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Russian regulator cancels insurer Opora's license

The Central Bank of the Russian Federation revoked the license of Opora Insurance JSC because it failed to comply with financial stability and solvency requirements.

Opora will have to terminate its insurance activities but will be required to fulfill financial obligations arising from its insurance contracts.

The central bank put Opora into provisional administration earlier in July. The company said at the time that the move followed its earlier decision to renounce its licenses.