FEDERAL LAW OF THE RUSSIAN FEDERATION

of April 23, 2018 No. 87-FZ

About modification of separate legal acts of the Russian Federation

Accepted by the State Duma on April 12, 2018

Approved by the Federation Council on April 18, 2018

Article 1

Bring in the Law of the Russian Federation of November 27, 1992 No. 4015-1 "About the organization of insurance case in the Russian Federation" (Sheets of the Congress of People's Deputies of the Russian Federation and the Supreme Council of the Russian Federation, 1993, No. 2, Art. 56; Russian Federation Code, 1998, No. 1, Art. 4; 1999, No. 47, Art. 5622; 2002, No. 12, Art. 1093; 2003, No. 50, Art. 4858; 2005, No. 10, Art. 760; No. 30, Art. 3115; 2007, No. 49, Art. 6048; 2009, No. 44, Art. 5172; 2010, No. 17, Art. 1988; No. 31, Art. 4195; No. 49, Art. 6409; 2011, No. 49, Art. 7040; 2012, No. 53, Art. 7592; 2013, No. 26, Art. 3207; No. 30, Art. 4067; 2014, No. 23, Art. 2934; No. 30, Art. 4224; 2015, No. 29, Art. 4357; No. 48, Art. 6715; 2016, No. 1, Art. 52; No. 22, Art. 3094; No. 26, Art. 3863, 3891; No. 27, Art. 4225; 2017, No. 31, Art. 4754, 4830) following changes:

1) in Article 25:

a) state Item 2 in the following edition:

"2. The size of own means (capital) of the insurer (except for societies of mutual insurance) is determined according to the technique established by the regulation of body of insurance supervision.

Insurance companies shall invest own means (capital) on the terms of diversification, liquidities, recoverability and profitability. The body of insurance supervision establishes the list of the assets permitted for investment, requirements to such assets, and also the procedure for investment of own means (capital) providing including requirements to structure of assets in which placement of own means (capital) of insurance company or their part is allowed.

Issue of loans by insurance companies at the expense of own means (capital), except as specified, established by body of insurance supervision is forbidden.

Investment of own means (capital) is performed by insurance company independently or by transfer of means to trust management of managing company in parts or in full.";

b) add with Item 2.1 of the following content:

"2.1. For the purpose of determination of accuracy of the data about own means (capital) of insurance company the body of insurance supervision carries out assessment of its assets and liabilities.

The body of insurance supervision issues the instruction about specifying by insurance company in the reporting of the data obtained by body of insurance supervision based on the carried-out assessment.

Based on the instruction of body of insurance supervision about specifying in the reporting of the data obtained by body of insurance supervision based on the carried-out assessment, the insurance company reflects in the accounting (financial) and other records the size of own means (capital), asset cost and the amount of liabilities determined by body of insurance supervision on the last reporting date. Appeal by insurance company of the specified instruction judicially does not stop its execution.

When evaluating assets and liabilities of insurance company the body of insurance supervision attracts the responsible actuary at the expense of means of insurance company, and also has the right to involve the independent appraiser at the expense of means of body of insurance supervision.";

c) state Item 4.1 in the following edition:

"4.1. The body of insurance supervision establishes minimum admissible value of normative ratio of own means (capital) and undertaken obligations (including procedure for measure definition, used for establishment of such value) for which non-compliance the body of insurance supervision sends to insurance company the instruction about violation elimination.";

d) state Item 4.2 in the following edition:

"4.2. The body of insurance supervision taking into account minimum admissible value of normative ratio of own means (capital) and undertaken obligations establishes threshold values of normative ratio of own means (capital) and undertaken obligations in case of which non-compliance the insurance company shall provide the rehabilitation plan of financial position, requirements to which are established by body of insurance supervision, to body of insurance supervision.";

e) in paragraph four of Item 4.3 of the word "refunding rate" shall be replaced with words "key interest rate";

e) add with Item 6 of the following content:

"6. If the size of own means (capital) of insurance company determined according to Item 2 of this Article following the results of the last accounting period appears lower than the size of the paid authorized capital determined by its charter, the insurance company shall bring into accord the size of the authorized capital and size of own means (capital) according to the procedure, established by body of insurance supervision.";

2) in Article 26:

a) add with Item 2.1 of the following content:

"2.1. For the purpose of determination of size of the created insurance reserves of the insurer the body of insurance supervision carries out their assessment.

