Ministry of Justice of Ukraine
September 14, 2006
of July 19, 2006 No. 6021
About approval of the Order of registration of branches of non-resident insurers
According to the Law of Ukraine of 07.07.2005 No. 2774-IV "About introduction of amendments to the Law of Ukraine "About insurance" State commission on regulation of the markets of financial services of Ukraine POSTANOVILA:
1. Approve the Order of registration of branches of non-resident insurers it (is applied).
2. To provide to department of state regulation and market development of financial services together with Legal department provision of this order in the Ministry of Justice of Ukraine for state registration.
3. To provide to management of organizational and analytical ensuring work of the head publication of this order in mass media after its state registration.
4. Control over the implementation of this order to assign to the vice-chairman according to distribution of obligations.
5. Item 1 of this order becomes effective from day of the introduction in operation of the Law of Ukraine of 07.07.2005 No. 2774-IV "About introduction of amendments to the Law of Ukraine "About insurance".
Approved by the Order of State commission on regulation of the markets of financial services of Ukraine of July 19, 2006 No. 6021
This Procedure No. 2774-IV "About introduction of amendments to the Law of Ukraine "About insurance", the Laws of Ukraine "About insurance", "About financial services and state regulation of the markets of financial services", "About information security in information and telecommunication systems", Regulations on the National commission performing state regulation in the field of the markets of financial services, the approved Presidential decree of Ukraine of November 23, 2011 No. 1070, and other regulatory legal acts governing the relations in the field of provision of financial services is developed according to the subitem 3 of Item 1 of the Section I of the Law of Ukraine of July 7, 2005.
1. This Procedure determines the procedure of introduction by the National commission performing state regulation in the field of the financial markets of usluginformation about permanent mission of the non-resident insurer in the form of branch in the Register of branches of non-resident insurers, modification of this Register, issue of the registration certificate of branch of the non-resident insurer or its duplicate.
2. In this Procedure terms are used in such value:
the non-resident insurer - financial institution which is created also has the license for implementation of insurance activity according to the legislation of that foreign state in which it is registered;
branch of the non-resident insurer (further - branch) - permanent mission of the non-resident insurer in the form of branch;
the applicant - the non-resident insurer which files documents for registration of branch or for modification of the Register of branches of non-resident insurers, or receipt of the duplicate of the registration certificate of branch of the non-resident insurer;
the registration certificate of branch of the non-resident insurer (further - the Certificate) - the document certifying the fact of entering of information on branch into the Register of branches of non-resident insurers (appendix 1 to this Procedure);
The register of branches of non-resident insurers (further - the Register) system of accumulating, storage, protection, use and distribution of administrative information (data) on branch.
Other terms which are used in this Procedure are used according to the legislation.
3. Natskomfinuslug performs registration of branch on condition of fulfillment of requirements, 2 presents of the Procedure provided by Chapter.
4. The certificate is drawn up by Natskomfinuslug and issued without specifying in it of effective period and loses force after acceptance of Natskomfinuslug of the decision on exception of branch of the Register.
5. The branch has the right to perform insurance activity according to the procedure, established by the legislation of Ukraine, only after entering of information on him into the Register, receipts of the Certificate and the license for implementation of insurance activity.
6. Implementation of insurance activity by branch after exception of the Register and cancellation of the Certificate is forbidden.
7. The applicant shall not have violations of the insurance or financial legislation for the last 3 years of implementation of insurance activity.
8. Documents which are filed by the applicant to Natskomfinuslug shall meet such requirements:
8.1 to be stated in Ukrainian and if they are stated in foreign language, to be legalizirovanny in accordance with the established procedure if international treaties in which Ukraine takes part, another is not provided, and to be followed by translation into Ukrainian which is certified by the translator;
8.2 contain reliable, complete and exhaustive information;
8.3 be provided in folder with the internal inventory;
8.4 references which move the applicant shall contain date of their creation, and also shall be signed by the responsible person and are certified by seal the applicant;
8.5 the electronic form of data shall answer paper form which is printed from the electronic format established by Natskomfinuslug.
1. At the time of registration the branch shall have the created security deposit on accounts of authorized resident banks in the amount of, not smaller, than the amount equivalent to 1 million euros, on types of insurance, others, than life insurance, and in case of intention to be engaged in life insurance - in the amount of, not smaller, than the amount equivalent to 10 million euros on currency foreign exchange rate of Ukraine on the date of filing of application.
2. At the time of submission of documents about registration of branch the rating of financial reliability (stability) of the non-resident insurer shall answer level, not below high reliability on classification of such international rating agencies:
"A.M. Best" (USA) - "In +";
"Moody's Investors Service" (USA) - "Baa";
"Standard & Poor's" (USA) - "BBB";
"Fitch Ratings" (Great Britain) - BBB.
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