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A court in Yakutia declared Sterkh insurance company bankrupt

A court in Yakutia declared Sterkh insurance company bankrupt
Photo: pixabay.com

The Arbitration Court of Yakutia declared the Sterkh Insurance Company joint-stock company bankrupt. Now there is one year competition management appointed.

“The court decided to justify the statement of the temporary administration of Sterkh Insurance Company and declared the joint stock company insolvent - bankrupt. The court also decided to open bankruptcy proceedings against the debtor for a period of one year, ”Svetlana Neroda, press secretary of the Arbitration Court of Yakutia, told EastRussia.

The bankruptcy trustee was the state corporation Deposit Insurance Agency. The bankruptcy trustee will be required to submit a progress report on January 11, 2021.

Bank of Russia revoked the license at the Sterkh insurance company registered in Yakutia in October 2019. We took these measures because of a violation of the procedure for investing insurance reserves and repeated violation of insurance legislation.

According to experts, problems with management, high-risk operations in the OSAGO market and the wrong work strategy led to the loss of license of the largest insurance company in the Far East. Read more about the causes and consequences of the crash of the Siberian Crane HERE.

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