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, 15. no; 2008, 13. 15., 23., no; 2009, no. 7; Latvian journal, 2009, no. 205; 2010, 160. no; 2012, 92, no. 154; 2013, no 106, 192.) the following amendments: 1. Replace the entire law, the words "internal control" with the word "management". 2. Article 8.3: make the second paragraph as follows: "(2) an insurance company or an affiliate of the insurer of the Member State providing the outsourcing may delegate such outsourcing provider with the necessary qualifications and experience in the provision of such outsourcing, which the insurance company or insurer of the Member State of the branch plans to delegate the outsourcing provider."; to make a fifth by the following: "(5) for at least 30 days before the date of the receipt of the outsourcing insurance company or insurer shall submit to the Member State of the branch financial and capital market Commission a reasoned written application, adding a document containing the receipt of the policy of outsourcing and outsourcing the quality monitoring procedure, and outsourcing contracts. If outsourcing outsourcing policy, receipt of the quality monitoring procedure or outsourcing contract is amended, the insurance company or insurer of the Member State of the branch they shall be submitted to the financial and capital market Commission not later than the next working day after the approval of the amendments concerned. " 3. To make article 9 the first paragraph by the following: "(1) insurance services may be provided only by a person who has received a license for insurance." 4. To supplement the law with article 9.1 of the following: ' article 9.1. The right to request a license for carrying out of insurance are: 1) the company in the form of a limited company or a European company, or mutual cooperative society, which the record company register journal as a cooperative society that creates the main office in the Republic of Latvia; 2 insurer, Member State) which opens a branch office in the Republic of Latvia; 3) insurer that received a license for conducting insurance and wants to expand its scope, providing insurance services to other types of insurance, the provision of which is not yet licensed. " 5. in article 10: make the first paragraph by the following: "(1) an insurer of a Member State of the branch may provide insurance services exclusively in the insurance specified in the licence. '; turn off the third subparagraph, in the introductory part of paragraph 7, the words "and its policy framework and the procedure". 6. Add to article 11 with a 4.1 share the following: "(5) if the insurance company embarked on the provision of insurance services in a Member State of the branch, the financial and capital market Commission is entitled to adopt a decision which requires that the company terminates the provision of insurance services in the Member State in the following cases: 1) insurance companies filed documents containing false or incomplete information on the provision of insurance services in a Member State of the branch; 2) insurance company and its branch in a Member State does not provide insurance action of the Republic of Latvia laws regulating the corresponding insurance company and its subsidiaries operating in a Member State supervision; 3) insurance in the Member State of provision of services with the branch or may pose a threat to the insurance company the financial stability and insurance contracts, the obligations. " 7. Supplement article 6.1 of part 11.3 as follows: "(61) if the insurance company, subject to the principle of freedom to provide services, launched the insurance in the Member State of provision of services, without having to open the branch, finance and capital market Commission is entitled to adopt a decision which requires that the company terminates the provision of insurance services in the Member State in the following cases: 1) insurance companies filed documents containing false or incomplete information on the insurance services; 2) insurance companies will not allow you to provide the Republic of Latvia laws under the supervision of insurance companies; 3) insurance in the Member State of provision of services endangers or may endanger the financial stability of insurance companies and insurance contracts, the obligations. " 8. Express article 12 the third paragraph as follows: "(3) the financial and capital market Commission, assessing insurance company shareholders compliance with the requirements of this law and this law, in article 13, first paragraph, referred to in paragraph 9 of the information contained in the document, entitled the insured for the purpose of safeguarding the interests of the licence for the conduct of insurance determine the conditions for the provision of services." 9. To supplement the law with article 12.3 of the following: ' article 12.3. (1) a licence shall be issued for insurance, if the person meets the following requirements: 1 it is recorded in the commercial register) as a joint stock company, the European company or record company register journal as a cooperative society; 2) it intends to carry out insurance and commercial activities that are directly related to insurance; 3) it provides the same features of this law article 32 to the extent set out in part 1.1; 4) prove that it can provide this law, in article 31, the solvency requirement; 5) it proves that the insurance company officials comply with this law, article 20, first paragraph of article 21, first paragraph, and article 22, first paragraph; 6) it has presented this article 13 of the law specified in the first subparagraph; 7) financial and capital market Commission not established article 15 of this law in the first part of the condition. (2) a licence to carry on an insurance other insurance if issued by an insurance company shall meet the following requirements: 1) it proves that the execution of this law, in article 31, the solvency requirement; 2) it has made this law, article 13, second paragraph, the following documents; 3) financial and capital market Commission not established article 15 of this law the conditions referred to in the first subparagraph the Member. " 10. in article 13, first paragraph, point 3: turn off; 10. the introductory part of point off the words "and the internal control systems and procedures the policy reference description". 