Insurers And Reinsurers Abroad The Governing Financial And Capital Market Commission's Authorization, Notification, Document Harmonization And Reporting Rules

Original Language Title: Apdrošinātāju un ārvalstu pārapdrošinātāju darbību reglamentējošo Finanšu un kapitāla tirgus komisijas atļauju saņemšanas, paziņojumu izdarīšanas, dokumentu saskaņošanas un informācijas sniegšanas noteikumi

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Read the untranslated law here: https://www.vestnesis.lv/ta/id/125177

Financial and capital market Commission Regulation No 174 of Riga 2005 30 December (financial and capital market Commission Council meeting Protocol No 3, p. 49)
Insurers and reinsurers abroad the governing financial and capital market Commission's authorization, notification, document harmonization and reporting rules Issued in accordance with the insurance company and under the supervision of the law article 7 quarter, 8.3 the third and fifth, the fourth subparagraph of article 8.4, 8.5, the fifth and the seventh article, article 18, second and third subparagraphs, article 20, the second paragraph of article 24, second and third subparagraphs Article 24.1, 26, the first, second and third subparagraphs, article 28, 28.1, the first and second subparagraphs, article 30, of the first and the second part of the first paragraph of article 19.3, article 34, 35, 42. the second paragraph of article 9, paragraph 54. the third paragraph of article 55 the first part, the second part of article 61, article 62 of the second part, the second part of article 65, the first part of article 73, 104. Article 130, 104.1. the second paragraph of article 131 article, third paragraph, article 132 of the first and the third part and the financial and capital market Commission of the law article 6, paragraph 1 of article 7, paragraph 1, first subparagraph, and article 17, paragraph 2 (I). General questions 1. "insurers and reinsurers abroad the governing financial and capital market Commission's authorization, notification, document harmonization and reporting rules" (hereinafter-the rules) do not apply to the insurer of the Member branches.
2. the rules provide procedures for: 2.1. Financial and capital market Commission (hereinafter "Commission") permits: 2.1.1. insurance company or insurer's branch of the Member State (hereafter referred to as the insurer) outsourcing;
2.1.2. the insurance company reorganization or without completing the reorganization converted into legal entities that do not carry insurance;
2.1.3. the insurance company's Board Chairman, Board Member, Council Member, internal audit (audit) Department, the Chief Actuary of the insurer, not the Member State of the Branch Manager and the Chief Actuary, the person who, in adopting relevant decisions by insurance companies or non-Member State of the branch, on behalf of the insurer raises the insurance company or insurer of the Member State of the branch of civil liability, (officials) started to perform his duties;
2.1.4. the insurer to adopt reorganisation;
2.1.5. the Member State of the branch of the insurer to move security;
2.1.6. the insurer put all insurance contracts or part of another insurance agency in full the merchant;
2.1.7. insurer liquidation proceedings;
2.1.8. intermediate insurance holding companies to the Member of the Executive Body to begin to carry out their duties;
2.1.9. the subject of the supplementary supervision of insurance undertakings not to supply information on the supplementary supervision of insurance undertakings subject to transactions between individual group company or physical person who, directly or by way of control has gained 20 percent or more of the voting rights or direct or by way of control acquired a participation, which covers 20 percent of the share capital and over or the number of voting shares subject to the supplementary supervision of insurance undertakings, its associated company participation in society, or the society for participation in society;
2.1.10. the subject of the supplementary supervision of insurance undertakings should include a separate group company solvency margin and adjusted solvency margin funds and adjusted the calculation of own funds;
2.1.11. the insurance undertaking which is an insurance holding company, or a Member State the reinsurers insurer's subsidiary company, release it from the adjusted solvency margin and adjusted the calculation of own funds of the preparation;
2.1.12. the insurer to the loan agreement, if the amendment of the own funds of the insurer shall be included in the calculation of the subordinated capital;
