LAW OF THE REPUBLIC OF TAJIKISTAN

of March 15, 2023 No. 1961

About modification and amendments in the Law of the Republic of Tajikistan "About insurance of savings of physical persons"

Accepted by the Resolution MH MOPT of January 18, 2023, No. 962

Approve the Resolution MM MORT of March 15, 2023 No. 370

Article 1. Bring in the Law of the Republic of Tajikistan "About insurance of savings of physical persons" of August 2, 2011 (Akhbori of Majlisi Oli of the Republic of Tajikistan, 2011, No. 7-8, of Art. 612; 2015, No. 11, Art. 973; 2018, No. 7-8, of Art. 534; The Law of the Republic of Tajikistan of December 24, 2022, No. 1943) the following changes and amendments:

1. To state the name of the Law in the following edition:

"Law of the Republic of Tajikistan "On deposits insurance and savings".

2. In the text of the Law of the word of "savings of physical persons", "Fund of insurance of savings of physical persons", "FUND of INSURANCE of SAVINGS of PHYSICAL PERSONS", to "savings of physical persons", "savings", "savings", "savings", "savings", "savings", "saving", "saving", "savings", "savings", "SAVINGS", "savings", to "savings", "SAVINGS" and "savings" respectively shall be replaced with words "deposits and savings", "Fund of deposits insurance and savings of Tajikistan", "FUND of DEPOSITS INSURANCE AND SAVINGS of TAJIKISTAN", to "deposits and savings", "deposit and (or) savings", "deposit and savings", "deposit and (or) savings", "deposit and (or) savings", "deposit and (or) savings", "the deposit and (or) saving", "the deposit and saving", "the deposit and savings", "deposits and savings", "DEPOSITS AND SAVINGS", "deposits and savings", to "deposits and savings", "DEPOSITS AND SAVINGS" and "deposits and savings".

3. In Article 1:

- to state paragraphs of the sixth and eighth in the following edition:

"-the investor - physical person, including the individual entrepreneur, and also legal entities of small business entity and the non-profit organizations using the simplified system of financial accounting according to the legislation of the Republic of Tajikistan and the agreement of bank saving or bank account agreement which signed with credit institution;

- insured deposits - the money on deposit and savings accounts which is obligatory objects of insurance according to this Law;";

- in paragraph eleven to replace sign of point with sign of semicolon ";" and to add with paragraphs the twelfth, thirteenth and fourteenth the following content:

"-the deposit - the money and other values of physical persons and legal entities transferred to storage of the deposit organization;

- system of deposits insurance and savings - the state protection of the rights and legitimate interests of investors directed by Fund to payment of insurance indemnity to investors in case of loss occurrence in credit institution;

- agent bank - credit institution by means of which the Fund performs payment of insurance indemnity to investors according to this Law.".

4. In Article 4:

- state part 1 in the following edition:

"1. The fund is non-commercial legal entity with separate balance and seal and acts on the basis of the charter approved by founders of Fund.";

- add with part 7 of the following content:

"7. The fund based on this Law performs insurance of deposit and savings accounts without the conclusion of the contract with credit institutions.".

5. Add Article 5 with the paragraph the second the following content:

"-ensuring functioning of system of deposits insurance and savings and assistance of stability of financial system in the Republic of Tajikistan;".

6. State Article 7 in the following edition:

"Article 7. Fund

1. Fund is created of the following sources:

- payments of credit institutions - members of Fund;

- investment incomes;

- the borrowed means, including the money borrowed the Government of the Republic of Tajikistan;

- the means received from obligation fulfillment of Fund including from payment of compensations to investors which interests were transferred to Fund according to this Law;

- other receipts which are not prohibited by the legislation.

2. The maximum size of fund is established in the amount of seven percent from general subjects to deposits insurance and the savings which are in the credit member organizations of Fund. In case of exceeding of the maximum size of fund of seven percent, the decision of the Supervisory board of Fund on reducing or suspension of payment of calendar payments is made.

3. The minimum size of fund shall not be lower than the level determined for the purpose of prevention of deficit of Fund on the basis of the methodology approved by the Supervisory board of Fund. In case of reduction of fund to the minimum amount or risk of its essential reduction, Fund of the means having the right for replenishment to use the sources provided by this Law.".

