Central Bank of the Russian Federation

10/13/2021 | Press release | Distributed by Public on 10/13/2021 18:07

Activity of provisional administration to manage PRESTIGE POLICY INSURANCE GROUP terminated

On 24 September 2021,1 the Bank of Russia terminated the activity of the provisional administration2 appointed to manage PRESTIGE POLICY INSURANCE GROUP (hereinafter, the Insurer).

The provisional administration carried out the analysis3 of the Insurer's financial standing and concluded that the Insurer had sufficient property (assets) to fulfil its obligations to creditors and showed no signs of insolvency (bankruptcy).

Further information on the results of the activity of the provisional administration is available on the Bank of Russia website.

1 Bank of Russia Order No. OD-1998, dated 24 September 2021, 'On the Termination of the Activity of the Provisional Administration to Manage PRESTIGE POLICY INSURANCE GROUP'.

2 The provisional administration was appointed by Bank of Russia Order No. OD-1432, dated 8 July 2021, due to the revocation of insurance licences of the Insurer.

3 In accordance with Article 184.1-1 of Federal Law No. 127-FZ, dated 26 October 2002, 'On Insolvency (Bankruptcy)'.

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