On Introducing Changes And Additions Into The Law Of The Russian Federation "on Insurance"

Original Language Title: О внесении изменений и дополнений в Закон Российской Федерации "О страховании"

Read the untranslated law here: http://pravo.gov.ru/proxy/ips/?doc_itself=&infostr=x&backlink=1&fulltext=1&nd=102050930

RUSSIAN FEDERATION FEDERAL LAW on amendments and additions to the Russian Federation law "on insurance", adopted by the State Duma December 17, 1997 year approved by the Federation Council of the year December 24, 1997 (as amended by the Federal law of 17/07/99 N 182-FZ), Article 1. To make the Russian Federation law "on insurance" (Gazette of the Congress of people's deputies of the Russian Federation and the Supreme Soviet of the Russian Federation, 1993, N 2, art. 56) the following amendments and supplements: 1. The title of the Act shall be amended as follows: "on the Organization of insurance business in the Russian Federation".
2. Article 4 Supplement part 2 to read as follows: "insurance located in the territory of the Russian Federation the property interests of legal persons (except for reinsurance and mutual insurance) and property interests of physical persons-residents of the Russian Federation may only be carried out by legal entities licensed to conduct the insurance activity on the territory of the Russian Federation."
3. the second subparagraph of paragraph 3 of article 8, paragraph 2 of article 14, paragraph 1 of article 27, article 28, paragraph 1, article 29, paragraphs 2-4 of article 30, paragraphs 1, 3-5 of article 32, in the title and text of article 33, the words "the Russian Federal service for supervision of insurance activities" were replaced by the words "the Federal Executive Body in the field of supervision of insurance activities" in the appropriate case.
4. In article 8, paragraph 4, after the word "organizations", add the words "with the exception of contracts of insurance of civil liability of vehicle owners traveling outside the Russian Federation,";
amend paragraph 4 second paragraph as follows: "intermediary activity associated with the formation on the territory of the Russian Federation, on behalf of foreign insurers insurance of civil liability of vehicle owners traveling outside the Russian Federation is allowed since the beginning of the insurance activities of the insurance organization, carrying out specified mediation.".
5. Chapter II should be deleted.
6. Supplement article 25, paragraph 2 to read as follows: "the minimum size of the paid authorized capital, formed at the expense of, on the day of applying legal entity documents for obtaining a license for insurance activity must be at least 25 thousand times the minimum wage in the types of insurance other than life insurance, at least 35 thousand times the minimum wage in the life insurance and other types of insurance not less than 50 thousand times the minimum wage in the exclusively reinsurance. ".
Article 2. The action of the second part of article 25 of the law of the Russian Federation "on the Organization of insurance business in the Russian Federation" does not apply to legal persons, submitted in accordance with the established procedure documents for obtaining a license for insurance activity prior to the entry into force of this federal law.
Article 3. Insurers must, before January 1, 1999 year to bring the dimensions of their statutory capital to certain part 2 of article 25 of the law of the Russian Federation "on the Organization of insurance business in the Russian Federation". Among insurers, did not comply with this requirement, the Federal Executive authority for the supervision of insurance revokes license for insurance activity from January 1, 2000 year. (As amended by the Federal law of 17/07/99 N 182-FZ), Article 4. From the date of entry into force of this federal law to recognize inactive items 2, 3, 6 and 7 of the resolution of the Supreme Soviet of the Russian Federation dated November 27, 1992 N 4016-I "on the entry into force of the law of the Russian Federation" on insurance "(Gazette of the Congress of people's deputies of the Russian Federation and the Supreme Soviet of the Russian Federation, 1993, N 2, art. 57). Article 5. This federal law shall enter into force on the day of its official publication.
Article 6. The President of the Russian Federation and to entrust the Government of the Russian Federation to bring its normative acts in compliance with this federal law within three months from the date of its entry into force.
Russian President Boris Yeltsin in Moscow, the Kremlin December 31, 1997 N 157-FZ