INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 3, 2018 No. 4897-U

About modification of the Instruction of the Bank of Russia of February 22, 2017 No. 4298-U "About procedure for investment of own means (capital) for the insurer and the list of the assets permitted for investment"

1. Based on Item 2 of article 25 of 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; No. 18, Art. 1721; 2003, No. 50, Art. 4855, Art. 4858; 2004, No. 30, Art. 3085; 2005, No. 10, Art. 760; No. 30, Art. 3101, Art. 3115; 2007, No. 22, Art. 2563; No. 46, Art. 5552; No. 49, Art. 6048; 2009, No. 44, Art. 5172; 2010, No. 17, Art. 1988; No. 31, Art. 4195; No. 49, Art. 6409; 2011, No. 30, Art. 4584; No. 49, Art. 7040; 2012, No. 53, Art. 7592; 2013, No. 26, Art. 3207; No. 30, Art. 4067; No. 52, Art. 6975; 2014, No. 23, Art. 2934; No. 30, Art. 4224; No. 45, Art. 6154; 2015, No. 10, Art. 1409; No. 27, Art. 3946, Art. 4001; No. 29, Art. 4357, Art. 4385; No. 48, Art. 6715; 2016, №1, of Art. 52; No. 22, Art. 3094; No. 26, Art. 3863, Art. 3891; No. 27, Art. 4225, Art. 4294, Art. 4296; 2017, No. 31, Art. 4754, Art. 4830; 2018, No. 1, Art. 66; No. 18, Art. 2557; No. 32, the Art. 5113) and according to the solution of the Board of directors of the Bank of Russia (the minutes of the Board of directors of the Bank of Russia of August 24, 2018 No. 28) to bring in the Instruction of the Bank of Russia of February 22, 2017 No. 4298-U "About procedure for investment of own means (capital) for the insurer and the list of the assets permitted for investment", registered by the Ministry of Justice of the Russian Federation on May 10, 2017 No. 46648, on July 11, 2017 No. 47363, on February 1, 2018 No. 49859 (further - the Instruction of the Bank of Russia No. 4298-U), the following changes.

1.1. In Item 7:

in subitem 7.1:

word in paragraph one" (except for subordinated bonds)" to exclude;

the fourth to declare the paragraph invalid;

in subitem 7.5:

word in paragraph one" (except for subordinated deposits)" to exclude;

declare paragraph two invalid;

subitem 7.9 after words "this Instruction," to add with the words "shall not be deferred tax assets on the tax losses postponed for the future and";

add subitem 7.14 with paragraphs of the following content:

"subordinated bonds;

subordinated deposits.";

add with subitem 7.15 of the following content:

"7.15. Receivables specified in subitem 6.11 of Item 6 of this Instruction shall not include debt of shareholders (participants) on fees in the authorized capital.".

1.2. Add Item 11 with paragraphs of the following content:

"debt of shareholders (participants) on fees in the authorized capital;

intangible assets;

receivables delayed more than for 30 calendar days;

deferred tax asset on the tax losses postponed for the future;

subordinated bonds;

subordinated deposits;

subordinated loans.".

1.3. Declare Item 18 invalid.

1.4. In appendix of line 10 and 26 to recognize invalid.

2. This Instruction becomes effective after 10 days after day of its official publication.

3. Provisions of paragraphs of the eleventh and twelfth subitem 7.14 of Item 7 and paragraphs of the seventeenth - the nineteenth Item 11 of the Instruction of the Bank of Russia No. 4298-U (in edition of this Instruction) do not extend to assets in which own means (capital) of the insurer before the date of entry into force of this Instruction were invested.

Concerning subordinated bonds in which own means (capital) of the insurer before the date of entry into force of this Instruction were invested the issuer (release) of such bonds shall have, the credit rating is not lower than the level established by the Board of directors of the Bank of Russia according to Item 17.5 of part one of article 18 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, No. 28, Art. 2790; 2003, No. 2, Art. 157; No. 52, Art. 5032; 2004, No. 27, Art. 2711; No. 31, Art. 3233; 2005, No. 25, Art. 2426; No. 30, Art. 3101; 2006, No. 19, Art. 2061; No. 25, Art. 2648; 2007, No. 1, Art. 9, Art. 10; No. 10, Art. 1151; No. 18, Art. 2117; 2008, No. 42, Art. 4696, Art. 4699; No. 44, Art. 4982; No. 52, Art. 6229, Art. 6231; 2009, No. 1, Art. 25; No. 29, Art. 3629; No. 48, Art. 5731; 2010, No. 45, Art. 5756; 2011, No. 7, Art. 907; No. 27, Art. 3873; No. 43, Art. 5973; No. 48, Art. 6728; 2012, No. 50, Art. 6954; No. 53, Art. 7591, Art. 7607; 2013, No. 11, Art. 1076; No. 14, Art. 1649; No. 19, Art. 2329; No. 27, Art. 3438, Art. 3476, Art. 3477; No. 30, Art. 4084; No. 49, Art. 6336; No. 51, Art. 6695, Art. 6699; No. 52, Art. 6975; 2014, No. 19, Art. 2311, Art. 2317; No. 27, Art. 3634; No. 30, Art. 4219; No. 40, Art. 5318; No. 45, Art. 6154; No. 52, Art. 7543; 2015, No. 1, Art. 4, Art. 37; No. 27, Art. 3958, Art. 4001; No. 29, Art. 4348, Art. 4357; No. 41, Art. 5639; No. 48, Art. 6699; 2016, No. 1, Art. 23, Art. 46, Art. 50; No. 26, Art. 3891; No. 27, Art. 4225, Art. 4273, Art. 4295; 2017, No. 1, Art. 46; No. 14, Art. 1997; No. 18, Art. 2661, Art. 2669; No. 27, Art. 3950; No. 30, Art. 4456; No. 31, Art. 4830; No. 50, Art. 7562; 2018, No. 1, Art. 66; No. 9, Art. 1286; No. 11, Art. 1584, Art. 1588; No. 18, Art. 2557; No. 24, Art. 3400; No. 31, the Art. 4852) (further - the level established by the Board of directors of the Bank of Russia).

Subordinated deposits in which own means (capital) of the insurer before the date of entry into force of this Instruction were invested shall be placed in the banks having credit rating is not lower than the level established by the Board of directors of the Bank of Russia.

The total cost of subordinated bonds and subordinated deposits in which own means (capital) of the insurer before the date of entry into force of this Instruction were invested shall constitute no more than 20 percent from the size specified in Item 5 of the Instruction of the Bank of Russia No. 4298-U.

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