Insurance And Reinsurance Intermediaries Should The Collateral Requirements For The Execution Of The Obligations Of The Legislative Provisions

Original Language Title: Apdrošināšanas un pārapdrošināšanas starpnieka nodrošinājuma pašriska saistības izpildei prasību normatīvie noteikumi

Read the untranslated law here: https://www.vestnesis.lv/op/2015/246.9

Financial and capital market Commission, the provisions of regulations No 213 Riga 2015 December 10 (financial and capital market Commission Council meeting No. 47 3. p.)
Insurance and reinsurance intermediaries should security commitments fulfillment requirements, regulations Issued under the provisions of the activities of insurance and reinsurance intermediaries law article 12 4.1 part 1. "insurance and reinsurance intermediaries should security commitments fulfillment requirements, regulations" (hereinafter-the rules) determines the requirements for insurance and reinsurance intermediaries, coverage for civil liability, where insurance and reinsurance intermediary professional error or professional negligence caused loss of customers the insurance business operators, not insurers of member affiliates, reinsurers or other interested parties, in a contract of insurance (hereinafter – civil liability insurance contract) should be included in the liabilities. 2. the time limits and documents, insurance and reinsurance intermediaries shall submit financial and capital market Commission (hereinafter the Commission) to obtain permission for the inclusion of intensive civil liability insurance contract. 3. Insurance and reinsurance intermediaries must not be subject to authorisation by the Commission should the inclusion in the civil liability insurance contract, if this addition shall submit to the Commission a different conclusion of civil liability insurance contract, which is not designed for intensive and which at one time included the following conditions: 3.1. date of entry into force of the agreement and the duration is the same as that defined in the civil liability insurance contract, which includes intensive; 3.2. the limit of liability for each insurance case shall not be less than civil liability should included in the contract; 3.3. the agreement is in force in the territory of all the Member States; 3.4. the agreement provides for the notification of the extended period the insured risk joining the event, which lasts at least three years after the insurance contract expiration. 4. to get the permission of the Commission, the inclusion of intensive civil liability insurance, insurance and reinsurance intermediary not earlier than 60 days and not later than 30 days prior to any civil liability insurance contract, which provides intensive, conclusion or renewal shall submit to the Commission: 4.1 the application, indicating the amount of each should insurance cases and is expressed in the application for authorisation should the inclusion of a civil liability insurance contract (hereinafter application); 4.2. the annual report for the previous period or balance sheet, the profit and loss statement and transcript of items for the time period that the end date is not earlier than 120 days from the date on which the Commission has received insurance and reinsurance intermediary application; 4.3. document, which contains information about insurance and reinsurance intermediaries and of the requirements for relationships that are formed according to the activities of insurance and reinsurance intermediaries law article 15, first paragraph, and information on cash balances in individual money accounts of the situation in a day that is not older than 120 days from the date when the Commission received the insurance and reinsurance mediation. 5. Insurance and reinsurance intermediaries in the rule laid down in paragraph 4.2 the annual report for the previous period did not submit to the Commission, if it is approved and submitted to the State Revenue Department and is accessible to the public. In this case, insurance and reinsurance intermediary this fact shall be stated in the application. 6. Insurance and reinsurance intermediaries, coverage should be sufficient for the execution of the obligation, if the following conditions are fulfilled: 6.1. insurance and reinsurance intermediaries balance equity amount is positive and at least three times larger than the required intensive; 6.2. insurance and reinsurance intermediaries working capital balance is sufficient to cover short-term obligations of the creditor; 6.3. insurance and reinsurance intermediary funds individual money accounts are sufficient to cover the requirements and obligations of the activities of insurance and reinsurance intermediaries law article 15 the meaning of the first subparagraph. 7. If insurance and reinsurance intermediary may not to comply with the provisions of paragraph 6, should support the implementation of the commitments is sufficient, if insurance and reinsurance intermediary with the rules set out in point 4.1 the application shall be submitted to one of the following documents: 7.1.  document certifying the insurance and reinsurance intermediaries deposit your credit account that is at least three times larger than the requested size, and should insurance and reinsurance intermediaries provided evidence that the deposit is a guarantee for the fulfilment of obligations and should not be interrupted in the civil liability insurance for the duration of the contract; 7.2. a credit institution guarantees issued by insurance and reinsurance intermediary's obligations for the execution of the intensive amount of intensive subject to the condition that a guarantee may not be interrupted before a civil liability insurance contract expiration and it applies to every insurance event. 8. Rules 4 and 7 documents specified in point are presented according to the laws governing the development and presentation of documents, and accounting laws and regulatory requirements. 9. the Commission received documents, finding errors or non-compliance with rules 4, 5, 7 and 8, required insurance and reinsurance intermediaries to submit updated documents or to ensure compliance with legislative requirements. 10. the Commission's application and the documents annexed thereto dealt within 10 working days after all necessary according to the requirements of the laws and the documents prepared. 11. authorisation by the Commission, and the inclusion of intensive civil liability insurance contract of the insurance and reinsurance intermediary by receiving notice of damages, within five working days from the date of receipt of that information in writing so notify the Commission and inform, as necessary, will be provided to cover the requirements. 12. the rules shall enter into force on January 1, 2016. Financial and capital market Commission Vice Chairman p. Bird