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Court finds Russian National Insurance Company bankrupt

14:00 17/01/2012

MOSCOW, January 17 - RAPSI, Alyona Yegorova. A commercial court has found Russian National Insurance Company (Rosstrakh) bankrupt, the Russian Legal Information Agency (RAPSI/rapsinews.com) reported from the courtroom on Tuesday.

The court launched a bankruptcy procedure against Rosstrakh in October.

In September, the Federal Service for Financial Markets revoked the license to insure and reinsure from Rosstrakh. The decision was made due to the company's failure to timely eliminate insurance legislation violations that served as the basis for suspending the license.

The company operated on the auto market and was a top-20 insurance company. Rosstrakh conducts more than 50 types of insurance activities. Its charter capital amounts to 210 million rubles ($6.64 million). It has more than 100 branches.

In the first five months of last year, Rosstrakh gathered 800 million rubles ($25.33 million) in insurance premiums and made payments amounting to 298 million rubles ($9.43 million).

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Court finds Russian National Insurance Company bankrupt

14:00 17/01/2012 A commercial court has found Russian National Insurance Company (Rosstrakh) bankrupt.
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