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Insurer to have its license restriction reviewed

10:59 20/09/2011

MOSCOW, September 20 - RAPSI, Sergei Feklyunin. The major insurer's case will take a recess until September 26. The commercial court declared a recess in Innogarant's appeal against a regulator's decision to restrict its license, the Russian Legal Information agency (RAPSI) reported from the courtroom.

The insurance company Innogarant was started in 2000 with a charter capital of 1.65 billion rubles ($59 million).

The insurer is contesting the Federal Insurance Supervision Service's decision to restrict its license regarding compulsory motor TPL and hull insurance, while the company was a top-20 compulsory motor TPL insurer.

According to the regulator the license was restricted due to the submission of false information.

The claimant argues that the restriction order exceeds the regulators authority and violates due process. The Federal Service for Financial Markets voided Innogarants insurance and reinsurance licenses on May 25.

Innogarant was liable for Capital Tours' obligations in case of non-performance or improper performance of the companies' 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.

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Insurer to have its license restriction reviewed

10:59 20/09/2011 The major insurer's case will take a recess until September 26. The commercial court declared a recess in Innogarant's appeal against a regulator's decision to restrict its license
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