Article 53. Application of Measures and Sanctions

The authorized state body shall have the right to apply the following sanctions to the insurance (reinsurance) organization and the insurance broker, regardless of the supervisory response measures previously applied to them:

suspend the license for up to ten days;

adopt a decision to cancel the license if the licensee has not paid to the authorized state body the state fee for issuing the license within three months from the date of sending (handing over) the notification of the decision to issue the license;

adopt a decision to transfer the insurance portfolio to other insurance organizations.

In determining the appropriateness of applying a sanction in the form of suspension or termination of the license, the following shall be taken into account:

the level of risk, the nature of the violations and/or shortcomings and their consequences;

the scale and significance of the violations and/or shortcomings and their consequences;

regularity (two or more times) and duration of the violations and/or shortcomings;

the impact of the violations and/or shortcomings on the financial state;

the reasons that caused the occurrence of the violations and/or shortcomings;

adoption by the insurance (reinsurance) organization and the insurance broker of independent measures aimed at eliminating the shortcomings, risks or violations revealed in the activities.