7. State Article 9 in the following edition:

"Article 9. Accounts Fonda

1. The fund has in National Bank of Tajikistan accounts in national and foreign currency, and also the depositary register on which financial resources of Fund shall be stored.

2. Servicing of accounts of Fund by National Bank of Tajikistan it is performed based on the agreement between the parties.

3. The fund for execution of the functions can have other accounts in National Bank of Tajikistan.

4. The accounts of Fund intended for payment of insurance indemnity to investors and its operating expenses can be open in credit institutions and agent banks.

5. The fund can open the register of depositary in other credit institutions and depositary approved by the Supervisory board as holders of securities portfolio of Fund and included in structure of financial assets of Fund.".

8. State Article 10 in the following edition:

"Article 10. Investments Fonda

1. The fund can invest only in the following financial instruments:

- securities of the Government of the Republic of Tajikistan;

- securities of National Bank of Tajikistan;

- securities of the foreign states or foreign Central (national) Banks having high rating;

- deposits in National Bank of Tajikistan in national and foreign currencies;

- securities of the international financial institutions having one of two highest ratings of rating agencies;

- securities of international financial institutions in which the Government of the Republic of Tajikistan is shareholder.

2. The paramount requirement to investment of fund is safety and liquidity of invested funds.

3. The fund can participate in repo operations (purchase (sale) of securities with the obligation of the return sale (purchase) in time and at the price, determined in advance) for the purpose of ensuring liquidity for payment of compensations for insured deposits and savings or payment of obligations of Fund.".

9. In Article 13:

- state part 2 in the following edition:

"2. The fund in case of revocation of license of credit institution in connection with involuntary or voluntary liquidation, and also reorganization excludes credit institution from the Register of credit institutions of system of deposits insurance and savings and withdraws the membership certificate.";

- add with part 4 following of content:

"4. The fund keeps the Register of credit institutions of system of deposits insurance and savings according to the procedure, established by the Supervisory board.".

10. Add Article 14 with the paragraph the fifth the following content:

"-provide provision to investors of information on system of deposits insurance and savings according to the procedure, established by Fund;".

11. In Article 15:

- to consider the text of Article part one, to number and after the word of "capital" to add with sign and the word of "(fund)";

- add with parts 2, 3 and 4 following of content:

"2. The credit institution created as a result of reorganization, except for transformations is exempted from payment of the membership fee.

3. In case of transformation of the microcredit deposit institution to bank, the membership fee it is paid in the amount of percent 0,5 from the established minimum size of the authorized capital (fund) for banks.

4. The intermediate bank is exempted from payment of the membership fee in Fund.".

12. In Article 16:

- state part 1 in the following edition:

"1. The credit institution quarterly pays nonrefundable calendar fees in national and foreign currencies in the amount of percent 0,1 for deposits and savings in national currency and 0,3 of percent for the deposits and savings in foreign currency from their average balance for the last quarter which are available in credit institution and subjects to insurance.";

- in part 2 to replace the word of "twentieth" with the word of "fifteenth";

- state part 4 in the following edition:

"4. Each credit institution shall pay within quarter the assessed calendar contributions in Fund, on condition of availability during this period in credit institution of insured event, about day of revocation of license.".

13. In Article 20:

- to add the name of Article after the word of "payments" with the words "and reports";

- add part 1 with the second offer of the following content:

"The size of the calculated penalty shall not exceed the amount of calendar fee for the accounting period.";

- state part 2 in the following edition:

"2. The fund sends the notification on collection of calendar fees, additional payments and penalty to credit institution.";

- add with part 4 following of content:

"4. In case of untimely, incomplete or wrong representation of payments and reports by credit institution, the Fund requests National Bank of Tajikistan about application of operational remedial measures and corrective actions concerning credit institution.".

14. Article 21 (to state 1) in the following edition:

"Article 21 (1). Object of compulsory insurance

1. Obligations of credit institution on return of the deposits and savings placed by investors on bank accounts in national and foreign currencies which are confirmed by agreements of bank saving and (or) deposit bank accounts, bank accounts of payment cards and (or) savings books are obligatory object of insurance.