2.1.13. insurance company perpetual preference shares to repay if the own funds of an insurance company shall be included in the calculation of perpetual preferred shares with dividend accumulation;
2.2. the insurer shall coordinate: 2.2.1. loans, which are included in the calculation of own funds of the insurer, and loans, with a maturity of three months, if these loans take to ensure insurance claims (which cost insurers adopted decision) timely costs;
2.2.2. plan, if the insurer's own funds amount to less than the calculated solvency margin or guarantee fund;
2.2.3. the dividend cost if the report given by a sworn auditor or certified auditor company, which examined the annual report, are notes;
2.2.4. the plan, if the adjusted solvency requirement is not or may not be performed under the supervision of insurance undertakings and the requirements of the law;
2.3. the insurer shall notify the Commission: 2.3.1. that the outsourcing provider fails to comply with the contractual outsourcing outsourcing volume or quality requirements;
2.3.2. for the same reasons of reduction;
2.3.3. on financial derivatives application to cover the technical provisions;
2.3.4. any circumstances which may have a significant impact on the future performance of the insurer;
2.3.5. the taking of reinsurance accepted;
2.3.6. the close relationship;
2.3.7. the entries in the commercial register;
2.4. the person shall submit to the Commission an application for the desire to acquire, increase, reduce or terminate the participation of the relevant insurance company;
2.5. insurance undertakings shall submit to the Commission an application for the personal participation of the relevant insurance company in acquisition, increase, reduction or termination;
2.6. foreign reinsurer shall notify the Commission of their mission or the opening of a permanent representation in the Republic of Latvia.
3. This rule 2.4 and 2.5. paragraph 1 shall not apply to mutual associations of cooperatives.
4. The Republic of Latvia developed and approved documents and copies must be presented according to the normative requirements.

5. foreign physical and legal persons documents must be legalised unless the laws of the Republic of Latvia or the Republic of Latvia Saeima approved international treaties do not set out other arrangements. Documents in foreign languages must be with the notarized translation into Latvian language.
6. For persons, adopting relevant decisions on behalf of the insurer, the insurer will create civil obligations, within the meaning of this provision is considered — prokūrist and other persons by adopting relevant decisions on behalf of the insurer, are responsible for the insurer's risk, reinsurance, or investment.
II. receiving 7. Outsourcing outsourcing, for which the delegation before it outsourcing provider shall be informed by the Commission are: 7.1. accounting sort;
7.2. information technology maintenance;
7.3. the organisation of internal control;
7.4. the investment;
7.5. the insurance underwriting, reinsurance, except the cast;
7.6. the settlement of claims.
8. the insurer can delegate To outsource outsourcing provider, insurer for at least 30 days before the date of the receipt of the outsourcing shall submit to the Commission the following documents: a motivated written application 8.1, which lists the documents attached to it and outsourcing provider specified duration the outsourcing experience in providing that the insurer plans to delegate the outsourcing provider;
8.2. receiving the outsourcing policy and procedure. The outsourcing policy and procedure of receipt is not required to submit, if it has been submitted to the Commission and it has not changed;
8.3. the outsourcing contract or copy of the original.
9. the Outsourcing provider is entitled to delegate the provision of further outsourcing to another person only with the written consent of the insurer.
10. to outsourcing provider could outsource sub-delegate another outsourcing provider, before further outsourcing of the insurer shall inform the Commission in writing and shall submit to it the rules laid down in point 8.
11. If the receipt of the outsourcing policy and procedure are amended, the insurer shall submit to the Commission not later than the next working day after the approval of the amendment.
12. If the insurer determines that the outsourcing provider fails to comply with the contractual outsourcing outsourcing volume or quality requirements, it shall immediately inform the Commission thereof by submitting a petition, stating the outstanding outsourcing contract requirements.