11. Article 16, first paragraph: turn off paragraph 8, the words "and the order"; Add to part with the following paragraph 11: "11) insurance company shareholders with qualifying holdings of shares belonging to them voting rights and it lasts more than six months." 12. Supplement article 24 with 2.1 and 2.2 the part as follows: "(21) of this Act article 20, first paragraph, and article 22, first paragraph of the officials can begin to discharge their duties after the financial and capital market Commission authorisation. (22) If this Act article 20, first paragraph, and article 22, the officials referred to in the first subparagraph shall not be elected (appointed) or ceases to hold office, the insurance company, in writing, with reasons, shall notify their financial and capital market Commission. Insurance companies in this part of this information shall be provided within 10 working days after the decision is taken. " 13. Replace article 32 paragraph 4 of part 1.1, the number "," number "with 3,6 3.4". 14. Article 34: Supplement to the second part of the article as follows: "(2) an insurance company a month before the general meeting shall notify the financial and capital market Commission of the intention to pay dividends. Financial and capital market Commission has the right to prohibit an insurance company to pay dividends, if the insurance company fails to comply with article 31 of this law the solvency requirements or from the payment of dividends, the solvency requirement could not be met. "; believe the current text of article about the first part. 15. Express article 42 in the second subparagraph of paragraph 7 as follows: "7) mortgage-backed loans, which are issued against the Republic of Latvia, in another Member State or registered in a Member State of the OECD a real estate mortgage, which has a market value not less than the amount of loans issued;". 16. Replace article 43 first paragraph of paragraph 6, the word "one" with the words "issue of" per person. 17. Article 50: make the first and second subparagraph by the following: "(1) an insurance company or insurer state affiliates to its nature, size and complexity of the appropriate comprehensive and effective management of the establishment and functioning of the system. (2) the financial and capital market Commission lays down minimum requirements for the insurance company and the Member State of the branch of the insurer not management of the establishment and functioning of the system. "; to supplement the article with a fifth by the following: "(5) an insurance company or state affiliates of the insurer received the complaint and provided the answer. Registration is carried out by electronic means. " 18. To supplement the law with article 50.2 as follows: "article 50.2. (1) insurance undertakings or non-Member State of the insurer affiliate management develop and approve the complaint management policies, providing a complaint fact checking, possible conflict of interest detection and prevention, and is responsible for compliance with this policy. Written information about the complaints procedure should be freely available for insurance services and insurance companies or non-Member State of the branch of the insurer's homepage on the internet, if any. (2) an insurance company or an affiliate of a member insurer is continuously carried out analysis of complaints received, assess their causes, analyse the causes and take measures for the prevention of the causes identified. (3) the financial and capital market Commission determines the complaint received and responses provided, as well as the registration procedures and requirements of the criteria referred to in the second subparagraph of article analysis. " 19. Article 69: make the first part of paragraph 2 as follows: "2) sue the insurance company insolvency application;" turn off the fifth paragraph, the words "in accordance with a court order or entering bankruptcy." 20. Article 70: make the first paragraph by the following: "(1) the liquidator during the month from the date of the decision, shall develop and submit to the financial and capital market Commission liquidation plan."; Add to article 1.1 part as follows: "(11) the financial and capital market Commission has the right to require the liquidator in the winding-up of the plan specified."; Add to article 4.1, 4.2 and 4.3 of the part as follows: "(5) the transfer of the insurance contract shall be carried out in accordance with this law, 65, 66, 68 and 68.1 the procedure laid down in article. (42) the termination of non-life insurance contracts, the insurer is not entitled to from insurance premiums paid for by the conclusion of the insurance contract the insurer related expenses. (43) the insurance contracts, which expire within three months after adoption of the decision on the winding up or a court order for a declaration of insolvency, not terminated, unless the insurance contract is terminated at the initiative of the policyholder. "; to supplement the article with the sixth part as follows: "(6) an insurance undertaking is bound by the financial and capital market Commission to immediately withdraw the liquidator from Office if it is established that the activities of the liquidators threatened the interests of the insured person." 21. Article 73: make the first paragraph by the following: "(1) If an insurance company or an affiliate of a member insurer decided to end the operation before starting the process of liquidation shall inform the financial and capital market Commission, by sending an appropriate notification. The information in the financial and capital market Commission. "; to turn off the second part. 22. Article 75 of the first paragraph: replace the number in paragraph 1 and the word "Euro" 2850 with numbers and words "2850 euro non-life insurance or life insurance 14 230 euro"; make paragraph 4 by the following: "4) individual claims for the cost of claims in excess of 2850 euro non-life insurance or life insurance 14 230 euro." 23. the supplement to chapter IX article 76.1 as follows: "article 76.1. (1) the funds for which insurance companies are not able to log on to your claims and that you do not remove the article 75 of this law in order that the insurance company the liquidator or administrator, by contract, transfers in trust for any credit institution. Written notice of the transfer of funds in trust to a credit institution, insurance company liquidator or administrator shall