On the suspension of the validity of the license of B & B Insurance LLC

Based on the results of supervision over the activities of insurance organizations in the insurance market of the Republic of Belarus, the Ministry of Finance informs.

Open Joint-Stock Insurance Company “B & B Insurance Co.” has not remedied the insurance legislation violations that were detected during the control activities. This refers to the failure to fully fund formed reserves and the minimum authorized fund by the time established by the Ministry.

In this regard, the Ministry of Finance decided to suspend the special permit (license) issued to Open Joint-Stock Insurance Company “B&B Insurers Co” (from 11.12.2017 to 10.04.2018). The license to carry out insurance activities No. 02200/13-00025 was registered in the register of the licenses of the Ministry of Finances of the Republic of Belarus with No. 13-00025as of 26.03.2004.

During the period of the license suspension, Open Joint-Stock Insurance Company “B & B Insurance Co” has the right to accept the next installments of insurance premiums and is obliged to fulfill the obligations for the implementation of insurance payments under the insurance contracts signed previously.

Source: http://minfin.gov.by

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