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

Original Language Title: О внесении изменений и дополнений в Закон Российской Федерации "Об организации страхового дела в Российской Федерации"

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RUSSIAN FEDERATION FEDERAL LAW OF THE RUSSIAN FEDERATION State Duma of 27 October 1999 Approved by the Federation Council on 11 November 1999 (In the wording of Federal Law dated 23.07.2013. N 234-FZ) Article 1. OF THE PRESIDENT OF THE RUSSIAN FEDERATION OF THE PRESIDENT OF THE RUSSIAN FEDERATION 56; Legislative Assembly of the Russian Federation, 1998, No. 1, art. 4) the following changes and additions: 1. Article 6 should be supplemented with paragraphs 3 and 4 as follows: " 3. Insurance organizations, which are subsidiaries of foreign investors (main organizations) or which have a share of foreign investors in their authorized capital of more than 49%, cannot be carried out in the Russian Federation Life insurance, compulsory insurance, compulsory State insurance, property insurance related to supply or contract works for state needs, as well as insurance of property interests State and municipal organizations. If the size (quota) of foreign capital participation in the authorized capital of insurance organizations exceeds 15%, the federal executive authority for the supervision of insurance activity stops issuing licenses for The insurance activity is carried out by insurance organizations which are subsidiaries of foreign investors (main organizations) or share foreign investors in their authorized capital of more than 49%. The above quota is calculated as the ratio of total capital owned by foreign investors and their subsidiaries in the charter capital of insurance organizations to the total charter capital Insurance organizations. The Insurance Organization is required to obtain prior approval from the federal executive authority to supervise the insurance activity to increase the amount of its authorized capital at the expense of foreign investors and/or Their shares are excluded in favor of the foreign investor (including the sale to foreign investors) of their shares, and the Russian shareholders (participants) on the alienation of their shares (shares in the charter capital) (capital) insurance organization in favour of foreign investors and/or their subsidiaries Societies. In this prior authorization, insurance organizations that are subsidiary to foreign investors (main organizations) or foreign investors in their authorized capital are refused In the case of such transactions, if the size (quota) established by this paragraph has been exceeded or exceeded in the commission of such transactions. Payment by foreign investors of their shares (shares in authorized capital) of insurance organizations is made exclusively in monetary terms in the currency of the Russian Federation. Persons exercising the functions of the sole executive body and the chief accountant of the insurance organization with foreign investments shall have the citizenship of the Russian Federation. 4. The insurance company, which is a subsidiary of the foreign investor (the main organization), has the right to carry out insurance activity in the Russian Federation if the foreign investor (the main organization) is not less than 15 years old is an insurance organization that carries out its activities in accordance with the law of the State concerned and participates in the activities of insurance organizations established in the territory of the Russian Federation for at least two years. class="ed"> (expandable-Federal Law dated 23.07.2013. N 234-FZ) 2. Article 25 should be supplemented with part three, to read: " The minimum amount of the paid charter capital formed from funds on the day of the submission of documents to obtain a licence to carry out insurance activities The insurance organization, which is a subsidiary of the foreign investor (the main organization) or which has a share of foreign investors in its authorized capital of more than 49%, should have at least 250 thousand minimum The amount of remuneration is not the same as that of the sole reinsurance policy. less than 300,000 minimum wage levels. ". 3. Article 26 should be supplemented with paragraph 4 as follows: " 4. The federal executive authority to supervise the insurance activity may establish additional requirements for the order and conditions of education and the placement of insurance reserves by insurance organizations with foreign investments. " 4. Article 27, paragraph 1, should be supplemented with the following paragraph: " The federal executive authority to supervise the insurance activity may establish additional requirements for regulatory relationships between assets and insurance liability, accepted by insurance organizations with foreign investments. ". 5. In article 30, paragraph 3: , supplement the new subparagraph "d" to read as follows: " (d) extradition in the cases authorized by this Law to increase the amount of authorized capital of insurance organizations at the expense of funds Foreign investors, the commission of transactions involving foreign investors on the alienation of shares (shares in the authorized capital) of insurance organizations, as well as the opening of branches by insurance organizations with foreign investments; "d" and "e" should be considered as subparagraphs (e) and (f) respectively. Article 2. Paragraph 5 of the decree of the Supreme Soviet of the Russian Federation of 27 November 1992 No. 4016-I on the enactment of the Act OF THE PRESIDENT OF THE RUSSIAN FEDERATION (57) Delete the last sentence. Article 3. The rules set out in paragraph 1 of article 1, paragraph 1, of this Federal Act do not apply to insurance organizations with foreign investments established before the date of entry into force of this Federal Act. The activity of insurance organizations with foreign investments, the share of foreign investors in the authorized capital of which exceeds 49% is permitted, unless otherwise stipulated by law. The rules set by paragraph 1 of article 1, paragraph 1, of this Federal Act concerning the prohibition of certain types of insurance do not apply to insurance organizations that are daughters to foreign investors (the main organizations) on the date of the entry into force of this Federal Act, if, in doing so, the implementation of the relevant types of insurance is permitted by the licenses issued prior to that day. Article 4. 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. Article 5. This Federal Act shall enter into force on the date of its official publication, with the exception of the provisions for which the present article establishes a different date of entry into force. Article 2 of this Federal Law shall enter into force on 24 June 1999. With regard to insurance organizations established prior to the date of entry into force of this Federal Law, the provisions of this Federal Law shall enter into force one year from the date of its official publication, with the exception of Provisions involved in issuing permits to open branches, increase the amount of charter capital of insurance organizations at the expense of foreign investors, to commit transactions with the participation of foreign investors in the alienation of shares (...) (...) President of the Russian Federation B. Yeltsin Moscow, Kremlin 20 November 1999 N 204-FZ