III. Insurance companies a legal person which are carried out by the Commission allow 13 To transform the insurance company about the legal person who does not take insurance, the insurance undertaking shall submit to the Commission the following documents: 13.1 written motivated application that lists all documents annexed thereto;
13.2. following the transformation of the legal person who does not take insurance, completion of the State first day prepare the transaction balance;
13.3. the reorganisation plan, if the insurance company redesigned about legal persons who do not take insurance, the reorganization;
13.4. evidence that the insurance company has fulfilled all the obligations laid down in the treaties.
IV. approval of the appointment of officials To the 14 officers would start to perform his duties, the insurer shall submit to the Commission the following documents: 14.1 a written motivated application that lists the documents annexed thereto;
14.2. the competent administrative authorities of the insurer's meeting (the meeting) a copy or extract of the minutes to the decision on the nomination of the person as to exercise or the competent officials of the decision on appointment of the person in the post copy;
14.3. the officers of the nomination documents: raksturojošo statement (annex 1) and the identity document that shows the name, surname, personal code and photograph, copy of entry in the Republic of Latvia or valid identity document that shows the name, surname, personal code, or if it is not given, date of birth, as well as the issuing authority, a copy of the document;
14.4. the national competent authorities issuing the document, certifying that the candidate is not a person: 14.4.1. What is convicted of intentionally committing a crime, including abuse of bankruptcy;
14.4.2. is convicted of intentionally committing a criminal offence, although released on parole due to the Statute of limitations, pardon or amnesty;
14.4.3. against whom the criminal case initiated for an intentional criminal offence is terminated due to a statute of limitations or amnesty;
14.4.4. which called the criminally liable for intentional criminal offence, but the criminal proceedings against them terminated on a reabilitējoš basis;
14.5. the statement of the actuarial professional associations, which are the International Actuarial Association (International Actuarial Association) Member, about the main actuarial candidate membership in the Association;
14.6. a statement of the right to perform the duties of the Chief Actuary in another country, if the main actuarial candidate has other national actuarial professional members of the Association.
15. The insurance company does not provide these rules laid down in point 14 documents about the nominee, but 10 days before the candidate takes up his duties, shall inform the Commission of changes to the official status in the following cases: 15.1. Chairman of the Board of the insurance undertaking becomes a member of the Executive Board;
15.2. the insurance company Board Chairman or member of the Board becomes the President of the Council, Deputy Chairman of the Council or Council Member;
15.3. the insurance company a member of the Council becomes the President of the Council or the Deputy Chairman of the Council;
15.4. the insurance company's Deputy Chairman of the Council becomes the President of the Council or Council Member;
15.5. the insurance company becomes President of the Council Deputy Chairman of the Council or Council member.

16. The insurer within 10 working days of the adoption of the decision of the commercial register shall submit to the Commission a registration document or a copy thereof, showing the change of insurance companies or the Council in the composition of the members of the management board or a Member State of the branch of the insurer or the person who, in adopting relevant decisions by insurance companies or non-Member State of the branch, on behalf of the insurer raises the insurance company or insurer of the Member State of the branch of civil obligations, the entry into force of the change.
V. 17. reorganisation of the insurer To allow the Commission to reorganize the insurer, each company involved in the reorganisation process shall submit to the Commission the following documents: a motivated written 17.1. application that lists all documents annexed thereto;
17.2. after the reorganization of the State of completion of the first day of the operation is a continuation of the insurer in the balance sheet;
17.3. the reorganisation plan.
Vi. Member State of the branch of the insurer Not security move 18. To obtain permission of the insurer is not a Member State of the Security Branch, the branch of the insurer is not the Member State shall submit to the Commission a reasoned written application for the transfer of the security that justified the need for the transfer of the security.
