ORDER OF THE GOVERNMENT OF THE RUSSIAN FEDERATION

of February 17, 2024 No. 179

About implementation of activities for reinsurance concerning risks of non receipt of payment from the face to which the monetary commitment in connection with the contracts providing delay (payment by installments) of payment for the delivered goods the rendered services, the performed works, the transferred rights to results of intellectual activities in the territory of the Russian Federation is assigned

According to article 21.5 of the Federal Law of March 8, 2022 "About modification of separate legal acts of the Russian Federation" the Government of the Russian Federation decides No. 46-FZ:

1. Approve the enclosed Rules of implementation of activities for reinsurance concerning risks of non receipt of payment from the face to which the monetary commitment in connection with the contracts providing delay (payment by installments) of payment for the delivered goods the rendered services, the performed works, the transferred rights to results of intellectual activities in the territory of the Russian Federation is assigned.

2. Determine that the "Russian Export Credits Insurance Agency and Investments" joint-stock company performs the activities specified in Item 1 of the Rules approved by this resolution from 2024 to 2026.

Approved by the Order of the Government of the Russian Federation of February 17, 2024 No. 179

Rules of implementation of activities for reinsurance concerning risks of non receipt of payment from the face to which the monetary commitment in connection with the contracts providing delay (payment by installments) of payment for the delivered goods the rendered services, the performed works, the transferred rights to results of intellectual activities in the territory of the Russian Federation is assigned

I. General provisions

1. These rules determine procedure "Russian Export Credits Insurance Agency and Investments" joint-stock company (further - society) activities for reinsurance concerning risks of non receipt of payment from the face to which the monetary commitment in connection with the contracts providing delay (payment by installments) of payment for the delivered goods the rendered services, the performed works, the transferred rights to results of intellectual activities in the territory of the Russian Federation is assigned (further - activities for reinsurance).

2. Society performs activities for reinsurance by the conclusion of agreements of reinsurance during the term determined by the Government of the Russian Federation without receipt of the permission (license) provided by the Law of the Russian Federation "About the organization of insurance case in the Russian Federation" and has the right both to accept, and to transfer risks (part of risks) specified in Item 1 of these rules to reinsurance.

The requirements provided by Items 48 - 53 Sections IV of 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 are applied to activities for reinsurance strategic or priority importance for economy of the Russian Federation, and also the implementation of reinsurance 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".

3. The concepts used in these rules mean the following:

"the agreement of reinsurance" - the agreement between the reinsurer and society acting as the overcautious person owing to whom the reinsurer shall pay to society reinsurance award (remuneration) and society accepts risk (part of risk) of payment of insurance indemnity in connection with payment for the basic agreement of insurance, and in case of loss occurrence shall make to the reinsurer compensation payment;

"the agreement of factoring" - the agreement of financing under concession of cash right to claim (factoring) under the contract;

"debtor" - the Russian or foreign legal entity or physical person registered as the individual entrepreneur in accordance with the legislation of the Russian Federation to who the monetary commitment in connection with the contract is assigned (including the buyer, emitting bank for whom the letter of credit is open for contract settlements, or person providing the payment obligation under the contract);

"contract" - the agreement (several agreements connected among themselves) providing delay (payment by installments) of payment for the delivered goods the rendered services, the performed works, the transferred rights to results of intellectual activities in the territory of the Russian Federation;

"the basic agreement of insurance" - the agreement between the insurer and the insurer in connection with the contract, risk (part of risk) of payment of insurance indemnity on which it is transferred to reinsurance;

"reinsurer" - the insurance company or foreign insurance organization conforming to requirements of the Law of the Russian Federation "About the organization of insurance case in the Russian Federation" for implementation of insurance activity in the territory of the Russian Federation, the national reinsurance company created according to the Law of the Russian Federation "About the organization of insurance case in the Russian Federation";

"insurer" - the Russian or foreign legal entity including who provided financing under the agreement of factoring or the physical person registered as the individual entrepreneur in accordance with the legislation of the Russian Federation whose valuable interests are insured according to the basic agreement of insurance and who has rights to claim concerning the corresponding payment obligations of the debtor in connection with the contract;

"insurer" - the insurance company or foreign insurance organization conforming to requirements of the Law of the Russian Federation "About the organization of insurance case in the Russian Federation" for implementation of insurance activity in the territory of the Russian Federation, assuming liability on payment of insurance indemnity to the insurer based on the basic agreement of insurance.

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