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Amendments To The Insurance Companies And The Supervisory Law

Original Language Title: Grozījumi Apdrošināšanas sabiedrību un to uzraudzības likumā

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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. No; 2005) the following amendments: article 1.1: replace paragraph 10 "a" above the words "insurance company" (the fold) with the word "company" (the fold);
replace the introductory part of paragraph 33, the words "or foreign insurer" by the words "foreign insurer or a mixed financial holding company";
Replace in paragraph 34 the words "or an insurance holding company" with the words "the insurance holding company or a mixed financial holding company".
2. Replace article 7, third paragraph, the words "the Member State of insurance not Merchant" (fold) with the words "not a member insurer" (fold).
3. To supplement the law with article 11.6 as follows: "article 11.6. (1) an insurance company wishing to establish a branch of the Swiss Confederation, and to provide insurance services, other than life insurance, an affiliate of the Swiss Confederation in the open and insurance services, other than life insurance, provided in accordance with this law laid down by insurance companies with regard to the opening of the branch and insurance services in other Member States if in the agreement between the European Economic Community and the Swiss Confederation on direct insurance other than life assurance not otherwise specified.
(2) the Member State in which the insurer's home country is (recording) the Swiss Confederation, and who wants to open a branch in the Republic of Latvia and providing insurance services-life insurance branch opened in Latvia and insurance services, other than life insurance, provided in accordance with this law, the requirements laid down in the other Member States of the insurer in respect of branches opened and insurance services in the Republic of Latvia, if in the agreement between the European Economic Community and the Swiss Confederation on direct insurance non-life insurance, not otherwise specified. "
4. Make article 13, first paragraph, point 4, the following wording: "4) list of shareholders (members) and the structure of the group;"
5. To supplement the law with article 8.3 as follows: "article 13.3. (1) Financial and capital market Commission consults a management authority of the Member State concerned shall, before issuing a licence for the conduct of the insurance the insurance company for the newly created: 1) where the insurer is a Member State or registered in a Member State of credit institutions or investment firms subsidiary company;
2) which is the subsidiary of the parent company, another subsidiary of which is a Member State of the insurer registered in a Member State by a credit institution or investment firm;
3) controlled by the natural or legal, who controls a member insurer or credit institution or established in a Member State of the investment brokerage firm.
(2) Financial and capital market Commission before issuing a licence for the conduct of the insurance, as well as the monitoring of licensed insurance companies in the course of consultation with the management authority of the Member State concerned, in assessing the eligibility of the shareholder requirements, as well as the reputation of the members of the Executive Board and experience involved in such Member State insurers, credit institutions or investment firms, in the same group with the insurance companies. "
6. in article 14: Add to the article with the second and third subparagraphs by the following: "(2) the financial and capital market Commission, subject to the legislation of the European Union, suspended consideration of the application for the licence to the insurance on a company whose parent undertaking is not established in the Member State.
(3) referred to in the second paragraph of article submission suspension of proceedings can not be longer than three months. "
believe the current text of the first part of the article.
7. Replace article 24, second paragraph, the words "insurance companies or non-Member State of the branch of the insurer obligations" with "responsibilities entrusted to the insurance company or insurer of the Member State of the branch".
8. in article 26: to supplement the article with a new seventh and eighth by the following: "(7) the financial and capital market Commission, subject to the legislation of the European Union, suspended the examination of the notification, in cases where a company that is not registered in the Member State, wants to become the insurance company's parent company.
(8) the seventh subparagraph of this article, the notification referred to in the proceedings the suspension can not be longer than three months. "
consider the current seventh and eighth respectively on the ninth and tenth.
9. Express article 27 the following: "article 27. Assessment of article 26 of this law in the first and second paragraphs of these notifications, financial and capital market Commission consults with the relevant Member State supervisory bodies, if the proposed acquirer is one of the significant participation of national insurers, credit institutions established in a Member State, an investment brokerage company or insurer of a Member State, established in a Member State of credit institutions or investment firms, the parent or the person who controls the Member insurer registered in a Member State of the credit institution or investment firm and if, the person acquiring or increasing the participation of the relevant insurance company becomes the person's subsidiary or come under its control. "
10. Express article 107.3 as follows: "article 107.3. (1) Financial and capital market Commission shall forward to the European Commission and the Member States ' supervisory authorities insurers notices informing you of cases where: 1) license for the conduct of insurance issued to an insurance company whose parent undertaking is not established in the Member State;
2) company that is not registered in a Member State, has become the insurance company's parent company.
(2) in addition to the first part of this article, the information referred to in paragraph 1, where a licence issued to the life insurance, financial and capital market Commission shall forward to the European Commission and the Member States ' supervisory authorities the insurer news about insurance company group structure.
(3) in addition to the first part of this article, the information referred to in paragraph 1, where a licence issued to the insurance, other than life insurance, financial and capital market Commission shall forward to the Commission details of the insurance company group structure.
(4) the financial and capital market Commission sends a notification to the European Commission, be informed of cases where: 1) in accordance with the legislation makes insurance compulsory, indicating: (a)) special provisions relating to compulsory insurance, (b)) rules, which shall be compulsory insurance policy;
2) in the Republic of Latvia adopted regulations governing the provision of insurance services, adding the notification text of the laws. "
11. To supplement the law with article 107.4 as follows: "article 107.4. (1) the insurance company shall inform the financial and capital market Commission of any major difficulties encountered by starting to take or not to take an action in the Member States.
(2) the first paragraph of this article, the information financial and capital market Commission shall notify the European Commission. "
12. Add to the informative reference to European Union directives with 8, 9, 10 and 11 by the following: ' 8) of the European Parliament and of the Council of 16 December 2002, Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC as well as the directives of the European Parliament and of the Council 98/78/EC and 2000/12/EC;
9) the European Parliament and of the Council of 19 March 2001, Directive 2001/17/EC on the reorganisation and winding-up of insurance undertakings;
10) Council of 20 June 1991 Council Directive 91/371/EEC on the agreement between the European Economic Community and the Swiss Confederation concerning the implementation of the direct insurance other than life assurance;
11) of the European Parliament and of the Council of 9 March 2005 of Directive 2005/1/EC amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and European Parliament and Council Directive 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC so as to establish a new financial services committee organisational structure. "
The law will enter into force simultaneously with the financial conglomerate.
The law adopted by the Parliament of 9 June 2005.
The President of the Parliament instead of the President i. Otter in Riga on 28 June 2005 editorial Note: the law shall enter into force by July 12, 2005.