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, no. 15) the following amendments : 1. Article 1: expressions of the introductory paragraph by the following: "article 1. The law is applied in the following terms: ";
make paragraph 3 by the following: "3) insurer in the Republic of Latvia: (a) registered) company in the form of a limited company or a European company or mutual cooperative society, which under this Act has the right to take insurance (insurance company), (b) a foreign affiliate of the insurer), which under this Act has the right to take insurance;"
turn off paragraph 5, the word "adopted";
turn 6 and 7;
exclude paragraph 9, the word "adopted";
Replace paragraph 16, the word "Member" with the word "country";
33. Express and 34 as follows: "33) insurance holding company, the parent company, which is not a mixed financial holding company and the main activity of which is to acquire and hold participation in the subsidiary, if these subsidiaries are: (a)) only insurance companies, reinsurance companies, foreign insurers or reinsurers abroad, of which at least one is a Member State of an insurance undertaking, a reinsurance company, insurer or reinsurer, Member State b) (mainly insurance companies Foreign reinsurance companies, insurers, and reinsurers abroad or the total of the assets income last approved annual report, more than half of all mothers companies controlled subsidiaries assets or income totals) insurance companies, reinsurance companies, foreign insurers or reinsurers abroad, of which at least one is a Member State of an insurance undertaking, a reinsurance company, insurer or reinsurer of the Member State;
34) multidisciplinary insurance holding company, the parent company, which is not an insurance company, reinsurance company, a foreign insurer, foreign reinsurers, insurance holding company or a mixed financial holding company, but that at least one of the subsidiary companies are insurance companies, the Member insurer, reinsurance company or reinsurer; ";
to supplement the article with the second part as follows: "(2) the terms used in the Act complies with the law" on insurance and reinsurance law "used terms.";
believe the current text of the first part of the article.
2. in article 5: make the first paragraph by the following: "(1) insurance and reinsurance premiums premiums set at a level to meet the insurance and reinsurance obligations under the Treaty and cover the expenses needed for insurance and reinsurance.";
to supplement the article with the third part as follows: "(3) an insurance company or an affiliate of a member insurer constantly assess insurance premiums and reinsurance premiums with this article, part of the first requirement."
3. Express 6.1 article as follows: "article 6.1. (1) to carry out insurance or reinsurance insurer in the Republic of Latvia and the Member insurer may be used only for the insurance or reinsurance intermediary broker services, which are entitled to provide the insurance or reinsurance intermediary broker services in the Republic of Latvia.
(2) to carry out insurance or reinsurance abroad insurance company, subject to the national laws and regulations, you may only use the insurance or reinsurance intermediary broker services, which are entitled to provide insurance or reinsurance intermediary services. "
4. Replace article 7 of the first paragraph of point 2, the words "and to" with the words "reinsurers reinsurers and the reinsurers ' of a Member State.
5. Express 8.1 article as follows: "article 8.1. (1) only the insurance business operators who are entitled to practise insurance or reinsurance, the Republic of Latvia has the right to advertise that insurance or reinsurance services in the territory of the Republic of Latvia.
(2) an insurance company subject to national legislation, shall have the right to advertise that insurance or reinsurance services only in the country where the insurance undertaking has the right to open a branch or in which it has the right to provide insurance or reinsurance services, respecting the principle of freedom to provide services, without having to open the branch. "
6. To express the third subparagraph of article 8.3 paragraph 5 by the following: "5) insurance or reinsurance underwriting;".
7. Supplement with chapter I, the following article 5.3: "8.6 article. Insurance merchant, and article 127 of this law referred to in the first subparagraph persons may not own a captive reinsurer. "
8. Article 10: make the third paragraph of point 6 "e" paragraph by the following: "(e)) in respect of reinsurance and retrocession reinsurance program";
Add to paragraph 6 of part three of the "h" section by the following: "(h)) investment building procedure and conditions;".
9. Make article 13, first paragraph, point 9 "d" paragraph by the following: "(d) ceded reinsurance and retrocession) program".