VII. The insurance contract or parts of them transfer fully to another tradesman insurance 19. Permission to all insurance contracts concluded or parts thereof (hereinafter – insurance portfolio) transfer to: 19.1. insurer which served insurance portfolio shall be submitted to the Commission: 19.1.1 motivated written application for the transfer of the insurance portfolio, which lists the documents annexed thereto;
19.1.2. the insurance portfolio of insurance policies, putting together a list of insurance policies by insurance types and specifying: 19.1.2.1. date of entry into force and duration, 19.1.2.2. sum insured, 19.1.2.3. gross and net signed and received insurance premiums, 19.1.2.4. the requirements apply for the gross and net amount (life insurance companies should not be indicated);
19.1.3. the insurance portfolio pursuant to the calculation of technical provisions;
19.1.4. expand the investment marketable technical reserves (active) the list according to the calculation of technical provisions;
19.1.5. the Member State in which the insured risk related insurance object shall be the list of the insurance portfolio;
19.1.6. agreement on the transfer of the insurance portfolio;
19.1.7. claims procedure, if the insurance company is transferred to another Member State the open branches of insurance portfolio and insurance companies in other Member States open a branch after the transfer of the insurance portfolio is eliminated;
19.2. the insurer who accepts insurance portfolio shall be submitted to the Commission: 19.2.1. motivated written application for adoption of the insurance portfolio, which lists the documents annexed thereto;
19.2.2. the action plan adopted in the insurance portfolio service;
19.2.3. solvency margin calculation pursuant to accepted insurance portfolio;
19.2.4. If insurance portfolio is accepted without the appropriate technical reserves the technical reserve for investment recovery plan, indicating the source of funds;
19.2.5. these rules 19.1.2 – in paragraph 19.1.6 19.1.4. and certain documents if it is not the Commission.
20. The Treaty on the transfer of the insurance portfolio provides: 20.1. obligations of the parties and address;
20.2. the insurance liabilities;
20.3. the insurance portfolio insurance and insure risks;
20.4. the transfer of the insurance portfolio only after authorization by the Commission.
VIII. liquidation of the insurer for the Commission to allow 21. liquidation process, the insurer shall submit to the Commission the following documents: 21.1. a written motivated application that lists all documents annexed thereto;
21.2. the liquidation plan;
21.3. the liquidation process sākumbilanc with the Board and the Council on the liability of the insurer and the winding-up of the situation and the predictable results.
IX. Insurance holding company approval of the members of the Executive Body, post 22. intermediate insurance holding companies To the Member of the Executive Body would begin to carry out his duties, an insurance company shall submit to the Commission the following documents: 22.1. a written motivated application that lists the documents annexed thereto;
22.2. the insurance holding company, the competent authorities of a meeting (the meeting) a copy or extract of the minutes to the decision on the nomination of a person as a duty;
22.3. the officers of the nomination documents: raksturojošo statement (annex 2) and the identity document that shows the name, surname, personal code and photograph, copy of entry in the Republic of Latvia or valid identity document that shows the name, surname, personal code, or if it is not given, date of birth, as well as the issuing authority of the document, a copy.
X. Mutual transactions 23. subordinate To the supplementary supervision of insurance companies received permission not to provide information on the supplementary supervision of insurance undertakings subject to transactions between individual group company or physical person who, directly or by way of control has gained 20 percent or more of the voting rights or direct or by way of control acquired a participation, which covers 20 percent of the share capital and over or the number of voting shares subject to the supplementary supervision of insurance undertakings , its associated companies, membership in the society or society of the associated membership in the society, subject to the supplementary supervision of insurance undertakings shall submit to the Commission a reasoned written application that notifies them that the supervision of additional insurance companies subject to one or more of the total amount of transactions of the same type with the appropriate company or natural person in the reporting period does not exceed the lesser of 35 000 lats or 1 percent of the supervision of additional insurance companies subject to total assets.
XI. The adjusted solvency margin and adjusted the same features

24. to subject to the supplementary supervision of insurance company for permission to exclude certain groups of company solvency margin and adjusted solvency margin funds and adjusted the calculation of own funds, subject to the supplementary supervision of insurance undertakings shall submit to the Commission the following documents: 24.1. written submissions motivated, listing the documents annexed thereto and indicates what the company share capital share (percentage) directly or by way of control belongs to the subject of the supplementary supervision of insurance undertakings or other group company;
24.2. the adjusted solvency margin and adjusted the calculation of the own funds containing relevant group company;
24.3. the adjusted solvency margin and adjusted the calculation of own funds, which are not included in the relevant group company.
