Ministry of Justice of Ukraine
January 9, 2007.
of December 7, 2006 No. 6504
About approval of the Procedure for liquidation of branches of non-resident insurers
According to the Law of Ukraine of 07.07.2005 N2774-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 Procedure for liquidation of branches of non-resident insurers it (is applied).
2. Provide to legal department submission of this order to 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 the order to assign to the member of the commission - the director of the department of insurance supervision.
5. Item 1 of this order becomes effective from the date of entry into force of the Law of Ukraine of 07.07.2005 of N2774-IV "About introduction of amendments to the Law of Ukraine "About insurance".
Chairman V. Alyoshin
Minutes of the Commission
Approved by the Order of State commission on regulation of the markets of financial services of Ukraine of December 7, 2006 No. 6504
1.1. This Procedure N2774-IV "About introduction of amendments to the Law of Ukraine "About insurance" is developed in pursuance of requirements of the subitem 3 of Item 1 of the Section I of the Law of Ukraine of 07.07.2005, establishes the procedure of carrying out liquidation of branches of non-resident insurers which obtained in accordance with the established procedure the license for implementation of insurance activity in the territory of Ukraine.
1.2. In this Procedure these terms are used in the following value:
the non-resident insurer - the financial institution which is created and obtained 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) registered in the National commission performing state regulation in the field of the markets of financial services the permanent mission of the non-resident insurer in the form of branch which obtained in accordance with the established procedure the license for implementation of insurance activity in the territory of Ukraine.
Other terms in this Procedure are used in the values determined by the legislation of Ukraine.
2.1. Liquidation of branch can be performed according to the decision of authorized body of management of the non-resident insurer or based on the judgment.
2.2. Liquidation of branch according to the solution of the non-resident insurer is performed according to the procedure, established by the legislation of the country of place of registration of the non-resident insurer taking into account the features established by the Law of Ukraine "About insurance" and the regulatory legal acts of Gosfinuslug or Natskomfinuslug regulating activities of branches of non-resident insurers.
2.3. In case of liquidation of branch by a court decision liquidation is performed according to the procedure, determined by the legislation of Ukraine, taking into account the features established by this Procedure.
2.4. Liquidation of branches of non-resident insurers is performed with observance of the current legislation of Ukraine and priority of interests of insurers (insured persons).
2.5. The non-resident insurer which authorized body of management made the decision on liquidation of branch in writing notifies Natskomfinuslug on the decision to liquidate branch.
2.6. The conclusion and prolongation of insurance contracts by branch which action extends to the term exceeding starting date of liquidation procedure of branch (appointment of liquidation commission) after decision making about liquidation of branch is forbidden.
2.7. For carrying out liquidation of branch the authorized body of the non-resident insurer determines applicants in structure of liquidation commission of branch and provides Natskomfinuslug information on their goodwill, the qualification and educational level certifying education availability in the field of economy, finance or the right, work experience in the insurance market.
2.8. The liquidation commission of branch cannot consist less than of three people. The representative of authorized body of the non-resident insurer and the head or the chief accountant of branch which is liquidated shall be part of liquidation commission of branch.
2.9. The following obligations are assigned to liquidation commission of branch:
2.9.1 preparation of the liquidation plan of branch and schedule of its accomplishment;
2.9.2 acceptance in the maintaining property of branch, the use of measures for ensuring its safety;
2.9.3 submission of documents to Natskomfinuslug for cancellation of licenses for implementation of insurance activity;
2.9.4 preparation of the financial reporting of branch for the last reporting the period;
2.9.5 implementation of inventory count and providing assessment of property of branch, forming of liquidating mass of branch;
2.9.6 provision in Natskomfinuslug information on the signed and current agreements of insurance with indication of the size of obligations under such agreements and the number of agreements on each of types of insurance;
2.9.7 placement in printing mass media according to the law of the message on liquidation of branch in the terms established by the laws of Ukraine;
2.9.8 preparation and submission to Natskomfinuslug of the report for work of liquidation commission;
2.9.9 implementation of other functions, stipulated by the legislation on liquidation of branch, with respect for the principle of ensuring protection of interests and the rights of insurers (insured persons).
2.10. The liquidation commission of branch shall provide information on liquidation procedure of branch on requests of legal entities and physical persons according to the procedure, established by the legislation of Ukraine.
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