ORDER OF THE GOVERNMENT OF THE RUSSIAN FEDERATION

of April 30, 2022 No. 788

About procedure for realization of functions on implementation of insurance and warranty support of export and import, their amounts, control of their implementation and procedure for disclosure of information by the organization realizing these functions

According to part 1.1 of article 46.1 of the Federal law "About Bases of State Regulation of Foreign Trade Activity" Government of the Russian Federation decides:

1. Functions on implementation of insurance and warranty support of export and import are implemented by the organization determined by the Government of the Russian Federation (further - society), in the amount and procedure established by this resolution.

2. For the purpose of realization of the functions specified in Item 1 of this resolution, society performs:

export credits insurance and investments from entrepreneurial and (or) policy risks of exporters, the Russian investors performing investments outside the territory of the Russian Federation, their foreign partners according to the corresponding transactions, the Russian and foreign credit institutions, performing crediting of the corresponding transactions, other organizations giving financial support to specified persons and also reinsurance according to Rules of implementation of export credits insurance and investments from entrepreneurial and (or) policy risks of exporters, the Russian investors performing investments outside the territory of the Russian Federation, their foreign partners according to the corresponding transactions, the Russian and foreign credit institutions, performing crediting of the corresponding transactions, other organizations giving financial support to specified persons ensuring obligation fulfillment of residents of the Russian Federation and their foreign partners when exporting and implementing investments outside the Russian Federation, including by issue of independent guarantees, provision of guarantees and application of different ways of ensuring obligation fulfillment concerning the projects having nation-wide, strategic or priority importance for economy of the Russian Federation, and also reinsurance implementation, approved by the order of the Government of the Russian Federation of November 22, 2011 No. 964 "About implementation of export credits insurance and investments from entrepreneurial and (or) policy risks, and also reinsurance implementation" (further - Rules of export credits insurance);

import credit insurance from entrepreneurial and (or) policy risks of importers, their foreign partners according to the corresponding transactions, the Russian and foreign credit institutions performing crediting of the corresponding transactions, other organizations giving financial support to specified persons, and also reinsurance according to Rules of implementation of activities for import credit insurance from entrepreneurial and (or) policy risks of importers, their foreign partners according to the corresponding transactions, the Russian and foreign credit institutions, performing crediting of the corresponding transactions, and other organizations giving financial support to specified persons and also activities for reinsurance approved by the order of the Government of the Russian Federation of April 23, 2022 No. 750 "About implementation of activities for import credit insurance from entrepreneurial and (or) policy risks of importers, their foreign partners according to the corresponding transactions, the Russian and foreign credit institutions performing crediting of the corresponding transactions, and other organizations giving financial support to specified persons and also activities for reinsurance" (further - Rules of import credit insurance).

3. Provisions of Sections III, III (1) and the IV-VI Rules of export credits insurance are not applied to society.

4. The following requirements are imposed to ensuring financial stability of society:

for ensuring obligation fulfillment according to insurance contracts and agreements of reinsurance society creates insurance reserves;

for ensuring financial stability of society the settlement size of the assets necessary for society for accomplishment of all obligations assumed by society, at any time cannot exceed the size of own means of society increased by the size of the created insurance reserves.

5. The methodology of calculation of size of the assets necessary for society for accomplishment of all obligations assumed by society, structure of insurance reserves, methods and rules of their forming, the principles and procedure for placement of own means and means of insurance reserves affirm society according to the procedure, provided by the Section III of Rules of import credit insurance.

6. Control of implementation by society of the functions specified in Item 1 of these rules is performed in the following forms:

submission by society to the Government of the Russian Federation of annual reports on results of the activities along with the actuarial conclusion prepared by society. The report on results of activities of society contains data on the size and structure of insurance portfolio, the report on support of the transactions connected with export and import, the report on the declared insured events and activities for settlement and debt collection, data on structure and the size of insurance reserves of society, data on the size and structure of investment portfolio of society, the status report of financial stability of society, data on expenses on the conducting case, the conclusion about sufficiency of insurance reserves of society for obligation fulfillment of society on implementation of future payments and their servicing prepared by society and also other data;

representation by society to general shareholder meeting (participants) of society of annual reports on results of the activities;

implementation of internal control by society;

carrying out statutory annual audit of accounting (financial) records of society.

7. Disclosure of information by society is performed according to the Federal Law "About Limited Liability Companies" or the Federal Law "About Joint-stock Companies" depending on its form of business taking into account the procedure provided by the paragraph the second this Item.

Disclosure by society of the reporting on the activities is performed by society on requests of the interested federal executive bodies within 15 working days from the date of receipt of the corresponding request and not performed in mass media and the Internet.

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