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Ministry of Justice

Russian Federation 

On April 4, 2023 No. 72869

INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 29, 2022 No. 6275-U

About procedure for reduction in compliance of the size of the authorized capital and size of own means (capital) of insurance company

This Instruction based on the subitem 7 of Item 1 of Article 4. 1, Item 6 of article 25 of the Law of the Russian Federation of November 27, 1992 No. 4015-I "About the organization of insurance case in the Russian Federation" <1> establishes procedure for reduction by insurance company in compliance of the size of the authorized capital and size of own means (capital) if the size of own means (capital) of insurance company determined according to Item 2 of article 25 of the Law of the Russian Federation of November 27, 1992 No. 4015-I "About the organization of insurance case in the Russian Federation" <2> following the results of the last accounting period appears lower than the size of the paid authorized capital determined by its charter.

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<1> Sheets of the Congress of People's Deputies of the Russian Federation and Supreme Council of the Russian Federation, 1993, No. 2, Art. 56; Russian Federation Code, 1998, No. 1, Art. 4; 2003, No. 50, Art. 4858; 2013, No. 30, Art. 4067; 2018, No. 18, Art. 2557.

<2> Sheets of the Congress of People's Deputies of the Russian Federation and Supreme Council of the Russian Federation, 1993, No. 2, Art. 56; Russian Federation Code, 1998, No. 1, Art. 4; 2021, No. 27, Art. 5171.

1. For reduction in compliance of the size of the authorized capital and sizes of own means (capital) the insurance company shall increase the size of own means (capital) to the size of the paid authorized capital determined by the charter of insurance company or in case of impossibility of its increase to reduce the size of the paid authorized capital up to the size of own means (capital) with observance of requirements of Item 3 of article 25 of the Law of the Russian Federation of November 27, 1992 No. 4015-I "About the organization of insurance case in the Russian Federation" <1> (further - the Law of the Russian Federation "About the organization of insurance case in the Russian Federation") to the minimum size of the authorized capital of insurance company (further - actions for reduction in compliance of the size of the authorized capital and size of own means (capital).

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<1> Sheets of the Congress of People's Deputies of the Russian Federation and Supreme Council of the Russian Federation, 1993, No. 2, Art. 56; Russian Federation Code, 1998, No. 1, Art. 4; 2022, No. 14, Art. 2194.

The insurance company shall perform actions for reduction in compliance of the size of the authorized capital and size of own means (capital) in time no later than 65 working days (further - completion date of requirements) from the date of receipt of the instruction of the Bank of Russia about elimination of violation of the insurance legislation regarding discrepancy of size of own means (capital) to the size of the paid authorized capital (further - the instruction of the Bank of Russia) revealed following the results of the last accounting period of calendar year as of December 31.

The instruction of the Bank of Russia is issued according to the procedure, established according to Item 5 of article 32.5-1 of the Law of the Russian Federation "About the organization of insurance case in the Russian Federation" <2>.

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<2> Sheets of the Congress of People's Deputies of the Russian Federation and Supreme Council of the Russian Federation, 1993, No. 2, Art. 56; Russian Federation Code, 1998, No. 1, Art. 4; 2018, No. 18, Art. 2557.

2. In case of increase in own means (capital) up to size at least the size of paid authorized capital the insurance company before the expiration of execution of requirements shall provide to the Bank of Russia:

the notification on reduction in compliance of size of own means (capital) and the size of the authorized capital with indication of sources of the means used for increase in own means (capital);

calculation of size of own means (capital) made according to technique of determination of size of own means (capital) of the insurance company established by the regulation of the Bank of Russia adopted based on Item 2 of article 25 of the Law of the Russian Federation "About the organization of insurance case in the Russian Federation" as of the calculating date established by the instruction of the Bank of Russia.

The documents specified in paragraphs second and third this Item and also in the paragraph the second Item of 1 this Instruction, go insurance company to the Bank of Russia in electronic form, signed by the strengthened qualified digital signature of the head of insurance company, according to the order of interaction of the Bank of Russia with not credit financial credit institutions determined based on parts one and the eighth article 76.9 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" <1>.

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<1> Russian Federation Code, 2002, No. 28, Art. 2790; 2015, No. 29, Art. 4357; 2021, No. 27, Art. 5187.

3. The insurance company created in the form of limited liability company shall reduce the paid authorized capital by repayment of the shares belonging to insurance company and (or) way of reduction of nominal value of shares of all participants.

Reduction of the authorized capital of the insurance company created in the form of limited liability company shall be performed according to the requirements established by Items 1, 3 and 4 articles 20 of the Federal Law of February 8, 1998 No. 14-FZ "About limited liability companies" <1>.

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<1> Russian Federation Code, 1998, No. 7, Art. 785; 2011, No. 30, Art. 4576; 2015, No. 27, Art. 4000.

4. The insurance company created in the form of joint-stock company shall reduce the paid authorized capital by repayment of the shares owned by insurance company redeemed at shareholders and (or) by reduction of share par value.

Reduction of the authorized capital of the insurance company created in the form of joint-stock company shall be performed according to requirements, stipulated in Clause 29, Items 1 and 2 of article 30 of the Federal Law of December 26, 1995 No. 208-FZ "About joint-stock companies" <2>.

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<2> Russian Federation Code, 1996, No. 1, Art. 1; 2009, No. 52, Art. 6428; 2011, No. 30, Art. 4576; 2015, No. 27, Art. 4001.

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