Order to revoke license from Innogarant insurance company upheld
MOSCOW, January 31 - RAPSI, Natalya Belova. Regulator's order to revoke Innogarant insurance company license was upheld by a commercial court, the Russian Legal Information Agency (RAPSI/rapsinews.com) reported on Tuesday.
The Federal Financial Markets Service revoked in May 2011 the license from the insurer since it failed to eliminate the insurance legislation violations on time.
The Moscow Commercial Court will continue hearing ten applications on the company's bankruptcy on February 7.
Innogarant believes that no violations were committed and the license was revoked illegally.
Innogarant was liable for Capital Tours' obligations in case of the company's failure to meet its contractual obligations under tour contracts.
Capital Tours announced its inability to fulfill its contracted tour operations on November 16, 2010. At the time, 8,000 customers were abroad. In mid-December 2010, Innogarant, which insured the travel agency's liability, said it would pay compensation to the travel agency's clients.
It was earlier reported that those Capital Tour clients who managed to win compensations in the court will not be paid since the insurer had no funds.
Currently, bankruptcy procedures were initiated in two companies working under the Capital Tour brand.
Innogarant has been operating since 2000. Its charter capital amounts to 1.65 billion rubles ($54.4 million).
Capital Tour was established in July 2003 as the first universal international travel agency. It is one of Russia's top three travel agencies. It sells medium and high-budget tours to 40 countries through more than 20,000 travel companies in Russia, other CIS and Baltic countries.