25. to the insurance undertaking which is an insurance holding company, or a Member State the reinsurers insurer's subsidiary company received permission to release it from the adjusted solvency margin and adjusted the calculation of own funds, it shall present to the Commission a reasoned written application, which contains the other Republic of Latvia registered the insurance holding company, or a Member State insurers reinsurers for the subsidiary, which has a higher total assets and provide the Commission with the parent company adjusted solvency margin and adjusted the calculation of the own funds that includes all in Latvia registered subsidiaries, name and total assets.
26. If the adjusted solvency requirement is not or may not be performed under the supervision of insurance undertakings and the requirements of the law on the supplementary supervision of insurance undertakings subject to the coordination of the Commission submitted their plan to take to ensure the supervision of insurance undertakings and the requirements of the law.
Xii. Loans 27. If the insurer wants to take the loan, which will be included in the calculation of own funds of the insurer, the insurer shall, before sampling a loan shall submit to the Commission for reconciliation: 27.1. motivated written application, listing the documents annexed thereto, with the reasons for the loan contract need;
27.2. a copy of the loan agreement.
28. in order to receive permission to the loan agreement, if the amendment of the own funds of the insurer shall be included in the calculation of capital, subordinated insurer shall submit to the Commission the following documents: 28.1. a written motivated application that lists the documents annexed thereto;
28.2. the amendments to the loan agreement.
29. If an insurer wants to take a loan in order to ensure the timely claims cost, before taking the loan, except for this rule set out in paragraph 30 of the cases, the insurer shall submit to the Commission for reconciliation: 29.1. written submissions motivated, listing the documents and accompanying information: necessary borrowing 29.1.1. size and maturity;
29.1.2. about a possible loan, that is, a legal entity, company, address, and country of registration number, but a natural person: name, surname, identity number and address;
29.1.3. the sources for early repayment of a loan;
29.2. the decision on the costs of claims.
30. If the insurer of its multiple insurance claims cost time for will use funds from credit lines or funds obtained as a result of repo under the same contract for credit or contract for repurchase transactions, insurer before each use of a credit line or a repo transaction, the Reconciliation Commission submitted the following documents: 30.1 a written submission of reasoned. listing the documents and accompanying information 30.1.1. required: loan or repo deal size and maturity;
30.1.2. the sources for early repayment of a loan or buy-back of securities;
30.2. the decision on the costs of claims a copy;
30.3. the copy of the agreement on the credit line if the insurer timely claims incurred to provision will use funds from credit lines (only before the first use of a credit line);
18.9. the contract for repurchase transactions, if the insurer a copy of timely claims incurred for use of funds obtained as a result of repos (only before the first repo transaction).
XIII. Changes to assets 31. Insurer shall immediately inform the Commission thereof by submitting a written application stating the reasons therefor, the reduction of the funds if they fall by 10procent and more in comparison with the previous Commission report stated.
32. in order to receive permission to perpetual preferred shares shall be released if the own funds of an insurance company shall be included in the calculation of the perpetual preference shares with a dividend accrual, the insurance undertaking shall submit to the Commission the following documents: 32.1. written submissions motivated, listing the documents annexed thereto;
32.2. the insurance companies calculate the solvency margin by a perpetual preference shares back.
33. If the own funds of the insurer for the amount is less than the calculated solvency margin, but the majority of the guarantee fund, the insurer shall submit to the Commission without delay the reconciliation plan in the same amount of funds to restore to calculated solvency margin.
34. If the own funds of the insurer is less than the amount of the guarantee fund, the insurer shall submit to the Commission without delay the reconciliation plan in the same amount of funds for immediate restoration to the guarantee fund.