10. in article 13.3: make the first paragraph by the following: "(1) the financial and capital market Commission consults a management authority of the Member State concerned, before it shall issue a licence for the conduct of insurance the insurance company for the newly created: 1) which is a Member State of the insurer or reinsurer, a Member State or registered in a Member State of the credit institution or investment firm's subsidiary company;
2) which is the subsidiary of the parent company, which is a subsidiary of another Member State, the Member State insurers reinsurers, established in a Member State by a credit institution or investment firm;
3) controlled by the natural or legal, who controls a member insurer or reinsurer, a Member State or registered in a Member State of the credit institution or investment firm. ";
replace the second paragraph, the words "the member insurers, credit institutions or investment firms" with the words "a member insurer, reinsurer of a Member State or registered in a Member State by credit institutions or investment firms".
11. Supplement article 27 after the words "Member insurer" (fold) with the words "Member State the reinsurers ' (the fold).
12. Article 31: Supplement to the fourth subparagraph of point 3 and 4 by the following: "3) insurance companies or non-Member State of the branch of the insurer in the ceded reinsurance and retrocession contracts and reinsurance conditions since the previous financial year has changed significantly;
4) in accordance with the insurance company or the Member State of the branch of the insurer not ceded reinsurance and retrocession contracts has not been transferred or the risks of risk is not significant; "
to supplement the article with a fifth by the following: "(5) an insurance company or an affiliate of a member insurer controlled implementation of solvency requirements in accordance with the requirements of the law."
13. To supplement the law with article 31.2 of the following: "article 19.4. (1) If a member insurer that owns branches in several Member States, has received the financial and capital market Commission and the supervisory authorities of the Member States involved in this part of the agreement to respect these conditions, that: 1) calculates an member affiliate of the insurer total solvency margin and in the calculation of own funds, including all the Member States of the insurer's affiliates not financial indicators, which the supervisory authorities concerned have given consent;
2) 31.1 of this law referred to in the first paragraph security deposit only in the Member State which carried out the supervisory authority the total solvency requirements of the branch performance monitoring;
3) of this Act in the second paragraph of article 19.3 of these own funds invested in any of the Member States in which no Member State insurer has established branch.
(2) the first paragraph of this article in case the consent is not made in the Republic of Latvia registered the Member State of the branch of the insurer not solvency requirements and own funds calculation.

(3) to get the first paragraph of this article, the Member State not the consent of the insurer, submit all the supervisory authorities of the Member States where the application contains a reasonable supervisory authority of the Member State, which will take the total solvency requirements of the branch performance monitoring.
(4) the first paragraph of this article, the conditions shall enter into force only if consent has been given by all Member States for which no Member State has submitted the application to the insurer, and the supervisory authority of the Member State has informed the other Member States concerned, the supervisory authority that it will take the total solvency requirements of the branch performance monitoring.
(5) the financial and capital market Commission shall provide the Member State specified in the application to the supervisory authority with all the information necessary for the total solvency requirements of the branch performance monitoring.
(6) the first subparagraph shall be suspended if one of the parties to the supervisory authorities of the Member States requesting them to cancel. "
14. Supplement article 32 1.1 part with point 4 as follows: "4) insurance companies dealing with reinsurance — three million euros equivalent in lats, recalculated by the rate of the Bank of Latvia, if they meet any of the following characteristics: (a)) year the insurance company reinsurance premiums received exceed 10 per cent of them received insurance and reinsurance premiums, totals, b) insurance companies year in reinsurance premiums received exceed 50 million euros equivalent recalculated in accordance with Latvian Bank rate c) insurance company under reinsurance contracts create technical provisions exceeds 10 percent of the insurance and reinsurance contracts create the total technical provisions. "
15. Article 39: replace the first paragraph, the words "adopted" by the words "reinsurance reinsurance contracts";
turn in the second paragraph, the word "adopted";
Add to article 3.1 part as follows: "(31) an insurance company or insurer of the Member State of the branch established under the permanent control of the adequacy of technical provisions in order to comply with the obligations of the insurance and reinsurance of concluded contracts."
16. Add to the first paragraph of article 56.1 to sentence the following wording: "the insurance company or insurer of the Member State of the branch under the permanent control of the said requirements. '
17. Replace article 42 in the second subparagraph of paragraph 3, the words "in the absence of the period not more than three months" with the words "the term has not yet expired".
18. To supplement the provisions of the third paragraph of article 42.1, after the words "risks" with the words "including information on insurance claims, not from the insured Defense Fund".
