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Report: Russian regulator suspends license of insurer Nezavisimost

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Report: Russian regulator suspends license of insurer Nezavisimost

TheCentral Bank of the RussianFederation on July 8 suspended the license of after the insurer failed to implement a plan designed to improve its solvency, Vedomosti reported the same day.

Thelicense suspension means the company cannot conclude new insurance contractsand is not allowed to make changes in existing agreements that would increasethe size of its liabilities, the newspaper noted.

Nezavisimostis among Russia's 20 largest companies offering voluntary motor insurance. Theinsurer posted an IFRS net loss of 166 million Russian rubles for 2015,compared with a net profit of 95.4 million rubles in 2014, Vedomosti noted.

As of July 11, US$1 wasequivalent to 64.02 Russian rubles.