XIV. Dividend payout of 35. If the report given by a sworn auditor or certified auditor company, which examined the annual report, are notes, before dividends of an insurance company shall submit to the Commission the explanation of sworn auditors or certified auditor commercial companies as well as coordination of comments, a draft decision on the expected dividends to be paid.
XV. Financial derivatives application to cover the technical reserves

36. The insurer before the financial derivatives (futures, swaps and regulated market include options) to cover the technical provisions shall inform the Commission, by giving it the following documents: 36.1. written submissions motivated, listing the documents attached to it, on the grounds of financial derivatives application to cover technical provisions need;
36.2. the insurer's management developed and approved the use of derivatives, which agreed with the insurer's core business, its contribution to shaping the agenda and relevant risk management (only before the first extension of the financial instrument to cover the technical reserves).
XVI. Circumstances that may significantly affect the future performance of 37 insurers. The insurer in writing without delay inform the Commission of any circumstances which may have a significant impact on the future performance of the insurer.
XVII. The assumed reinsurance 38. Insurer 30 days before start of reinsurance accepted shall inform the Commission of the assumed reinsurance, by submitting a written application to the motivated, stating: 38.1. the risks to be insured;
38.2. the reinsurance contract;
38.3. pārapdrošinājum workers;
23.9. is assumed reinsurance liabilities will be transferred in reinsurance (retrocession).
XVII. Close relations 39. Insurer shall submit to the Commission documents on the license for carrying out of insurance, provide the Commission with written notification of the parties with which it has a close relationship.
40. the close relation Of formation or changes in the insurer in writing notify the Commission not later than 30 days after the close of the establishment or change them.
41. The notice of the people with whom the insurer has a close relationship: 25.5. for natural persons: 41.1.1. residents: name, surname, personal code and close relationship;
41.1.2. nonresident-name, surname, year of birth and place of close relations;
41.2. the commercial companies: business name, registration number and location, close relationship.
42. The insurer shall notify the Commission, not the close relations the case if investment is made only as a temporary investment which does not make it possible to achieve the effect on the company's management or financial policy.
43. The insurer shall prepare a report on the people with whom it has a close relationship, and each year up to February 1, in writing, to submit to the Commission on the status of the previous December 31. Relationship with people who have a close relationship with the insurer, displayed graphically.
XIX. information about records in the commercial register 44. Insurer informs about changes to records in the commercial register in the following cases: 44.1. the insurer not later than 10 working days after the change of insurer company registration in the commercial register shall submit a written application to the Commission for the renewal of the license;
44.2. the insurer not later than 10 working days after the insurer's legal address change registration in the commercial register shall notify the Commission in writing.
XX. Qualifying holding 45. A Person who wishes to obtain a qualifying holding or to increase a qualifying holding in an insurance undertaking (further in the text of this chapter, a person), reaching or exceeding 20, 33 or 50 per cent of the share capital of an insurance undertaking or voting shares, or an insurance company becomes a subsidiary of the person, in writing, before submitting to the Commission a reasoned written application, which indicates the extent of the percentage participation of the share capital of an insurance undertaking or of the number of voting shares.