19. the express article 43 first paragraph of paragraph 7 as follows: "7) policyholders receivables from direct insurance operations, which have not yet fallen due date may be extended to cover the technical reserves in proportion to the net unearned premium reserves for the technical part gross unearned premium reserve the technical, not exceeding the provision for unearned premiums, net technical provisions;".
20. Make the article 49 of the fourth subparagraph by the following: "(4) the Chief Actuary prepares actuarial valuation, the amount of which and the structure of financial and capital market Commission. The insurance company or the Member State shall submit to the insurer a branch of actuarial valuation financial and capital market Commission within 15 days of approval of the annual report of the shareholders ' meeting or a general meeting of members, but not later than the year following the reporting year may 15. "
21. To supplement the law with article 49.1 of the following: ' article 49.1. (1) an insurance company or an affiliate of a member insurer must provide the main actuarial science with all the necessary information in the statutory duties.
(2) the Chief Actuary shall be obliged immediately to inform in writing to the insurance company or insurer of the Member State of the management of the branch and the financial and capital market Commission, if an insurance company or an affiliate of the insurer of the Member State does not provide the main actuarial science with all the necessary information for the preparation of the actuarial valuation. "
22. Supplement article 50 the fourth paragraph after the words "of the reinsurance contract" with the words "ceded reinsurance and retrocession contract of agreement".
23. the express 54. the second part of the second sentence as follows: "the report identified deficiencies and sworn auditor's opinion on the ceded reinsurance and retrocession layout and the ability to meet the obligations laid down in the Treaty, of which the insurance undertaking or of reinsurance is not a Member State of the branch of the insurer risks, as well as the method of calculation of technical provisions and of the adequacy of technical provisions."
24. Replace article 58 the first part of paragraph 4, the word "the" with the words "of reinsurance ceded reinsurance and retrocession".
25. Article 59: the third subparagraph of paragraph 2 shall be expressed as follows: "2) insurance companies or non-Member State of the branch of the insurer carried on revenue insurance, reinsurance and reinsurance and retrocession reinsurance operations and related costs;"
make paragraph 5 by the following: "5) ceded reinsurance and retrocession programme;".
26. To complement the title of Chapter VIII, after the word "the" with the words "reinsurance ceded reinsurance and retrocession".
27. Express article 60 and 60.1 as follows: "article 60. (1) reinsurance Ceded does not change the insurance company or the Member State of the branch of the insurer not liable to the insured and the policyholder.
(2) appropriate and planned activities of insurance and reinsurance operations in the insurance company or insurer of the Member State of the branch shall develop and approve the ceded reinsurance and retrocession programme and is responsible for the implementation of this programme. At least once a year the insurance company or insurer of the Member State of the branch shall evaluate the ceded reinsurance and retrocession layout consistency of ceded reinsurance and retrocession. Insurance company or insurer's branch of a Member State are assessed continually ceded reinsurance and retrocession and the layout.
(3) an insurance company or an affiliate of a Member State of the insurer chooses persons of insurance undertakings or reinsurance is not a Member State of the branch of the insurer risks according to the ceded reinsurance and retrocession programme, taking account of the limits laid down in this law. Insurance companies or non-Member State of the branch of the insurer is obliged before the ceded reinsurance and retrocession and throughout the ceded reinsurance and retrocession contract while operating continuously collect and analyse information about the person that the insurance undertaking or the reinsurance is not a Member State of the branch of the insurer risks, its financial situation (solvency) and reputation.
(4) an insurance undertaking or a branch of an insurer of a Member State is entitled to pass on the risks in the reinsurance and retrocession ceded only: 1) an insurer who has a license for insurance;
2 insurer, which the Member State) must have a license for insurance operations (registration) in the home country;
3) reinsurers which has the license for reinsurance;
4) Member State the reinsurers which has the license for the reinsurance operations headquarters (registration);
5 the Member insurer) which has the license for conducting insurance home (registration) in the country and that international rating agencies provided rating of investment grade, and ability to meet their obligations not one international rating agency has questioned;
6) Member State not reinsurers that international rating agencies provided rating of investment grade and is able to meet their obligations not one international rating agency has questioned.
(5) on the basis of the financial and capital market Commission, the insurance company or the Member State of the branch of the insurer reports, and financial and capital market Commission's insurance company or insurer of the Member State of the branch, the operational results of the financial and capital market Commission, protecting the interests of the insured, shall have the right to demand that an insurance company or an affiliate of the insurer state change in reinsurance and retrocession ceded layout or provides the ceded reinsurance and retrocession commitments with the cash collateral that reinsurance is insurance companies or non-Member State of the branch of the insurer risks by transferring the funds to the mortgage insurance companies or affiliates of the insurer takes possession of a Member State of the person referred to in part a of the technical reserves.

