The Federal Tourism Agency informs that the Bank of Russia has suspended the insurance licenses of the public joint-stock company "Insurance Company "KHOSKA".
According to the Bank of Russia, this decision was made in connection with with the failure of PJSC Insurance Company KHOSKA to properly implement the Bank of Russia's order, namely, failure to comply with the requirements of financial stability and solvency in terms of the regulatory ratio of equity (capital) and accepted obligations, the procedure and conditions for investing equity and insurance reserve funds (posted on the Bank of Russia website).
"The Bank of Russia's decision came into effect on May 21, 2018. We would like to point out to tour operators that the suspension of an insurance company's license prohibits the conclusion of insurance contracts, as well as the introduction of amendments to the relevant contracts that would increase the insurance company's obligations," the agency clarified.
The insurance company is obliged to accept applications regarding the occurrence of insured events and fulfill its obligations.
Source: trn-news.ru