ORDER OF THE MINISTRY OF FINANCE OF THE RUSSIAN FEDERATION

of June 11, 2002 No. 51n

About approval of Rules of forming of insurance reserves on insurance to other, than life insurance

According to article 26 of the Law of the Russian Federation of November 27, 1992 N 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, N 2, Art. 56; Russian Federation Code, 1999, N 47, Art. 5622; 2003, N 50, Art. 4858; 2005, N 10, Art. 760; 2007, N 49, 6048) I order to the Art.:

1. Approve the enclosed Rules of forming of insurance reserves on insurance to other, than life insurance.

2. To insurers till December 31, 2002 to bring Regulations on forming of insurance reserves on insurance to other, than life insurance, into compliance with these rules.

3. To insurers to calculate insurance reserves according to these rules, since January 1, 2003.

3.1. Operation of this order extends to societies of mutual insurance taking into account the features established by this order.

Societies of mutual insurance calculate according to these rules insurance reserves since the moment of receipt of the license for implementation of mutual insurance.

4. Consider reserve of fluctuations of unprofitability and reserve of catastrophic crashes for December 31, 2002 stabilization reserve for January 1, 2003.

5. Declare invalid since January 1, 2003 the order of the Federal Service of Russia on supervision of insurance activity of March 18, 1994 N 02-02/04 "About approval of Rules of forming of insurance reserves on types of insurance other, than life insurance" (according to the conclusion of the Ministry of Justice of the Russian Federation of April 8, 1994 N 07-01-235-94 specified order does not need state registration).

Approved by the Order of the Ministry of Finance of the Russian Federation of June 11, 2002 No. 51n

Rules of forming of insurance reserves on insurance to other, than life insurance

I. General provisions

1. These rules of forming of insurance reserves on insurance to other, than life insurance (further - Rules), are developed based on article 26 of the Law of the Russian Federation of November 27, 1992 N 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, N 2, Art. 56; Russian Federation Code, 1999, N 47, Art. 5622; 2003, N 50, Art. 4858; 2005, N 10, Art. 760; 2007, N 49, Art. 6048).

2. These rules are established by structure and procedure for forming of insurance reserves (calculation (assessment) of size of the insurance reserves which are assessment of obligations of the insurer expressed in cash on ensuring the forthcoming insurance payments) for the agreements relating to insurance to other, than life insurance (daleedogovor), when implementing insurance, joint insurance, mutual insurance and reinsurance.

Action of these rules does not extend to medical insurance companies regarding transactions on compulsory medical insurance.

Action of Items 10. 1, 10.2, paragraphs of the eleventh Item 13, of Items 18, of 24, of 37, of 38, of 39, of 40, of 41, of 42, of 43, 44 Rules do not extend to societies of mutual insurance.

3. Calculation of insurance reserves is made by the insurer (insurance company or society of mutual insurance (daleestrakhovshchik) based on Regulations on forming of insurance reserves on insurance to other, than life insurance (further - the Provision), approved as the insurer and provided to the Federal Service for Financial Markets within a month from the moment of approval.

The provision shall correspond to these rules, contain structure of insurance reserves and the list of the methods used for calculation of insurance reserves.

The insurer in coordination with the Federal Service for Financial Markets in the cases provided by these rules can calculate other insurance reserves and (or) use other methods of calculation of insurance reserves.

If the structure of insurance reserves and (or) methods used for calculation of insurance reserves are other than structure of the insurance reserves and (or) methods described in these rules, then the Provision shall contain list of the specified insurance reserves and (or) the description of methods of calculation of insurance reserves.

The provision is subject to approval of the Federal Service for Financial Markets if the structure of insurance reserves and (or) methods of calculation of insurance reserves are other than structure of the insurance reserves and (or) methods described in these rules.

4. Entering into the Provision of the changes affecting structure and methods of calculation of insurance reserves is subject to approval by the insurer and submission on approval to the Federal Service for Financial Markets not later than 90 days prior to the beginning of the next accounting year. The provision with the specified changes is applied since the accounting year following after year of approval.

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