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), the amendments are as follows: 1. Article 1: express the following paragraph 12: "12") — the Member States of the European Union or the European economic area country; "
make the following paragraph 16: "16) (registration) in the home country, the Member State in which the registered tradesman insurance;"
to supplement the article with the 26, 27, 28, 29, 30, 31 and 32 as follows: "26) insurance merchant, a legal person, the Member State which is entitled to provide insurance services;
27) the participating State, the Member State which is not the home State and in which the home country the insurance registered merchant branch or merchant home State insurance provides insurance services, without having to open the branch;
28) competent authorities, national authorities, courts, liquidators, administrators and other institutions or persons within their statutory powers decide on reorganisation measures or winding-up, carried out a reorganisation measure or winding-up or monitors of reorganisation measures or winding-up;
29) — liquidation of legal activities in the Member State of insurance, merchant or not insurers (including their affiliates) for voluntary or compulsory dissolution, which takes place in accordance with the procedure prescribed by law and which are seized or non-member insurance merchant insurer assets and proceeds from the disposal of assets are distributed between the creditors and the shareholders (participants) in the procedure prescribed by law;
30) reorganisation measures — legal action involving insurance, merchant or the Member State of the branch of the insurer not and which affect or are likely to affect the rights of third parties, and which are taken to preserve or restore the merchant or the Member State of insurance not the solvency of insurers;
31) net claims and obligations of the debtor, before netting the opening of winding-up proceedings in accordance with the procedure prescribed by law or recognized between a debtor insolvency and creditors to a written contract of legal relationships established between contracts arising from claims and liabilities in one expression of requirements or that are built only one requirement and must be executed only one;
claims and liabilities 32) delete: after the opening of winding-up proceedings or the debtor law recognized in insolvency of the debtor and of the contract, the creditor's claim and the relation between total deletion regardless of claims and liabilities (amounts). "
2. Express article 2 by the following: ' article 2. (1) the law says the provision of insurance services, the service providers and legal status as well as regulating service activities, reorganisation measures and winding-up proceedings.
(2) an insurance company branch oversight of operations Member States financial and capital market Commission are carried out in accordance with this law and other laws.
(3) the order in which the insurance provider's bankruptcy, terminated its operation and liquidation, to be governed by a separate law on insolvency.
(4) legal relations associated with the financial security law on the regulation of individual financial security. "
3. Replace the fourth subparagraph of article 10 and article 13, fourth paragraph, the words "Office of the vehicle or its analogue organisations" with the words "Office of the Latvian insurers of vehicles".
4. Supplement article 13 with a fifth by the following: "(5) if the insurer is suspended or withdraws from the Latvian vehicle insurer Office or the Member State of the Organization, the analogue financial and capital market Commission prohibits insurer to deal with land-based vehicle insurance against civil liability in respect of."
5. Supplement article 16 to paragraph 10 by the following: ' 10) the insurer is liquidated. "
6. Article 69: to supplement the first part with points 3 and 4 by the following: ' 3) in the event of liquidation of the insurer to cancel licences for all types of insurance;
4) request information from the competent authorities of the Member States on insurance company established in the course of liquidation. "
make the third paragraph as follows: "(3) the competent authorities, before decisions are taken, or perform activities related to reorganisation measures or winding-up proceedings, if the reorganization or liquidation of the activities involved in the insurance company or insurer of the Member State (including its affiliates), decisions or practices concerned shall inform the financial and capital market Commission.";
to supplement the article with the fourth and fifth by the following: "(4) the first paragraph of this article of the insurer to revoke licences issued to the liquidator has the right to continue operations under the mandate laid down in this law and other laws regulating the insurance field.
(5) no member of the insurance, merchant or insurer (also its affiliate) reorganisation measures do not limit or is not a prerequisite for its further liquidation under court order or entering bankruptcy. "
7. To supplement the law with article 69.1 of the following: ' article 69.1. (1) Those creditors whose domicile or place of management is located outside the Republic of Latvia, has the same right to lodge claims of creditors and the other claims as Republic of Latvia registered or resident creditors.
(2) Those creditors whose domicile or place of management is located outside the Republic of Latvia, on the winding-up shall have the same rights as registered in the Republic of Latvia or permanent resident creditors. "
8. Add to article 70 of the fourth and fifth by the following: "(4) the liquidator's duty, in assessing the best interests of policyholders, is to assess the insurance contracts concluded consequent rights and obligations (liabilities) the termination or continuation of the transfer, and to take any necessary legal action to pass these obligations (liabilities), end or continue it.

