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About 100 Russian insurance companies lost their assets — Central Bank

April 20, 2016, 20:38 UTC+3 MOSCOW
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MOSCOW, April 20. /TASS/. The Russian Central Bank estimates that about 100 Russian insurance companies are currently in the high-risk category, Deputy Director of the Central Bank Nikolay Pecheliev said on Wednesday.

"The reasons are different. Mainly this is due to the fact that companies lose assets, that is - companies are not able to deal with their liabilities," Pecheliev said.

According to Pecheliev, due to the fictitious assets and non-compliance with insurance legislation 23 companies and 5 brokers have already left the insurance market in the Q1 of 2016. Some of them voluntarily handed over the license to the Central Bank, hoping to avoid responsibility, Pecheliev added.

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