Insurance companies, like banks, sometimes leave the market: the Bank of Russia revokes a licence for violations, insufficient capital or at the company's own request. For a client this is no reason to panic, but it is a reason to act quickly and in order.

How to check an insurer's licence

  • The Bank of Russia register. Information on active insurers, as well as on companies whose licence has been revoked or suspended, is published in the directory of insurance market participants on the central bank's website. It also contains a list of insurance organisations in liquidation with details of the receiver.
  • The Bank of Russia Bulletin. Orders revoking and suspending licences are officially published there.
  • An OSAGO policy (compulsory motor third-party liability insurance) can be checked in the OSAGO automated information system on the website of the Russian Union of Motor Insurers (RSA).
  • Key information on insurers is collected in the profiles of our insurance company catalogue.

Note the difference: when a licence is restricted or suspended, the company cannot conclude new contracts (entirely or for certain lines) but must fulfil existing ones. When a licence is revoked, activity stops, and the procedure for settling obligations is determined by Article 32.8 of Law No. 4015-1 and bankruptcy legislation.

What happens after a licence is revoked

  1. Temporary administration. As a rule, the Bank of Russia appoints a temporary administration to the company. It takes over management, analyses the financial position and prepares documents for the court.
  2. Portfolio transfer or termination. The law obliges the company to fulfil its obligations under contracts or to transfer the insurance portfolio to another insurer. If the portfolio is transferred, the contract continues with the new company.
  3. Bankruptcy or liquidation. If there is not enough money, the court declares the company bankrupt. The receiver's functions are often performed by the state corporation Deposit Insurance Agency (DIA, in Russian ASV) or by an insolvency practitioner appointed by the court.

OSAGO: the RSA pays

If an insurer's licence has been revoked or it has been declared bankrupt, victims under OSAGO receive a compensation payment from the fund of the Russian Union of Motor Insurers (Article 18 of Law No. 40-FZ). The limits are the same: up to RUB 400,000 for property damage and up to RUB 500,000 for harm to life and health.

  • You are the victim and the at-fault driver's insurer lost its licence. If your own company still holds a licence and the conditions for direct settlement are met, claim from your insurer. If not, file a compensation claim with the RSA through its regional representative.
  • Your own company lost its licence. If you are the victim and the at-fault driver has an active insurer, claim from the at-fault driver's insurer. If the accident was your fault, the RSA will pay the victim.
  • What to do with your own policy. Check its status in the OSAGO information system and, if necessary, buy a new policy from another company — this will help you avoid problems at roadside checks and in the event of an accident. Your bonus-malus coefficient (KBM) will be kept.

Life insurance: DIA guarantees

The system guaranteeing citizens' rights under life insurance contracts will start operating on 1 January 2027 (Law No. 477-FZ of 26 December 2024): if a life insurer's licence is revoked, the DIA will pay guarantee compensation — up to RUB 10 million for death-related payouts and up to RUB 2.8 million for other payouts. Until 2027 there are no such guarantees: claims under savings and investment life policies are settled in the insurer's liquidation or bankruptcy, or through transfer of the portfolio to another company.

Voluntary insurance: getting the premium back

For KASKO (comprehensive motor insurance), property insurance, DMS (voluntary medical insurance) and other voluntary lines there is no compensation fund. What to do:

  1. If an insured event has already occurred, file a claim with the temporary administration or the receiver.
  2. If there has been no event, claim a refund of the part of the premium for the unexpired term of the contract.
  3. Claims are entered in the register of creditors' claims; under bankruptcy law, policyholders' claims are satisfied ahead of many other creditors, but the amount paid depends on the company's assets.
  4. Don't stay uninsured: buy a new policy from another company, especially if insurance is required under a loan (for example, mortgage insurance), and inform the bank.

How to reduce the risk in future

  • check the licence before buying a policy;
  • pay attention to the reliability rating and its outlook;
  • be wary if the price is well below the market for no apparent reason;
  • for long-term contracts, choose financially stable companies.

If your insurance company has left the market and you need a new policy, send a request — Polis Re specialists will quickly help you find a replacement.