Amendments To The Insurance Companies And The Supervisory Law

Original Language Title: Grozījumi Apdrošināšanas sabiedrību un to uzraudzības likumā

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Read the untranslated law here:

The Saeima has adopted and the President promulgated the following laws: the amendments to the insurance companies and the supervisory law to make insurance companies and supervision Act (Republic of Latvia Saeima and the Cabinet of Ministers rapporteur, 1998, no. 15; 1999, no. 10; 2000, no. 13; 2002; 2003, 12 No No 9; 2004, nr. 2, 14, 2, 14; 2005. No; 2006, nr. 1; 2007, 15. no; 2008, 13. 15., 23., no; 2009, no. 7; Latvian journal, 2009, no. 205; 2010, 160. no; 2012, 92, no. 154) the following amendments: 1. Replace the words "the whole Law Gazette" journal "by the words" official publication "journal". 2. Express article 1 second subparagraph by the following: "(2) is also the term used in the law that correspond to the law" on insurance contract law ", reinsurance and financial conglomerate in the terminology of the law." 3. Add to chapter I with 8.7 article as follows: "article 8.7. (1) the insurer will pay the financial and capital market Commission for financing its operations from a quarter of the total insurance premiums received in the following: 1) up to 0.4 percent including — from life insurance operations with savings; 2) to 0.2 percent including — from land vehicle insurance against civil liability in respect of the insurance operations; 3 up to 0.7 percent) including insurance from other operations. (2) the financial and capital market Commission issued rules on the regulations referred to in the first subparagraph the payment calculation and reporting procedures. (3) in the first subparagraph, these payments are made until the 30th of the month following the quarter. (4) the payment referred to in this article missed transfers or transfers do not fully calculate the delay for each delayed day 0.05% of the unpaid amount. (5) payments referred to in this article, including the financial and capital market Commission of Latvia, Bank account. " 4. Article 32 paragraph: replace 1.1 paragraph 1 the figure "a" figure "with 3.5 3.7" and the number "2.3"-with the number "2.5"; Replace in paragraph 2, the figure "2.7" with "" and the number "2.8 1.8"-with the number "9"; in paragraph 4, replace "" with the number "3,4 3.2". 5. Article 127: adding to paragraph 2 of the first subparagraph following the words "insurance holding company" by the words "mixed financial holding company"; to complement the fourth paragraph after the words "the same insurance holding company" by the words "mixed financial holding company". 6. transitional provisions be supplemented with 30 and 31 by the following: "30. This law in relation to article 8.7, the financial and capital market Commission for financing its operations enter into force simultaneously with the amendments concerned financial and capital market Commission Act. 31. the amendment of article 32 of this law, 1.1 part of minimum guarantee fund size (from 3.5 to 3.7 from 2.3 to 2.7 2.8 2.5 from the, from 1.9 1.8 3.2 million to and from to 3.4 million euro equivalent, translated in Latvian Bank rate) shall enter into force on July 31, 2013. " 7. Add to the informative reference to directives of the European Union to 22 the following: "22) of the European Parliament and of the Council of 16 November 2011 the 2011 EU Directive/89/, with regard to a financial conglomerate in the supplementary supervision of financial firms amending Directive 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC. ' The law in the Parliament adopted 16 may 2013. The President of the Parliament instead of the President's Āboltiņ 2013 in Riga on June 4.