46. the Commission within 15 days of the rule referred to in paragraph 45 of receipt of the application to evaluate the available information, to judge the person's reputation, the free capital adequacy, financial stability, participation in other companies, compliance with the newly created insurance company shareholders requirements and the impact on insurance companies management and operation. If the Commission is not in possession of such information, it requests: 46.1. details of person: 46.1.1. personally identifiable copy of the document (natural persons — residents of the identity document, which contains the code of the person and the photo copy; natural persons-non-residents of the Republic of Latvia for the entry of a valid identity document, indicating name, surname, personal code, or if it is not given, date of birth, as well as the issuing authority, a copy of the document; commercial companies (non-residents only): the registration certificate or other corresponding foreign country valid identification (registration certificate) a copy of the document; others — other type of identification document copy);
46.1.2. documents concerning the financial position, which allows you to verify the free capital paid in the amount of the shares: commercial companies, the Republic of Latvia State Revenue Service (hereafter referred to as the ENVIRONMENT) the district not older than three months ago issued a statement that the company does not have a tax debt, and the last three years audited annual report with a copy of the mark on the receiving ENVIRONMENT (need not be submitted if they have already submitted to the enterprise register of the Republic of Latvia); foreign commercial companies — the last three years audited annual report; natural persons residents — demonstrate the ENVIRONMENT over the last three years copies of the Declaration of income (need not be given if the Commission is able to receive them in the respective territorial authority in the ENVIRONMENT), the natural persons-non-residents of the relevant tax authorities certified the last three years the tax (income) statement copies or other free capital adequacy of the supporting documents and all documents showing that the funds (capital);

46.2. details of person — commercial companies — owners, to have information on the owners (the real beneficiaries), the natural persons who own qualifying holdings, the owner of all these persons (physical, legal and others) copies of your documents and identifying details of the owner, a qualifying holding in other companies, including their business name, registered office and participation amount (amount and percentage of the share capital or voting shares). If the person or the owner is a corporation whose shares are listed on the Republic of Latvia or another Member State of the regulated market or in a regulated market, which is the organizer of the international stock exchange of the full member, the Federation shall provide information only for those shareholders who owns a significant interest in it;
46.3. details of the person's other major holdings company, specifying their name (company), legal address, registration number and location, participation levels, as well as, in particular, if the company is a credit institution, insurer, financial institution or a financial holding company.
47. If the insurance company's shareholders or their owners (the parent company), which is acquired, directly or indirectly, a qualifying holding 20% or more of the share capital of the insurance company or the number of voting shares, is not a Member State, a credit institution, insurer or financial institution, then those rules in addition to those referred to in paragraph 46 of document is entitled to request the Commission to submit to the Member State concerned, the insurer of credit institutions or financial institutions supervisory authority's receipt of it that it takes the supervision of credit institutions, insurance and financial institutions, on the basis of the consolidated financial statements of the Member State concerned that the existing legislation allows, the insurer of credit institutions or financial institutions to provide the supervisory organ of another State, the insurer of credit institutions or financial institutions supervisory institution and receive from the insurer or of credit institutions, financial institutions, financial statements and other information to the extent necessary for the performance of supervisory functions, and that the laws of the Member State provides for the responsibility for confidential information disclosure.
48. If a person wishes to terminate his/her qualifying holding insurance company, such decision in writing in advance by submitting an application to the Commission. The application shall specify the person remaining insurance company the share capital of or number of shares voting percentage. If a person wants to reduce his qualifying holding below 20, 33 or 50 per cent of the share capital of an insurance undertaking or of the number of voting shares or insurance company ceases to be a subsidiary of the person, of such decision in writing in advance by submitting an application to the Commission.
49. The insurance company immediately as soon as it has found out, in writing, submitting an application to the Commission, on any person's major acquisition, increases or decreases. The application indicates the participation of the person concerned as a percentage of the amount the insurance company's share capital or voting shares or information about the termination of a qualifying holding.
50. the insurance company, in accordance with the procedure laid down in the law, submitting to the Commission an annual report, submitted at the same time also a list of all shareholders who own qualifying holdings in the insurance companies. At that point, in accordance with the law to the general meeting of shareholders to be produced in the list, and the amount of the qualifying holding of shareholders as a percentage of the share capital of the insurance undertaking or of the number of voting shares (annex 3) at the end of the year.
51. If the insurance company directly or indirectly acquired or increased, ceased, reduced the qualifying holding in another company, its 10 working days, it shall inform the Commission, giving the company a firm, legal address, registration number and location, participation levels, as well as, in particular, if the company's insurer, credit institution, financial institution or a financial holding company.
XXI. the representation of foreign reinsurers or to open a permanent representation of the Republic of Latvia 52. foreign reinsurers representation or permanent representation (hereinafter: the Agency) before the action started in the Republic of Latvia shall submit to the Commission the following documents: 52.1. motivate the written notification of the opening of a representative office, which contains representations of the registered office and listed in the attached documents;
52.2. the copy of the document certifying the fact of registration of the representative office in the commercial register;
52.3. statement of the head of Mission (annex 4).
