MOSCOW, June 19 - RAPSI. The Moscow Commercial Court declared Rostra insurance company bankrupt on Tuesday. The insurer has been placed into bankruptcy administration for six months.

After it holds its first creditors meeting and submits the requisite documents to the court, the company will schedule a meeting to approve its bankruptcy administrator.

In January, the Federal Service for Financial Markets revoked Rostra’s reinsurance license due to its failure to rectify its insurance law violations in a timely manner. These violations provided grounds for suspending the license. The service withdrew its insurance license in December.

According to Prime Insurance, Rostra collected 2.82 billion rubles ($88 million) in insurance premiums over the first nine months of 2011 and ranked thirtieth among Russian insurers for insurance premium collections.

Established in 2000, Rostra had licenses for all types of insurance. It operated 59 branches and 93 offices across Russia. Its charter capital is 1 billion rubles ($31 million).