Central Bank withdrew license at insurance company

The Bank of Russia withdrew the license to implement insurance from PJSC “ASCO-Insurance”. This is stated in the order of the regulator of December 3.

According to the Central Bank, the company has violated the minimum allowable value of the regulatory ratio of own funds (capital) and commitments made. The function of the temporary administration will be executed by deposit insurance agency.

The company was founded in 1990 in Chelyabinsk as Yuzhural-Asko. In 2018, she changed the name for the current one. In 2017, the company went to the Moscow Exchange. “Asko-Insurance” worked in 35 regions of Russia.

Earlier it was reported that by October 2022, almost 30 banks may disappear on the Russian market. The market can lose eight percent of credit institutions due to a decline in profits against the background of changes in the lending market. Over the past year, 45 banks have ceased.

Of these, 32 – on regulatory grounds, seven organizations voluntarily surrendered licenses, six more merged or were absorbed by other banks.

/Media reports.