"Expert RA"

Rekon license has been revoked

March, 24th, 2008

The Federal Service of Insurance Supervision ruling No.88 dt. March 14, 2008, effective since March 2020, revoked Rekon’s license.

In 2007 the Agency analysts had been monitoring the company’s financial status and noted drastic fall of the company’s ability to pay. So on December 12, 2007, following the monitoring results, the Rekon’s license was revoked.

Almost four months before the revocation Expert RA managed to warn the insurance community and the insurer’s clients about possible financial mishaps.

In 2007 Rekon collections amounted to 1 048 mln rubles – the company was 67-th in the insurance premium category. The OSAGO contributions totaled 387 mln rubles (39-th). The company assets by October 1, 2007 were 2 434 mln rubles. Own funds for the same date equaled 727 mln rubles (Expert RA data).