53. If representation of the switch, the representative authorised officer shall forthwith inform the Commission thereof.
54. In the case of Exchange, the head of the representation of foreign reinsurers authorised officer shall forthwith notify the Commission and those provisions of the notification provided for in paragraph 52.3.
55. If representation is changing its legal address, the Agency shall forthwith notify the Commission in writing.
XXII. Submissions and the review procedure 56. If an application or other document during the rule of the II, III, IV, V, VI, VII, VIII, IX, X, XI, XII, XIII, XIV and the documents referred to in chapter XX are amended, the insurer shall submit to the Commission without delay the relevant specified documents.
57. If, in the cases specified in the rules for submitting documents that already exist in the Commission and in which the information does not change, then the documents are to be submitted to the Commission and the application shall specify that the relevant documents had been submitted to the Commission and the information they contain, from the time of submission to the Commission, no change.
58. in the event of the insurer the documents submitted do not give a complete idea of the statutory requirements for authorization or the harmonisation of enforcement document, the Commission has the right of the insurer or person wishing to acquire or increase a qualifying holding in an insurance undertaking, require additional information to indicate its filing deadline.

59. the Commission, this rule 8, 10, 13, 14, 17, 19, 21, 23-28, 32-35 under submissions or other documents examined within 30 days after all necessary according to the requirements of the laws and the documents received.
60. the Commission of these provisions laid down in point 22 submissions look month after all necessary according to the requirements of the laws and the documents received.
61. the Commission for this provision in paragraph 29 and 30 in certain submissions or other documents examined within five working days after all necessary according to the requirements of the laws and the documents received.
62. the Commission of these provisions laid down in paragraph 45 submissions dealt within three months after all the necessary according to the requirements of the laws and the documents received.
63. In considering the application for the permit officer to begin to carry out his duties, officials may be invited for an interview at the Commission.
XXIII. The final question 64. With the entry into force of these regulations shall lapse at the Council by the Commission on 29 august 2003 decision No 191 approved "insurers and reinsurers abroad the governing financial and capital market Commission's authorization, notification, document harmonization and reporting rules".
XXIV. Informative reference to directives of the European Union 65. Rules included provisions arising from: 65.1. Council of 24 July 1973 on the first Directive 73/239/EEC on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct insurance other than life assurance;
65.2. Council of 22 June 1988 on the second Directive 88/357/EEC on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and laying down provisions to facilitate the effective exercise of freedom to provide services and amending Directive 73/239/EEC;
65.3. Council of 18 June 1992 Directive 92/49/EEC on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and amending Directives 73/239/EEC and 88/357/EEC (third non-life insurance directive);
65.4. European Parliament and Council of 29 June 1995 directive 95/26/EC amending Directives 77/780/EEC and 89/646/EEC in the field of credit institutions, directives 73/239/EEC and 92/49/EEC in the field of non-life insurance, directives 79/267/EEC and 92/96/EEC in the field of life assurance, Directive 93/22/EEC in the field of investment firms and Directive 85/611/EEC relating to undertakings for collective investment in transferable securities (UCITS) to strengthen the Advisory supervision;
65.5. The European Parliament and of the Council of 27 October 1998 Directive 98/78/EC on the supplementary supervision of insurance undertakings in an insurance group;
65.6. European Parliament and Council of 5 March 2002 Directive 2002/13/EC, amending Council Directive 73/239/EEC on non-life insurance undertakings solvency margin requirements;
65.7. The European Parliament and of the Council of 5 November 2002 for the purposes of Directive 2002/83/EC concerning life assurance;
65.8. European Parliament and 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 directives of the European Parliament and of the Council 98/78/EC and 2000/12/EC.
Financial and capital market Commission President When the U.