The body of insurance supervision issues the instruction about specifying by the insurer in the reporting of the data obtained by body of insurance supervision based on the carried-out assessment.

Based on the instruction of body of insurance supervision about specifying in the reporting of the data obtained by body of insurance supervision based on the carried-out assessment, the insurer reflects the size of insurance reserves determined by body of insurance supervision on the last reporting date in the accounting (financial) and other records. Appeal by the insurer of the specified instruction judicially does not stop its execution.

When evaluating insurance reserves of the insurer the body of insurance supervision attracts the responsible actuary at the expense of means of the insurer.";

b) state Item 5 in the following edition:

"5. Insurers shall invest means of insurance reserves on the terms of diversification, liquidities, recoverability and profitability.

Issue of loans by insurers at the expense of means of insurance reserves, except as specified, stipulated in Item the 7th this Article and regulations of body of insurance supervision, is forbidden.

The body of insurance supervision establishes the list of the assets permitted for investment, requirements to such assets, and also the procedure for investment of means of insurance reserves providing including requirements to structure of assets in which investment of funds of insurance reserves of insurers or their part is allowed.";

c) in Item 6 the word of "part" to exclude, add with the words "in parts or in full";

The second Item 5 of Article 26.1 of the word of "net assets" shall be replaced with words 3) in the paragraph "own means (capital)";

4) in Article 30:

a) add Item 1 with words ", and also for the purpose of the prevention of unstable financial position of insurance company";

b) in the subitem 3 of Item 5 of the word "about elimination of violations of the insurance legislation" shall be replaced with words ", provided by this Law,";

To add 5) with Article 32.5-1 of the following content:

"Article 32.5-1. The measures applied by body of insurance supervision

1. In case of identification of violation of the insurance legislation the body of insurance supervision issues the instruction about violation elimination (further - the instruction) with indication of the term of its execution.

2. The instruction is issued to the subject of insurance case in case:

1) implementation by the subject of insurance case of the activities prohibited by the legislation of the Russian Federation;

2) violations by the subject of insurance case of the requirements established by the insurance legislation, in particular:

non-compliance by the insurer with requirements to financial stability and solvency regarding forming and investment of funds of the insurance reserves guaranteeing implementation of other insurance payments of funds;

non-compliance by the insurer with the established requirements to providing normative ratio of own means (capital) and undertaken obligations, other established requirements to ensuring financial stability and solvency, including non-compliance by parent insurance company with insurance group of the specified requirements on the consolidated basis;

reduction of size of own means (capital) of insurance company following the results of the accounting period there is lower than the size of paid authorized capital determined by its charter;

non-compliance by insurance company with procedure and conditions of investment of own means (capital);

3) non-compliance by the subject of insurance case with requirements about submission to body of insurance supervision, self-regulatory organization in the field of the financial market of the established reporting and its publication according to this Law;

4) non-presentations by the subject of insurance case of the documents requested by body of insurance supervision according to the procedure of control and supervision;

5) factual determinations of submission by the subject of insurance case to body of insurance supervision of the incomplete and (or) doubtful reporting or other information requested by body of insurance supervision including the plan of recovery of solvency;

6) non-presentations by the subject of insurance case at the scheduled time in body of insurance supervision of information on changes and about the additions made to the documents specified in Item 11 of article 32 of this Law (with application of documents, confirming such changes and amendments);

7) lack of subject of insurance case on the address specified in the Unified State Register of Legal Entities (the address of the legal entity), except as specified acceptances by body of insurance supervision of the decision provided by the subitem 9 of Item 2 of article 32.8 of this Law;

8) in other cases provided by this Law.

3. The subject of insurance case submits within the term established by the instruction within body of insurance supervision the documents confirming elimination of the revealed violations.

The specified documents shall be considered by body of insurance supervision within 30 days from the date of receipt of all documents confirming execution by the subject of insurance case of the instruction in full.

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