Encyclopedia
Suspension of the license of an insurance entity subject
Suspension of the license of an insurance entity means a prohibition on concluding insurance contracts, reinsurance contracts, contracts for providing services of an insurance broker, as well as making changes that result in increasing the obligations of the insurance entity in the relevant contracts1.
Federal Law No. 12-FZ dated March 7, 2005, "On Amending the Law of the Russian Federation 'On Organization of Insurance Activities in the Russian Federation' and Article 2 of the Federal Law 'On Amending and Supplementing the Law of the Russian Federation 'On Organization of Insurance Activities in the Russian Federation' and on Declaring Certain Legislative Acts of the Russian Federation as Expired," dated March 7, 2005, as amended on March 7, 2005, Article 1, paragraph 6 // RSZ RF. 2005. No. 10. Article 760. ↩