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Ministry of Justice

Russian Federation

On December 29, 2016 No. 45055

PROVISION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of November 16, 2016 No. 557-P

About rules of forming of insurance reserves on life insurance

Based on Item 2 of article 26 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. 4001; No. 29, Art. 4357, Art. 4385; No. 48, Art. 6715; 2016, No. 22, Art. 3094; No. 26, Art. 3863, Art. 3891; No. 27, the Art. 4225, the Art. 4294, 4296) this Provision approves by the Art. the rules of forming of insurance reserves on life insurance establishing types of insurance reserves, obligation and conditions of their forming; methods of calculation of insurance reserves; requirements to regulations on forming of insurance reserves; requirements to the documents containing the data necessary for calculation of insurance reserves and storage durations of such documents; methodical ensuring calculation of share of overcautious persons in insurance reserves; procedure for approval of the Bank of Russia of methods of calculation of insurance reserves which differ from the methods provided by this Provision (including terms and conditions of such approval and the basis for refusal in such approval).

Chapter 1. General provisions

1.1. Action of this provision does not extend to societies of mutual insurance.

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