The Saeima has adopted and the President promulgated the following laws: the law of reinsurance done reinsurance Act (Republic of Latvia Saeima and the Cabinet of Ministers rapporteur, 2008, no. 15) the following amendments: 1. Put 1 article 17 the following: "17) qualifying holdings — a person or several persons on the agreement jointly work directly or indirectly for participation, which covers 10 and more percent of the company's share capital or of the voting shares or allows significantly affect the company's operations;".
2. in article 15: turn off the first part of paragraph 5;
turn off the first part of paragraph 8 of the "i" in the word "conditions";
make the first part of the introductory part of paragraph 9 by the following: "9) system of internal control policies and procedures, including the following information:";
to make the second part of paragraph 1 by the following: "1) application for issue of the licence other reinsurance reinsurance;";
to turn off the second paragraph and in paragraph 3, the words "the first part of this article, the information referred to in paragraph 10, as well."
3. Replace article 16, paragraph 2, first subparagraph "b" in subparagraph the words "laws that govern the audit in Latvia" by the words "international auditing standards".
4. Article 31: Add to the first paragraph after the number and the words "in article 16, the words" and the number "and provides in article 32 the fifth part fulfilment of the criteria";
make the second paragraph as follows: "(2) the financial and capital market Commission should have the right to request information about the people who claim to be substantial participation (essential participation actually graduates or suspected of such acquisition turamaj persons), including the legal (registered) owners (the real beneficiaries) — natural persons to assess compliance with this law, persons in the fifth subparagraph of article 32 the criteria."
5. Make the text of article 32 as follows: "(1) a Person wishing to obtain a qualifying holding in a reinsurance undertaking, it shall be notified in writing to the above financial and capital market Commission. The notification shall specify the extent of the participation percentage of the share capital or a reinsurance company voting shares or part number. The notification shall be accompanied by financial and capital market laws and regulations of the Commission for the information needed to assess the conformity of a person in the fifth subparagraph of this article, the criteria laid down. Communication of the information to be added to the list published in the financial and capital market Commission's home page on the internet.
(2) If a person wishes to increase his qualifying holding, reaching or exceeding 20, 33 or 50 per cent of the share capital or a reinsurance company voting shares or part, or if the reinsurance company becomes a subsidiary of the person, the person shall notify in writing to the above financial and capital market Commission. The notification shall specify the extent of the participation percentage of the share capital or a reinsurance company voting shares or part number. The notification shall be accompanied by financial and capital market laws and regulations of the Commission for the information needed to assess the conformity of a person in the fifth subparagraph of this article, the criteria laid down. Communication of the information to be added to the list published in the financial and capital market Commission's home page on the internet.
(3) the financial and capital market Commission within two working days from the day of receipt of the first or second part of the Declaration, or two working days after the financial and capital market Commission requested additional information in writing, inform that person of the notice or additional information is received and the date of the end of the assessment period.
(4) the financial and capital market Commission in the fifth subparagraph of this article within the assessment period, but not later than the working day of the assessment period at 50 has the right to request additional information on the persons referred to in this article in order to assess their compliance with the fifth paragraph of this article, the criteria set out in.
(5) the financial and capital market Commission not later than 60 working days from the date on which the person sent referred to in the third subparagraph, the information on the statement or receipt of the additional information, assess the person's free capital adequacy, financial sustainability and the proposed acquisition of the financial justifications to ensure its reinsurance company's sustainable and careful management, in which the parties, as well as the potential impact on the company's management and reinsurance activities. Reviews in the financial and capital market Commission takes into account the following criteria: 1) personal reputation and perfect compliance with article 16 of this law;
2 the person perfect) reputation and professional experience, where the proposed acquisition will result in reinsurance activities;
3) personal financial stability, particularly in connection with planned or carried out economic activities of the reinsurance undertaking in which the acquisition is proposed;
4) or the reinsurance undertaking will be able to fulfill this law and other laws and regulatory requirements and set out or its enterprise group structure, which it will, without prejudice to the financial and capital market Commission to carry out its statutory supervisory functions, to ensure an efficient exchange of information between the supervisory institutions and reinsurers to determine the supervisory organ of the reinsurer supervision Division of powers;
5) or there is no reasonable doubt that in connection with the proposed acquisition has been carried out money laundering and terrorist financing, or attempt to do any of the following, or that the proposed acquisition could increase the risk.