 Article 60.1. If risks ceded reinsurance and retrocession of transfer through reinsurance intermediary services, insurance companies or non-Member State of the branch of the insurer is obliged before the conclusion of the contract throughout the contract period and continuous assessment of reinsurance intermediary financial position and reputation. Insurance companies or non-Member State of the branch of the insurer must have documents that reveal the ceded reinsurance and retrocession reinsurance intermediary arrangement and fees paid. "
28. the express article 61 the second subparagraph by the following: "(2) 30 days before the start of reinsurance the insurance company or the Member State shall inform the insurer of branch financial and capital market Commission on reinsurance, giving a description of the risks to be insured."
29. Article 62 be expressed by the following: ' article 62. Financial and capital market Commission are not entitled to challenge insurance companies or non-Member State of the branch of the insurer of the ceded reinsurance concluded or retrocession contracts with reinsurance and insurance business of traders in the reinsurance insurance merchant, merchant or financial position. "
30. Replace article 63, the word "the" with the words "reinsurance ceded reinsurance and retrocession of."
31. Supplement article 74.1 of the law with the following: "article 74.1. If the liquidation or insolvency of the insurer in the event there is a unit-linked life insurance contract obligations, the liabilities of the insurer provided assets must not be included in the assets of the debtor — insurer — that is for insolvency or liquidation expenses and the insured and any other person for the recovery of this law, in accordance with the procedure laid down in article 75 and volume. "
32. the express article 93 1 of the first subparagraph of paragraph by the following: "1) 100 percent of claims, but not more than 2000 Lats per policyholder, life insurance, except insurance in relation to unit-linked life insurance contract."
33. To supplement article 94 paragraph 3 with the following: "3) on insurance in relation to unit-linked life insurance contract."
34. the express article 95, the first paragraph by the following: "(1) the insured Defense Fund consists of members of the Fund deductions in the amount of one percent of their gross total insurance premiums received from natural persons of this law, article 12, first paragraph, 1, 2, 3, 8, 9, 10, 13, 18 and 19 of the insurance referred to in point, excluding insurance related to unit-linked life insurance contract."
35. in article 107.1: Supplement to article 1.1 part as follows: "(11) If the insurance he been declared bankrupt or is being compulsorily, limited availability of information which does not concern third parties involved in the activities of economic operators in the insurance financial advancement, may be disclosed after the criminal court proceedings or request.";
to express the third, fourth and fifth paragraph as follows: "(3) the financial and capital market Commission is entitled to conclude agreements for the exchange of information with the member insurers not supervisory bodies or institutions of the Member State concerned, which is equivalent to the fifth subparagraph of this article, 1., 2., 3., 4., 6., 7., 8. institutions referred to in paragraph 1, if the legislation of a Member State provides for the equal responsibility of the Republic of Latvia laws laid responsibility for the limited access of unauthorised disclosure of information. Such information shall be used only in the financial and capital market participants and the reinsurance supervision of traders in the laws or the institutions concerned the specific functions. The information received by the institutions of the Member States concerned may be disclosed only with the financial and capital market Commission's prior written consent and only for the purpose for which consent was given.
(4) the financial and capital market Commission in the second and fifth paragraphs of information received referred to is entitled to use only their monitoring functions: 1) in order to ensure that the insurer and the governing regulatory compliance, especially with regard to technical provisions and their provision of cover assets solvency requirement, the administrative and accounting organization and internal control mechanisms;
2) to the appropriate statutory law restrictions and penalties;
3) the proceedings in which the judgment under appeal in the financial and capital market Commission issued administrative act or actual action;
4) proceedings instituted on the basis of the rules laid down in this law and other laws and regulations relating to insurance and reinsurance operations.
