5 insurance organizations closed down in Russia

Baku. 24 September. REPORT.AZ/ Central Bank of Russia revoked licenses of 3 insurance companies operating in country.

Report informs citing the Russian media, they are "Rosles," Delta "and" Sakhalin Insurance Association".

CBR explained cancellation of licenses with failure to comply with the legislative requirements, investment policy shortcomings and not giving report to the regulatory authority.

In addition licenses of 2 insurance brokers "Benefit-Broker" and "Flex-Broker" were canceled.

Insurance brokers also violated insurance laws and other federal laws in last 1 year.