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Court upholds insurer's license restriction

10:09 27/09/2011

MOSCOW, September 27 - RAPSI, Natalia Belova. The court, on Tuesday, held against Innogarant's lawsuit challenging the regulatory authority's February decision to restrict its license, the Russian Legal Information Agency (RAPSI) reported from the courtroom.

Innogarant is the insurer of the Capital Tour travel agency.

Innogarant has been operating since 2000. Its charter capital amounts to 1.65 billion rubles ($59 million).

Capital Tour was established in July 2003 as the first universal international travel agency. It is one of Russia's top three travel agencies. It sells medium and high-budget tours to 40 countries through more than 20,000 travel companies in Russia, countries of the Commonwealth of Independent States and the Baltic states.

The Federal Service for Insurance Supervision explained in court that the restriction had been imposed because the insurer submitted false information to it.

The Moscow Commercial Court is set to hear on September 28 ProektService's application for the insurer's bankruptcy.

The watchdog stated earlier that the service received complaints that Innogarant failed to pay for Capital Tour which was deprived of its license on May 25.

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Court upholds insurer's license restriction

10:09 27/09/2011 The court, on Tuesday, held against Innogarant's lawsuit challenging the regulatory authority's February decision to restrict its license.
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