B&B Insurance Co. Licence Terminated

The Ministry of Finance of Belarus has terminated a special permit (licence) for the right to carry out insurance activities of the open joint-stock insurance company “B & B Insurance Co.”, BelTA informs referring to the website of the Ministry of Finance. “This decision was made in connection with the expiry of the time limits, set for the insurer’s performance of the regulator’s requirement for the availability of its own funds in the bank accounts of the Republic of Belarus in the amount corresponding to the minimum amount of the authorized fund established by the legislation of the Republic of Belarus and monetary funds in the amount providing the Insurer’s reserves,”- the  statement said.

From the moment of the licence termination, “B&B Insurance Co.’” is obliged to delegate obligations under insurance contracts previously negotiated to another insurance organization or to terminate such contracts (except for the existence of obligations to make insurance payments) and return to the Insureds a part of the insurance premium on prorate temporis basis, stipulated by the insurance contracts. At the same time, the insurance company must also fulfill its obligations for the implementation of insurance payments that arose before termination of insurance contracts.

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