Major insurer appeals recall of license
MOSCOW, October 5 - RAPSI, Natalia Belova. The court will hear on November 10 an appeal filed by Innogarant, a major insurance company, against the decision of the financial markets' watchdog to revoke its license, the court told the Russian Legal Information Agency (RAPSI) on Wednesday.
Innogarant has been operating since 2000. Its charter capital amounts to 1.65 billion rubles ($50.43 million). It insured the liability of the Capital Tour travel agency, which went bankrupt.
Capital Tour was established in July 2003 as the first universal international travel agency. It is one of Russia's top three travel agencies. It sells medium and high-budget tours to 40 countries through more than 20,000 travel companies in Russia, CIS and Baltic countries.
On May the Federal Service for Financial Markets revoked the insurer's license since it failed to eliminate the violations of the insurance laws in due time.
On November 16, 2010, Capital Tour suspended its activities. At that time more than 8,000 of its clients were abroad. In the middle of December 2010 Innogarant, which insured the travel agency's liability, said it will pay compensations to the travel agency's clients.