(5) in the first and fourth subparagraphs shall preclude the financial and capital market Commission according to its competence to Exchange certain function requires the limited availability information with: 1) the Member States ' financial and capital market supervisory institutions;
2) institutions or persons in the Republic of Latvia or in the Member States are responsible for insurance or reinsurance business insolvency and liquidation of economic operators and other similar procedures;
3) persons in the Republic of Latvia or in other Member States carried out the statutory audit of internal inspection and insurance komersanto komersanto, reinsurance and other financial institutions;
4) the authorities of the Member States who manage investment and deposit compensation schemes (funds);
5) the Bank of Latvia;
6) authorities to institutions, the Republic of Latvia or of which the Member States are responsible for insurance or reinsurance business of traders of insolvency proceedings, winding-up, and other similar procedures;
7) institutions that carry out surveillance, of which the Republic of Latvia or in other Member States carried out the statutory audit of internal inspection and insurance komersanto komersanto, reinsurance and other financial institutions;
8) independent actuaries of insurance undertakings or reinsurance business operator carrying out legal supervision of those economic operators and the authorities, which shall carry out the supervision of independent actuary;
9) institutions or persons in accordance with the laws and regulations are responsible for the detection of an infringement of commercial law and investigation;
10) other government institutions responsible for compliance with the laws and financial and capital market participants and supervisory cooperation, reinsurers and employees acting on behalf of those institutions, if the disclosure is necessary for prudential assurance. ";
to supplement the article with the sixth, seventh, eighth and ninth subparagraph as follows: "(6) in the fifth subparagraph, of this article in specific institutions and individuals with respect to information received from the financial and capital market Commission and the Member States in the financial and capital market supervisory institutions, comply with the following requirements: 1) and the personal information is used only within their competence the exercise;
2) in the fifth subparagraph of this article, those institutions and individuals, including employees, duties during and after the end of the work and other forms of contractual relationship with the fifth paragraph of this article, those institutions or individuals are prohibited from publicly or otherwise divulged with the insurance company operational information that has not been previously published in accordance with the procedure prescribed by law or the disclosure of which is not provided for by other laws. The authorities referred to in this part, or the laws of the person duly responsible for the limited availability of information unlawful disclosure and for damages to third parties arising in this part of the bodies or persons referred to unlawful conduct;
3) received information that this article is the fifth subparagraph 6, 7, 8 and 9 under the control of a body or person is competent to be disclosed only with the prior written consent of the persons who have provided relevant information to them, and only for the purpose for which consent was given.
(7) prior to the fifth subparagraph of this article, paragraph 9 referred to institutions or individuals are sent information, information providers are notified of the persons first and last name, which should be sent directly to information and the exact responsibilities.
(8) the financial and capital market Commission shall inform the European Commission and the other Member States of the bodies and persons, which may receive information pursuant to the fifth subparagraph of this article 6, 7, 8 and 9.

(9) in the fifth subparagraph of this article, paragraph 10 of the said institutions and individuals the information received in accordance with the second subparagraph of this article, and the fifth part 1, 2, 3 and 4, or acquired, by inspection, is provided, if the Member States ' financial and capital market supervisory institutions from which such information is received, or the Member States ' financial and capital market supervisory authorities in the Member State which carried out the inspection to have given consent to such disclosure. "
36. Add to article 109, the first paragraph after the number "24" with the number "29.2".
37. Article 127: make the first part of paragraph 1 and 2 as follows: "1) public participation in at least one insurance undertaking, reinsurance undertaking, a foreign insurer or reinsurer in the foreign State;
2) intermediate insurance holding companies, non-member or non-Member State of the insurer to the reinsurer subsidiary; ";
to make the fourth subparagraph by the following: "(4) if the same insurance holding company, non-member member insurer or reinsurer not multidisciplinary insurance holding company is the parent company of the insurance undertaking or reinsurance undertaking and a member insurer or reinsurer, Member State financial and capital market Commission shall agree with the Member State concerned of the insurer or of the supervisory organ of the reinsurer supervision bodies of the Member State which of the two will implement additional surveillance."
38. Express 131. the second part of paragraph 5 by the following: "5) ceded reinsurance and reinsurance and retrocession operations;".
39. To complement the informative reference to directives of the European Union with 18 as follows: "18) the European Parliament and of the Council of 16 November 2005 of Directive 2005/68/EC on reinsurance and amending Council Directives 73/239/EEC and 92/49/EEC as well as directives 98/78/EC and 2002/83/EC. '
The Parliament adopted the law of 12 June 2008.
President Valdis Zatlers in Riga V 2008 July 2 editorial comment: the law shall enter into force on 16 July 2008.