RIGA — The Riga city council voted largely along party lines Tuesday to abolish the municipal-run insurance company RSK.

Establishing in 1994, the company had become insolvent, owing money to various medical institutions. In December the Finance and Capital Markets Commission suspended the insurance companies activities for a one-month period after examining recent audits, and this week the city council decided the company was not worth rescuing.

The company’s large office at 32 Lāčplēša Street, Riga will bo sold as well. Opposition council members argued that given the current real estate market, selling the building now may not be advantageous.