(5) the liquidator shall on a regular basis, but not less frequently than once a year on the progress of liquidation in writing inform known creditors. "
9. To supplement the law with 70.1 70.2 70.3, and the article as follows: "article 70.1. (1) reorganisation measures or winding-up of the legal relationship arising from a contract of employment governed solely by the law of the Member State applicable to the employment contract concluded.
(2) the reorganisation measures or the winding-up of the rights relating to: 1) the real estate is governed by the laws of the Member States in whose territory the property is situated;
2 a ship or an aircraft) is governed by the law of the Member State responsible for the relevant public register in which the vessel or aircraft recorded (registered);
3) financial instruments, which are to be recorded in public registers, credit accounts or central depository, and secured rights governed by those laws of the Member States, in accordance with which insurance is a certified trader's property rights in and to the relevant financial instruments;
4 the reorganisation measures or the winding-up) participating in the activities of the branch documents or with documents determined by the legislation of the Member States in whose territory the branch is situated.
Article 70.2. (1) reorganisation measures or winding-up of the insurance undertaking or non-Member State of the insurer (including its affiliates) who buy assets before the start of reorganisation measures or winding-up, do not affect the transaction participants — seller of assets — rights, if such reorganisation measures or the opening of winding-up proceedings at the time the assets are located in the territory of a Member State other than that within the territory of which made those reorganisation measures or winding-up.
(2) reorganisation measures or winding-up of the insurance undertaking or non-Member State of the insurer (including its affiliates) that sells assets, before launching the appropriate reorganisation measures or winding-up, after the transfer of the assets of the buyer is not grounds for termination or cancellation of the transaction and do not affect the transaction participants — buyers of assets — rights, if such reorganisation measures or winding-up at the time of the relevant assets located in the territory of a Member State other than the Member State in the territory of which made those reorganisation measures or winding-up.
(3) the interested parties shall have the right to challenge the transactions referred to in this article.
Article 70.3. (1) reorganisation measures or winding-up of the insurance undertaking or non-Member State of the insurer (including its affiliates) shall not affect the right of creditors to ask your insurance company or not and the Member insurer and liabilities net of claims including claims and obligations, deletion or other legal consequences of a similar operation, where such activities are permitted by law, applicable to the relevant claims.
(2) transactions based on claims and liabilities NET netting contracts, only those rules that apply to claims and obligations including contract NET, under which these transactions are closed.
(3) the interested parties shall have the right to challenge in the first part of the operations. "
10. Article 75 of the first paragraph: replace the words "paragraph 1 of insured natural person" with the words "natural person" and the words "and the insured Defense Fund claims against the insurer will be treated as claims in this group — with the words" and the number "and the insured Defense Fund claims against the insurer is equivalent to 7. group claims";
turn off in paragraph 4, the word "insured";
Replace paragraph 5, the word "insured" by the word "person".
11. To supplement the law with such chapter XIII: "chapter XIII. Insurance company and not a member insurer of reorganisation measures or winding-up characteristics of article 113. (1) the provisions of this chapter apply to: 1) the insurance company, which has branches in other Member States;
2) member insurers, which has branches in the Republic of Latvia;
3) Member State not insurers, at least one branch in the Republic of Latvia and other Member State;
4) insurance companies or those parts not referred to in paragraph 3, a Member State insurers who are deriving from the insurance contracts to the vendor in another Member State.
(2) other reorganisation measures and winding-up of regulatory standards applicable in so far as they are not inconsistent with the provisions of this chapter.
114. article. (1) the decision on the host country insurance merchant (also it's affiliate) reorganisation measures or winding-up of the participating country is entitled to adopt only the relevant competent authority of the home State to those statutory competence.
(2) in the Republic of Latvia in the first paragraph of this article, the decisions are binding as soon as it entered into force in the Member State in which they accepted.
(3) in the Republic of Latvia adopted the first part of these decisions are binding on the other Member States as soon as they entered into force in the Republic of Latvia.
(4) the reorganisation measure or winding-up of the regulation in the legislation of the home State, unless this Act provides otherwise.
(5) the financial and capital market Commission shall immediately inform the competent authorities of the Member States of decisions or actions related to the insurance company reorganisation measures or winding-up, which is a vendor or branch in another Member State or in another Member State which provides insurance services, without having to open the branch.
115. article. (1) the financial and capital market Commission shall immediately inform the Member State in which Member State the insurer opened a branch, the competent authorities of the decision to launch a reorganisation measure or winding-up proceedings, which involve any Member insurer's branch in the Republic of Latvia, and on the measures, which include related activities.
(2) the financial and capital market Commission shall carry out the monitoring in accordance with the law and cooperate with the competent authorities of the Member States.
