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Court puts major insurer into administration

17:58 17/10/2011

MOSCOW, October 17 - RAPSI, Natalia Belova. The court has placed the Rosstrakh insurance company into supervisory administration, the Russian Legal Information Agency (RAPSI) reports from the courtroom.

The court will hear the bankruptcy case filed by Otsenka-5 against the insurer on January 17, 2012.

The parties' representative failed to attend the Monday hearing.

During a previous hearing, Rosstrakh's lawyer said the insurer would repay its 2 million ruble ($64,500) liability. However, the court acknowledged the bankruptcy application as the insurer did not prove that it paid the debt.

The Federal Service for Financial Markets partially revoked Rosstrakh's operating license in September due to the insurer's failure to eliminate law violations.

Rosstrakh operated on the car insurance market and was on the top-20 insurers list. Rosstrakh provides over 50 insurance services and operates over 100 offices. Its authorized capital is approximately 210 million rubles ($6.7 million).

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Court puts major insurer into administration

17:58 17/10/2011 The court has placed the Rosstrakh insurance company into supervisory administration.
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