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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"

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RUSSIAN FEDERATION FEDERAL LAW On introducing amendments and additions to the Law of the Russian Federation "On insurance" Adopted by the State Duma on 17 December 1997 Approved by the Federation Council on 24 December 1997 (In the wording of the Federal Law 17.07.99 g. N 182-FZ Article 1. OF THE PRESIDENT OF THE RUSSIAN FEDERATION 1993, N 2, sect. 56) the following changes and additions: 1. The title of the Act is as follows: "The organization of the insurance business in the Russian Federation". 2. Article 4 should be supplemented with the second reading: " Insurance of property interests of legal entities located on the territory of the Russian Federation (excluding reinsurance and mutual insurance) and property interests The Russian Federation may only be authorized by persons licensed to carry out insurance activities in the territory of the Russian Federation. ". 3. In paragraph 2, article 8, paragraph 2, article 14, paragraph 2, article 27, paragraph 1, article 28, paragraph 1, article 29, article 30, paragraphs 2 to 4, article 32, paragraphs 1, 3 to 5, and the title and text of article 33 of the Russian Federal Service for Insurance Supervision "Replace" with the words "the federal executive authority overseeing the insurance activity". 4. In article 8: , paragraph 4, after the word "organizations," should be supplemented with the words "excluding civil liability insurance contracts for vehicle owners travelling outside the Russian Federation,"; Paragraph 4, paragraph 4, as follows: " Mediation related to the conclusion on the territory of the Russian Federation on behalf of foreign insurers of the civil liability insurance contracts Vehicles travelling outside the Russian Federation is permitted from the beginning of the insurance activity of the insurance organization engaged in the said brokering activity. ". 5. Chapter II, shall be deleted. 6. To supplement article 25, part two, to read: " The minimum amount of the paid charter capital formed at the expense of the legal entity for the receipt of a licence for implementation insurance activity must be at least 25 thousand minimum wages-in the form of insurance other than life insurance, at least 35,000 minimum wages-in the life insurance and other types of insurance. insurance, at least 50,000 minimum wages, in the conduct of exclusively reinsurance. ". Article 2. Article 25, paragraph 2, of the Russian Federation Act" The Russian Federation " does not apply to legal entities that have submitted documents in order to obtain a licence to carry out insurance activities before the entry into force of this Federal Law. Article 3. Insurers are obliged to increase the amount of their authorized capital to the amounts specified in article 25, paragraph 2, of the Russian Federation Act "On the Insurance Organization in the Russian Federation". requirements, the federal executive supervisory authority for insurance activity withdraws the licence to carry out insurance activity from 1 January 2000. (In the wording of Federal Law 17.07.99) N 182-FZ) Article 4. Since the date of the entry into force of this Federal Act, paragraphs 2, 3, 6 and 7 of the resolution of the Supreme Soviet of the Russian Federation are null and void. "On the introduction of the Law of the Russian Federation" On Insurance " (Bulletin of 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 law shall enter into force on the date of its official publication. Article 6. Invite the President of the Russian Federation and instruct the Government of the Russian Federation to bring its normative legal acts into conformity with this Federal Law within three months from the date of its entry into force. President of the Russian Federation B. Yeltsin Moscow, Kremlin 31 December 1997 N 157-FZ