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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, nr. 13) follows: 1. Article 7: make the first part of paragraph 2 as follows: "2) provide an intermediary for another insurer, insurers and reinsurers abroad in accordance with the third paragraph of this article.";
to supplement the article with the third part as follows: "(3) the insurer may provide intermediary services for the foreign insurer only classes that are defined as required in the foreign country, if: 1) the way you create the insured Defense Fund, from which be paid foreign claims in the event of insolvency of the insurer;
2) financial and capital market Commission has agreed with foreign insurance supervisory bodies for cooperation and exchange of information. "
2. Add to article 75 of the first paragraph of point 2, the words "or the State Agency" insolvency administration "claim, if it is satisfied the above claims of the employee claims guarantee fund in accordance with the law" on the protection of workers in the case of employer's insolvency.
3. To supplement the transitional provisions with paragraph 15 as follows: "Amendment 15 article 75 of the law of the first part of paragraph 2 shall enter into force on 1 January 2003."
The law adopted by the Parliament in May 16, 2002.
State v. President Vaira Vīķe-Freiberga in Riga on 29 May 2002, the Editorial Note: the law shall enter into force with 12 June 2002.