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Ministry of Justice

Republic of Tajikistan 

 On December 4, 2020 No. 663

ORDER OF THE GOVERNMENT OF THE REPUBLIC OF TAJIKISTAN

of November 26, 2020 No. 622

About the Procedure for crediting in case of deficit of Fund of insurance of savings of physical persons

According to article 15 of the Constitutional law of the Republic of Tajikistan "About the Government of the Republic of Tajikistan", for the purpose of stability of system of insurance of savings and ensuring financial stability of national economy, the Government of the Republic of Tajikistan decides:

1. Approve the Procedure for crediting in case of deficit of Fund of insurance of savings of physical persons it (is applied).

2. Enact this Procedure after its official publication.

Prime Minister of the Republic of Tajikistan

Emomalii Rahmon

Appendix

to the Order of the Government of the Republic of Tajikistan of November 26, 2020 No. 622

Procedure for crediting in case of deficit of Fund of insurance of savings of physical persons

1. General provisions

1. The procedure for crediting in case of deficit of Fund of insurance of savings of physical persons (further - the Procedure) determines the mechanism and conditions of allocation of borrowing facilities by the Government of the Republic of Tajikistan for covering of deficit of Fund of insurance of savings of physical persons (further - Fund).

2. In this Procedure the following determinations are used:

- The fund of insurance of savings of physical persons (further - Fund) - the non-commercial legal entity who has separate balance has round stamp with indication of the name, the image of the State Emblem of the Republic of Tajikistan and protects the rights and legitimate interests of investors by payment of insurance indemnity;

- deficit of Fund - insufficiency of the money of Fund necessary for payment of the amount of insurance indemnity for investors;

- the amount, minimum amount of Fund, necessary for payment of insurance indemnity, necessary for execution of the obligations to investors in case of possible insured event determined by regulatory legal acts of Fund;

- insured event - involuntary liquidation of credit institution the judgment not on the bases of bankruptcy or on the bankruptcy bases according to the Law of the Republic of Tajikistan "About liquidation of credit institutions" therefore there are obligations of Fund for payment of the amount of insurance indemnity to investors, the liquidated credit institution;

- the amount insurance compensations - money which the investor has the right to receive in case of insured event;

- calendar and additional payments - the money which is subject to payment by credit institutions - members of Fund;

- fund - payments, investment incomes, money, the borrowed the Government of the Republic of Tajikistan and other money which is not forbidden by the legislation.

3. Borrowing facilities are provided to Fund according to the Law of the Republic of Tajikistan "About insurance of savings of physical persons", other laws of the Republic of Tajikistan, regulatory legal acts of the Government of the Republic of Tajikistan, and also this Procedure.

4. On behalf of the Government of the Republic of Tajikistan borrowing facilities it is provided from the Ministry of Finance of the Republic of Tajikistan.

5. Provision of borrowing facilities by the Ministry of Finance is the obligation of Fund to investors of credit institution in case of loss occurrence.

6. Target borrowing facilities are provided in case of shortage (deficit) of fund for payment of insurance indemnity to investors - to physical persons in case of loss occurrence.

2. Procedure and terms for crediting

7. The fund for receipt of the credit in case of deficit of own means according to the determination given in the second paragraph of Item 2 presents of the Procedure provides the following documents in the Ministry of Finance:

- kopnyu the approved solution of the Supervisory board of Fund on borrowing at the Government of the Republic of Tajikistan of borrowing facilities in case of deficit of Fund;

- the request in which reasons and the reason of need for receipt of borrowing facilities, including credit amount and the term of its use accurately are specified;

- the financial reporting, Fonda confirming deficit;

- the copy of the statement from the accounts of Fund opened in National Bank of Tajikistan;

- payment plan of the credit.

8. Borrowing facilities are provided in accordance with the terms of Chapter 2 presents of the Procedure and the credit agreement in the amount of and for term, approved between the Ministry of Finance and Fund, based on the request of Fund and the payment plan of Fund.

9. The loan is granted in the form of money in national currency, government securities on the terms of urgency, the paid nature, recoverability and guarantee of its security.

10. Issuance of credit in money is performed by transfer by the Ministry of Finance of the amount of the granted loan for the account of Fund in National Bank of Tajikistan. After the conclusion of the credit agreement between the Ministry of Finance and Fund money is transferred to current correspondent account of Fund.

11. The size of interest rate of the means provided by the Ministry of Finance to Fund in the form of money is determined by the credit agreement between the Ministry of Finance and Fund. If the Ministry of Finance raised funds for loan granting to Fund, then the interest rate is determined by the Ministry of Finance independently.

12. The Ministry of Finance considers the request of Fund for receipt of the credit and makes the decision proceeding from opportunities of the government budget. The Ministry of Finance sends the made decision to Fund.

13. In case of impossibility of timely provision of borrowing facilities, the Ministry of Finance by release of government securities (treasurer bills of exchange or government bonds) issues the credit to Fund. Release of government securities is performed with annual profitability no more than 2 percent. Circulation period of government securities is established till 1 (one).

14. The fund realizes the provided state credit tools specified in Item 12 of this Procedure for access to the market of short-term liquidity of National Bank of Tajikistan.

15. The fund together with National Bank of Tajikistan provides to the Ministry of Finance the following information:

- analysis, risks assessment and probabilities of emergence of insured event;

- total amount necessary for probable financing of deficit of Fund;

- general potential obligations of Fund before credit the organizations of members of Fund taking into account materialization of risks;

- general assets of Fund, including amount of highly liquid assets;

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