(3) the liquidator or other persons authorized by law shall cooperate with the other Member States duly authorised persons who have the right to adopt reorganisation measures or winding-up.
(4) the reorganisation measure or winding-up operations that involved Member State the Member State of the branch, the insurer will be carried out in each Member State separately.

116. article. (1) If a court ruling or other competent body decides to take the insurance company reorganisation measures or winding-up, which is resulting from insurance contracts to the vendor in another Member State or which has a branch in another Member State, or that State involved shall provide insurance services, without opening the branch, liquidator or other legally authorized person after this ruling or decision takes effect immediately provides a statutory, with reorganisation measures or winding-up order or decision related to the publication of the newspaper "journal" and also send a notice of award or decision adopted by the European Union Publications Office for publication in the official journal of the European Union.
(2) the financial and capital market Commission ensures the competent authorities of the Member States, received with the reorganisation measures or winding-up of the associated publication of notices in the newspaper "Gazette" and financial and capital market Commission's website on the internet.
(3) in the first and second subparagraph shall not publish a notice does not give a right of appeal against these rulings of the Court or a competent authority decisions on reorganisation measures or winding-up.
(4) in the first paragraph of the Declaration being prepared for the State language of the Republic of Latvia. The notification shall specify the purpose, legal basis, the applicable law, the liquidator of the person identificējošo the data, claim or complaint submission deadline (date) and the full address of the institution that is empowered to examine complaints of reorganisation measures or winding-up.
(5) this article shall not apply if the reorganisation measures or winding-up of insurance only affects the shareholders (members) or workers ' rights.
Article 117. (1) the liquidator or any other person authorised by law on reorganisation measures or winding-up immediately by notice in writing inform the individual and all known creditors, regardless of their location. The statement also sent the insurance company shareholders (participants) and employees.
(2) the liquidator or any other person authorised by law notice to creditors indicate those binding time limits, consequences of failure, the competent institution, which shall have the right to accept the lodgement of claims or other notices relating to claims, as well as other information vendors generate, amend or terminate the relationship.
(3) the liquidator or any other person authorised by law: 1) insurance contracts arising from creditors in another Member State, provided one of the official languages of the Member State in which the creditor has his domicile or place of management;
2) resulting from the insurance contracts to vendors outside the Member State provides the language in which the insurance contract;
3) this part 1 and 2 do not provide that creditors of the Republic of Latvia State language. For this purpose use the form under the heading "invitation to lodge a claim. The period for the submission of the claim to be followed "in all the official languages of the Member States.
(4) all the creditors have the right to lodge his claims and claims under this article: 1) insurance contracts arising from creditors in another Member State, the official language of the Member State in which the creditor has his domicile or place of management or in one of the official languages of the Member State in which the creditor has his domicile or place of management. In this case, the creditor's claim in the application title, "the creditor's claim in the application" is the national language of the Republic of Latvia;
2) resulting from the insurance contracts to vendors outside the Member State, the language of the insurance contract;
3) this part 1 and 2 are not referred to in the Member State concerned vendors in the official language or one of the official languages of the Member State in which the creditor has his domicile or place of management. In this case, the creditor's claim in the application title, "the creditor's claim in the application" of the Republic of Latvia State language.
(5) the liquidator or other legally authorized person shall have the right to require the vendor to ensure their claims or a translation of the claims of the Republic of Latvia State language only if they have previously been informed about it in the article in that notice to creditors.
118. article. The Republic of Latvia law governs matters relating to: 1) assets or transactions with assets acquired by, or devolving on, the insurance undertaking or non-Member State of the insurer in respect of its branch in the Republic of Latvia after the opening of winding-up proceedings that branch;
2) Republic of Latvia registered insurance company or insurer of the Member State of the branch governing body (also with the rights and duties of the liquidator);
3) insurance company or insurer of the Member State, which has a branch in the Republic of Latvia, including claims and liabilities NET, claims and discharge of their obligations or other legal effects in terms of similar activity;
4) impact of the winding-up of contracts, where the Contracting Party is not a member of insurance company or insurer in connection with its affiliates in the Republic of Latvia, the contracts concluded;
5) wound up the impact of the proposed creditors proceedings, with the exception of this law provided for in article 123 of the unfinished court process;
6) claims that are posted to the insurance company or insurer's balance sheet liabilities of a Member State in relation to its branch in the Republic of Latvia, and actions with claims that are found after the opening of winding-up proceedings;
7) to those legal requirements that are determined by the lodging, verification and admission of claims;
8) those legislative requirements laid down by the insurance company or the Member insurer's assets, from the disposal of assets acquired with revenue sharing, the grouping of claims and the rights of creditors who have obtained after the opening of winding-up proceedings partly satisfied by virtue of a right in rem or through a set-off of claims and liabilities net liabilities or claims and the erasure, or other similar legal consequences for the operation of the branch in the Republic of Latvia;
9) legal requirements, if the liquidation is terminated (also with the settlement);
10 rights of creditors) on completion of the liquidation;
11) requirements of the legislation on the winding-up costs;

12) such provisions of national law, which limit certain rights of all creditors or prohibitions or restrictions to prevent unequal conditions of creditors or losses.