2. Do not treat obligatory objects of insurance:

- metal accounts of physical persons and legal entities;

- the money and assets deposited in safety-deposit safe deposit boxes;

- bank certificates;

- deposit and savings accounts of legal entities, except for small business entities and non-profit organizations;

- the deposit and savings accounts opened in Islamic credit institutions;

- electronic money;

- deposit and savings accounts according to which rights are transferred to other persons based on the agreement signed out of credit institution;

- deposit and savings accounts, the owner the order right by which it is not specified in credit institution.".

15. In Article 22:

- 1, of 2, 3 and 4 to state parts in the following edition:

"1. In case of insured event, the Fund compensates to the investor the amount of insured deposits and savings in credit institution. The amount of compensation on insured deposits and savings constitutes no more than 35 000 (thirty five thousand) somoni.

2. If the investor has several deposit and savings accounts in credit institution, then these accounts are recognized as one savings account and compensation is paid proceeding from the general size of the means which are on deposit and savings accounts on the amount which is not exceeding the size specified regarding 1 this Article.".,

3. If the insured event arises in several credit institutions in which the investor has deposit and savings accounts, then the size of insurance indemnity is calculated separately for each credit institution.

4. Deposit interests and to savings are not compensated by Fund. If under the agreement of the deposit and savings account capitalization of percent is provided, then compensation will be paid on remaining balance of deposit and savings accounts.";

- add part 5 with the first offer of the following content:

"The deposits and savings placed in national currency are compensated in national currency.";

- in parts 14 and 15 of the word to "contribution" and "deposits" respectively shall be replaced with words to "the deposit and saving" and "deposits and savings";

- add with part 16 of the following content:

"16. The amount of compensation determined by part of 1 this Article is subject to periodic revision, but at least once in three years, taking into account development of bank, financial and economic systems of the country, in case of need.".

16. To exclude paragraphs of the first and second Article 24.

17. In Article 25:

- regarding 1 word of "one year from the date of loss occurrence" shall be replaced with words "one year from the date of the beginning of payment of insurance indemnity";

- add with part 3 following of content:

"3. The fund starts payment of insurance indemnity to the investor no later than 14 days from the date of loss occurrence. Start date of payment of insurance indemnity to the investor can be extended by Fund in coordination with National Bank of Tajikistan.";

- 3, of 4, of 5, of 6, 7 and 8 respectively to consider parts parts 4, of 5, of 6, of 7, 8 and 9.

18. To state paragraph two of part 2 of Article 26 in the following edition:

"-in emergency situations, and also when finding the investor outside the country, on military service, in places of detention, also for the reasons connected with the acquisition or opening of inheritance which is not allowing the timely address of the investor on payment of insurance indemnity.".

19. To state part 1 of Article 31 in the following edition:

"1. The fund acquires the creditor's rights in the following cases:

- in case of loss occurrence to Fund pass rights to claim to all amounts and interests of investors within the amount of the insured deposits and savings compensated by Fund, and it can perform legal actions concerning these rights and interests on behalf of the investor or on behalf of Fund;

- on the amount of calendar fees and the penalties added about day of revocation of license of credit institution.".

20. In Article 35:

- the fourteenth and fifteenth to state paragraphs in the following edition:

"-decision making about reduction of the size of calendar fees no more than on half of the size specified in article 16 of the Law in case of achievement of the maximum limit of fund;

- decision making about temporary suspension of calendar fees of the credit institution which is under settlement according to the Law of the Republic of Tajikistan "About National Bank of Tajikistan" or functioning according to the rehabilitation plan, the approved National Bank of Tajikistan;";

- add with the paragraph the twentieth the following content:

"-decision making about temporary establishment of the size of calendar fees in national and foreign currencies to percent 0,5 for the purpose of recovery of fund and obligation fulfillment of Fund for the attracted loans;".

21. The sixteenth parts 3 of Article 37 to exclude the paragraph.

22. Add with Article 40 (1) the following content:

"Article 40 (1). Internal audit

1. Internal audit of Fund is performed based on regulations on policy of the internal control approved by the Supervisory board.

2. The internal auditor annually submits to the Supervisory board the report on the questions carried to its competence which affirms the Supervisory board.".

Article 2. Enact this Law after 3 months after official publication.

 

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