If the financial and capital market Commission in accordance with the sixth subparagraph of this article, has stopped the evaluation period, this time not in the assessment period.

(6) requiring the fourth paragraph of this article, that additional information, the financial and capital market Commission has the right to stop once the evaluation period until this information is received, but not more than 20 working days. Financial and capital market Commission has the right to extend the assessment period referred to break up to 30 working days if the person wishing to obtain, has acquired, wants to increase or has increased his qualifying holding in a reinsurance undertaking are not subject to the supervision of credit institutions, insurance companies, reinsurance companies, investment management companies or investment firms supervision or in that person's home (registration) is not a Member State.
(7) the financial and capital market Commission in the fifth subparagraph of this article, within that period, adopt a decision prohibiting a person to acquire or increase qualifying shareholdings in the reinsurance undertaking, if: 1) the person does not meet the criteria laid down in the fifth subparagraph;
2) a person shall not provide, or refuses to provide the financial and capital market Commission, the information specified in this law or the financial and capital market Commission requested additional information;
3) from the person as a result of circumstances it is not possible to provide the information specified in this Act or the financial and capital market Commission requested additional information.
(8) the financial and capital market Commission within two working days, up to a fifth of this article in part of the assessment period, after the seventh part of this article, the adoption of the decision referred to in the send it to the person to whom the prohibition to acquire or increase qualifying shareholdings in the reinsurance company.
(9) if the financial and capital market Commission of this article within the period referred to in the fifth subparagraph, do not send the person a decision prohibiting that person to acquire or increase qualifying shareholdings in the reinsurance undertaking, shall be deemed to accept the person of significant acquisitions or increasing the reinsurance company.
(10) the seventh subparagraph of this article, paragraph 3 are not applicable to legal persons, if its shares are quoted on Latvia or another Member State of the regulated market or in a regulated market, which is the organizer of the international stock exchange Federation full member, and this legal person financial and capital market Commission to provide details of its shareholders who have a significant interest in it.
(11) if the financial and capital market Commission has agreed that a person acquires or increases a substantial holding in a reinsurance undertaking, this person is your qualifying holding in a reinsurance company or increase no later than six months from the date when sent referred to in the third subparagraph, the information on the notice or additional information is received. If, on expiry of that period, the person has not been acquired or increased the qualifying holding in a reinsurance undertaking, the financial and capital market Commission approval of its acquisition of a qualifying holding or to increase the reinsurance company of the lapse. By person motivated written request financial and capital market Commission may decide on the extension of that period.
(12) the seventh subparagraph of this article, that financial and capital market Commission issued administrative appeal Act shall not suspend its activity. "
6. Express article 33, the first paragraph by the following: "(1) the evaluation of this law article 32 in the first and second paragraphs of these notifications, financial and capital market Commission shall consult with the Member State concerned, if the supervisory authorities of the Member States of the proposed acquirer insurer, reinsurer, a Member State of credit institutions established in a Member State, the investment management company or investment firm, as well as insurers, reinsurers, a Member State of credit institutions established in a Member State, the investment management company or the investment company's parent company or person that the insurer, by the Member State Member State Member State the reinsurers, credit institution, investment management company or the investment brokerage company, and if, the person acquiring or increasing the participation of significant reinsurance company becomes the person's subsidiary or come under its control. "
7. Supplement article 74 in the fourth paragraph as follows: "(4) the financial and capital market Commission of administrative acts issued in accordance with this law, you can appeal to the administrative court. The court case as a Court of first instance. The case is being heard in the three judges. Administrative District Court judgment may be appealed by submitting appeals. "
8. Add to the informative reference to European Union directives, with paragraph 5 by the following: "(5)) of the European Parliament and of the Council of 5 September 2007 of Directive 2007/44/EC, amending Council Directive 92/49/EEC and directives 2002/83/EC, 2004/39/EC, 2005/68/EC and 2006/48/EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of shareholdings in the financial sector."
The Parliament adopted the law of 26 February 2009.
President Valdis Zatlers in Riga V. 11 March 2009. Editorial Note: the law shall enter into force on the 25th March 2009.