failure to correct, within the established time period, violations of insurance legislation, due to which the insurance company’s license was previously suspended.
“In connection with the revocation of the license, the insurance company is obliged to make a decision to terminate insurance activities, as well as fulfill obligations arising from insurance contracts, including making insurance payments for insured events,” the Central Bank clarified.
Let us recall that the Bank of Russia, by order dated December 1, 2019, suspended the insurance licenses of the limited liability company "Orbita Insurance Company". This decision was made due to repeated violations of financial stability and solvency requirements over the course of one year.
It should be noted that according to data on the Rostourism website, the insurance company provides financial guarantees to 53 Russian tour operators. According to Russian legislation, if the insurer's license is revoked, companies must find new financial guarantees within 45 days. If this does not happen, the tour operators will be excluded from the register 10 days after the expiration of the specified period.
Source: trn-news.ru