119. article. Reorganisation measures or winding-up shall be without prejudice to the execution creditor or third party rights in relation to things that belong to the insurer and reorganisation measures or winding-up of the time is in the territory of another Member State.
120. article. (1) the operator of the regulated market, the rights and obligations of transactions with financial instruments in the context of reorganisation measures or winding-up to be performed determines only the law applicable to the regulated market.
(2) the first part of this article are without prejudice to the provisions of this law, the application of article 119.
(3) the interested parties shall have the right to challenge the activities referred to in this article or right.
121. article. If, after the decision on a reorganisation measure or the opening of winding-up operation, is actively seized, then with respect to: 1) real estate following the regulation of the law of the Member State in whose territory the property is situated;
2 a ship or an aircraft) the following are governed by the laws of the Member States, which is a public register;
3) financial instruments, which are to be registered in the public register, account or a credit institution, a central depository, and secured rights following the regulation of those of the Member States, in accordance with which insurance is a certified trader's property rights in and to the corresponding financial instruments.
122. article. The Republic of Latvia, the law does not apply to the right to impose prohibitions or restrictions on payments or transactions, to prevent creditors unequal conditions or damages, if the person who benefits from these payments or transactions, demonstrates that: 1) action that infringes upon the interests of other creditors, resulting from the legislation of a Member State, which is the Republic of Latvia;
2) law of the Republic of Latvia does not provide the benefits gained in the operation of the opposition parties.
123. article. Reorganisation measures or winding-up proceedings in the impact of things is governed only by the law of the Member State in whose territory the judicial proceedings in question.
124. article. (1) the competent institution of a Member State appointed liquidator or other persons authorized by law the power to certify the original certified copy of the decision or other evidence that is consistent with national legislation. The competent authorities have the right to request a translation of the documents referred to in the national language of the Republic of Latvia. Legalization or other legal consequences in terms of the equivalent action is required.
(2) the liquidator appointed in a Member State or other authorized person in the law of the Republic of Latvia has the right to exercise the powers which it may be implemented in the territory of the Member State concerned. Liquidator or other legally authorized person shall have the right to appoint (empower) persons who assist or represent those of reorganisation measures or winding-up.
(3) the liquidator appointed by a Member State or other person authorised by law, in fulfilling its mandate in the Republic of Latvia, the Republic of Latvia laws, including laws on activities related to the disposal of assets and reporting staff.
125. article. (1) a liquidator appointed by the host country or other legally authorized person, in fulfilling its mandate, has the responsibility to reorganisation measures or winding-up of a register of the Republic of Latvia public registers, if the need for such registration is determined by the law of the Republic of Latvia.
(2) in the Republic of Latvia appointed liquidator or other legally authorized person, in fulfilling its mandate, it is the duty of a reorganisation measure or winding-up of the register public registers in the country concerned, if the need for such registration shall be determined by the legislation of the Member State concerned.
(3) expenses related to reorganisation measures or winding-up of the public registers of the Member registration, to be included in this process costs (expenditure).
Article 126. (1) the competent authorities, with their legal functions as receiving news of the reorganisation measures or winding-up, support this message.
(2) where a permitted under the first paragraph of this article, the disclosure of the messages and the order in which the following must be disclosed, shall be determined by the laws of the Member States. "
12. transitional provisions be supplemented with 21 and 22 the following: "21. before 1 July 2004, the ongoing restructuring efforts and are to be finalised or launched liquidation transactions, some said, this law and other laws regulating insurance until 30 June 2004.
22. Article 2 of the law a quarter enter into force simultaneously with the law on financial collateral effect. "
13. Make the informative reference to European Union directives as follows: "Informative reference to European Union directives, the law includes provisions arising from Directives 73/239/EEC, 79/267/EEC, 88/357/EEC, 92/49/EEC, 92/96/EEC, 95/26/EC, 2001/17/EC, 2002/12/EC and 2002/13/EC".
The law shall enter into force on 1 July 2004.
The Parliament adopted the law of 17 June 2004.
The President of the Parliament instead of the President i. Otter in Riga 29 June 2004 an editorial added: the law shall enter into force by 1 July 2004.