immediately send to each creditor, as well as published in the media and in the Official Gazette of the "journal". (2) the fee for the insurance company to the credit institution's vendor storage of funds withheld from vendors and insurance companies calculated in proportion to the amount of money owed to each creditor. (3) the insurance of the company loses the right to claim the money if he 10 years from the time when the funds transferred are not removed by the credit institution, the funds which it owed. The funds, which are due to the creditors of the insurance undertaking for which barred, agrees to the State as abandoned property. (4) after the conclusion of storage contracts with a credit institution, an insurance undertaking shall submit to the administrator, liquidator or financial and capital market Commission information on the credit institution, which funds deposited, and a list of creditors, giving each vendor identification data and resources due to each creditor. " 24. Replace article 91, first paragraph, the word "bankruptcy" with the word "insolvency". 25. the express article 92 of the following: ' article 92. (1) the claims of the insured Defense Fund paid in this law and the financial and capital market Commission established after the Court issued the State of the insurer or the insurer insolvency. (2) If the insured Defense Fund does not have enough funds for the payment of claims in accordance with this law, financial and capital market Commission may enter into a loan agreement for the amount of borrowing from missing Latvia registered a credit institution, a credit institution of a Member State or foreign branches in Latvia or the insurer. If the cost of claims for missing amount cannot borrow from one credit institution registered in Latvia, State or foreign credit institutions branches in Latvia or the insurer, the financial and capital market Commission is entitled to conclude a loan agreement with a number of credit institutions registered in Latvia, State or foreign branches of credit institutions in Latvia or insurers. (3) a credit institution registered in Latvia, a Member State or a branch of a foreign credit institution or insurer in Latvia to offer financial and capital market Commission to borrow from its insurance claims cost for the missing amount only if the loan agreement with the financial and capital market Commission of Latvia will not affect the established credit institution, a credit institution of a Member State or foreign branches in Latvia or the insurer's ability to observe the activities of credit institutions or insurance regulatory law in certain activities of credit institutions or insurance regulators. (4) the financial and capital market Commission, the credit institution registered in Latvia, a member or affiliate of a foreign credit institution or insurer in Latvia, which will be signed the loan agreement on insurance claims cost for the missing amount is not applicable to public procurement law. Financial and capital market Commission shall designate their credit institution registered in Latvia, a member or affiliate of a foreign credit institution or insurer in Latvia, in the financial and capital market Commission has offered the lowest interest rate of the loan. (5) the financial and capital market Commission aizdoto for the payment of claims for repayment of funds insured protection fund. " 26. Replace article 93 in the sixth paragraph, the words "decision on the commencement of bankruptcy proceedings" with the words "ruling on Declaration of insolvency proceedings". 27. Article 103 off. 28. To supplement the law with article 103.1 of the following: ' article 103.1. If the financial and capital market Commission finds that the insurer does not follow this law, directly applicable European Union legislation, the functioning of other insurers regulatory legislation or financial and capital market Commission issued rules, regulations or requirements of the decisions or actions of the insurer threatens those requirements, financial and capital market Commission, the decision is entitled to exercise one or more of the following operations: 1) request to the insurer without delay take the necessary steps to prevent the situation concerned and submit financial and capital market Commission in its action plan within the time limit set in the infringement established; 2) to alert the insurer; 3) give the insurer binding instructions in writing required in the situation; 4) impose a penalty provided for in this law, money. " 29. Supplement article 107.1 fifth with 11 points as follows: ' 11) the European insurance and occupational pensions authority and the European systemic risk Council. " 30. Article 109: make the first paragraph by the following: "(1) If the conditions of this law, financial and capital market Commission is entitled to impose fines of up to the insurer to 142 000 euro."; Add to article 1.1, 1.2 and 1.3 of the part as follows: "(11) If the conditions of the insurance contract law" "6., the second subparagraph of article 24.1 and article 55 the provisions of the financial and capital market Commission is entitled to impose fines of up to the insurer to 14 200 euro. (12) If the conditions of the crime of money laundering and terrorist financing prevention provisions of the law, financial and capital market Commission is entitled to impose fines of up to the insurer to 142 000 euro. (13) If a person has acquired or increased the qualifying holding in an insurance undertaking before this law, article 26 on the first or second part of the notification referred to in the financial and capital market Commission or during the examination, the financial and capital market Commission is entitled to impose a fine for the person from 14 200 to 142 000 euros. " 31. Supplement article 129 in the first part of the sentence by the following: "the financial and capital market Commission lays down minimum requirements for the supplementary supervision of insurance undertakings subject to the management of the establishment and functioning of the system." 32. the transitional provisions be supplemented by the following paragraph 32: "32. Amendment of this law article 32 paragraph 4 of part 1.1 of the minimum guarantee fund size from 3.4 to 3.6 million euro shall enter into force on January 1, 2015." The Parliament adopted the law in 2014 5 June. The President a. Smith in Riga 2014 in June 19.