Ministry of Justice of Ukraine
September 15, 2003
of August 28, 2003 No. 40
About approval of Licensed conditions of implementation of insurance activity
According to requirements of article 34 of the Law of Ukraine "About financial services and state regulation of the markets of financial services" and requirements of subitem of the 8th item 4 of the Regulations on State commission for regulation of the markets of financial services of Ukraine approved by the Presidential decree of Ukraine of April 4, 2003 No. 292, and for the purpose of enhancement of state regulation of activities for provision of insurance services State commission on regulation of the markets of financial services of Ukraine
1. Approve Licensed conditions of implementation of insurance activity (are applied).
2. Till 07.11.2004 State commission on regulation of the markets of financial services of Ukraine taking into account requirements of Licensed conditions grants licenses for implementation of insurance activity to the strakhovika created before entry into force of the Law of Ukraine of 04.10.2001 No. 2745-III "About introduction of amendments to the Law of Ukraine "About insurance" which for date of provision of the statement for receipt of the license created the authorized funds in the amount of, not smaller 500 thousand euros for the strakhovik which are engaged in types of insurance, others, than life insurance, and 750 thousand euros for the strakhovik which are engaged in life insurance.
3. Address the State committee of Ukraine concerning regulatory policy and entrepreneurship and the Ministry of Finance of Ukraine with the offer to declare invalid the order of 16.07.2001 No. 98/343 "About approval of Licensed conditions of implementation of insurance activity", registered in the Ministry of Justice of Ukraine of August 3, 2001 for N663/5854.
4. (Horuzhy S. G.) to provide to department of state regulation and market development of financial services provision of this order in the Ministry of Justice of Ukraine for state registration.
5. And public relations (Nagornyak M. V.) to provide to department of interaction with mass media the publication of this order in mass media after its state registration.
6. Control of execution of the order to leave for the Commission chairman.
Approved by the Order of State Commission on regulation of the markets of financial services of Ukraine on August 28, 2003 No. 40
These Licensed conditions are developed according to requirements of the Laws of Ukraine "About financial services and state regulation of the markets of financial services", "About insurance", "About economic societies", Presidential decrees of Ukraine of April 4, 2003 No. 292 "About Regulations on State commission on regulation of the markets of financial services of Ukraine", of July 22, 2003 No. 740 "About measures concerning development of system of counteraction of legalization (washing) of income gained in the criminal way and to terrorism financing" and other regulatory legal acts regulating the relations arising in the field of implementation of insurance activity.
Licensed conditions establish the requirements obligatory for accomplishment during implementation of insurance activity and on the date of receipt of the license.
The national commission performing state regulation in the field of the financial markets usla the regulatory legal acts can establish additional requirements to conditions of implementation of separate types of insurance.
1.1. In these Licensed conditions the stated below concepts are used in such value:
licensing - issue, renewal and cancellation (response) of licenses, issue of duplicates of licenses, conducting licensed cases;
the license - the document of the state sample certifying the right of financial institution to perform insurance activity on specific type of insurance during certain term on condition of accomplishment of licensed conditions;
the separate division of the legal entity (daleeobosoblenny division) is the division of the legal entity located out of its location and provides services in the single closed engineering procedure with the legal entity and is not legal entity;
the applicant - the legal entity who files documents for receipt of the license, renewal of the license, the duplicate of the license, cancellation of the license;
reporting date - date for which reporting data of strakhovik move;
the location - the actual place of conducting activities or arrangement of office from which daily management of activities of the legal entity is carried out (mainly there is management of the legal entity) and control and accounting is exercised;
doubtful data (information) - data on availability of discrepancies in information which contains in the documents filed by the insurer for receipt of the license and/or data on discrepancy of these documents of information which is available in Natskomfinuslug by results of accomplishment of the functions and tasks determined by the legislation, the licenses revealed by consideration of documents for obtaining;
the authorized capital - the money and/or government securities brought by participants, founders of strakhovik by acquisition of its shares, shares.
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