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LAW OF THE RUSSIAN FEDERATION

of November 27, 1992 No. 4015-1

About the organization of insurance case in the Russian Federation

(as amended on 11-06-2021)

Chapter I. General provisions

Article 1. The relations regulated by this Law

1. This Law governs the relations between persons performing types of activity in the sphere of insurance case or with their participation, the relations on implementation of supervision of activities of subjects of insurance case, and also other relations connected with the organization of insurance case.

2. The relations specified in Item 1 of this Article are regulated by also Federal Laws and regulations of the Central bank of the Russian Federation (further - the Bank of Russia), and in the cases provided by the Federal Laws adopted according to them regulatory legal acts of the Russian Federation (further - regulatory legal acts).

In the cases provided by this Law, federal executive bodies within the competence can adopt regulatory legal acts.

3. For the purposes of this Law the Federal Laws, other regulatory legal acts and regulations of the Bank of Russia provided by Items 1 and 2 of this Article are component of the insurance legislation.

4. Operation of this Law extends to the relations on compulsory insurance regarding establishment of the legal basis of regulation of the specified relations.

5. Operation of this Law does not extend to the relations on compulsory deposit insurance in banks, and also on the relations on the export credits insurance and investments from entrepreneurial and (or) policy risks performed according to the Federal Law of December 8, 2003 No. 164-FZ "About bases of state regulation of foreign trade activity".

6. Operation of this Law extends to the insurance companies performing compulsory medical insurance taking into account the features established by the Federal Law "About Compulsory Medical Insurance in the Russian Federation".

Article 2. Insurance and insurance activity (insurance case)

1. Insurance - the relations on protection of interests of physical persons and legal entities, the Russian Federation, subjects of the Russian Federation and municipalities in case of approach of certain insured events at the expense of the cash funds created by insurers of the paid insurance premiums (insurance premiums) and also at the expense of other means of insurers.

2. Insurance activity (insurance case) - field of activity of insurers on insurance, reinsurance, mutual insurance, and also insurance brokers on rendering the services connected with insurance, with reinsurance.

Article 3. Purpose and tasks of the organization of insurance case. Insurance forms

1. The purpose of the organization of insurance case is ensuring protection of valuable interests of physical persons and legal entities, the Russian Federation, subjects of the Russian Federation and municipalities in case of approach of insured events.

Tasks of the organization of insurance case are:

carrying out single state policy in the sphere of insurance;

establishment of the principles of insurance and forming of the mechanisms of insurance ensuring economic safety of citizens and business entities in the territory of the Russian Federation.

2. Insurance is performed in the form of voluntary insurance and compulsory insurance.

3. Voluntary insurance is performed based on the insurance contract and rules of insurance determining general terms and procedure for its implementation. Rules of insurance are accepted and affirm the insurer or merging of the insurers independently according to the Civil code of the Russian Federation, this Law and the Federal Laws and contain regulations on subjects of insurance, on objects of insurance, on insured events, on insurance risks, on procedure for determination of insurance sum, insurance rate, insurance premium (insurance premiums), on procedure for the conclusion, execution and termination of insurance contracts, on the rights and on obligations of the Parties, on determination of the size of losses or damage, on procedure for determination of insurance payment, on the term of implementation of insurance payment, and also the exhaustive list of the bases of refusal in insurance payment and other provisions. In case of the conclusion of the agreement of voluntary insurance the insurer suggests the insurer to specify number of the mobile phone and (or) the e-mail address for the direction to the insurer in the cases provided by this Law, information on obligation fulfillment on the insurance contract.

Rules of insurance (except for the rules of insurance accepted within the international systems of civil responsibility insurance of owners of vehicles which the Russian Federation joined) also shall contain exhaustive list of the data and documents necessary for the conclusion of insurance contracts, assessment of insurance risks, determinations of the size of losses or damage, and, besides, terms and procedure for decision making about implementation of insurance payment, and for life insurance contracts also procedure of payments of the redemption amount and charge of investment revenue if the agreement provides participation of the insurer or the other person for benefit of which the life insurance contract, in investment revenue of the insurer is signed.

The Bank of Russia has the right to determine the minimum (standard) requirements to conditions and procedure of separate types of voluntary insurance in the regulations.

According to requirements of insurers, insured persons, beneficiaries, and also persons having intention to sign the insurance contract, insurers shall explain the provisions containing in rules of insurance and insurance contracts, to provide information on amount of remuneration, paid to insurance agent, insurance broker on compulsory insurance, change calculations during the term of the agreement insurance of insurance sum, calculations of insurance payment or the redemption amount (if such conditions are provided by the life insurance contract), information on methods of charge and on change of the size of investment revenue on the life insurance contracts signed with condition of participation of the insurer or the other person for benefit of which the life insurance contract, in investment revenue of the insurer is signed.

The insurer acting independently or with attraction of insurance agent or insurance broker which act for the benefit of the insurer including with use of financial platform according to the Federal Law "About Making of Financial Transactions with Use of Financial Platform", shall provide to the physical person having intention to sign the insurance contract, reliable information about such agreement, including on its conditions and risks connected with its execution. The minimum (standard) requirements to amount and contents of the provided information are established by the basic standard of protection of the rights and interests of physical persons and legal entities - receivers of the financial services rendered by members of the self-regulatory organizations in the sphere of the financial market uniting insurance companies which is developed, approved and approved according to requirements of the Federal Law of July 13, 2015 No. 223-FZ "About self-regulatory organizations in the sphere of the financial market", and (or) the regulation of the Bank of Russia. The specified information shall be provided in writing on paper or electronically. The body of insurance supervision has the right to establish form, methods and procedure for provision of the specified information.

3.1. For the purpose of information exchange of participants of the relations regulated by this Law, and counteraction to fraud in insurance the single automated information system containing information on insurance contracts on the types of insurance provided by subitems 6 and 14 of Item 1 of article 32.9 of this Law, insured events and other information on insurance implementation is created (further - the single automated system). Operator of the single automated system is the professional association of insurers created according to the Federal Law of April 25, 2002 No. 40-FZ "About obligatory civil liability insurance of owners of vehicles". The procedure for creation and operation of the single automated system, including ensuring access to information containing in it, lists of types of information provided by insurers without fail are established by the Bank of Russia.

3.2. For the purpose of information support of the organization of insurance of apartment houses, apartments, other types of the premises determined by the Housing code of the Russian Federation (further - premises), and also acceptances of the subject of the Russian Federation by public authority of the decision on assistance in compensation of the damage caused to premises of citizens the single automated information system (further - the single automated system of insurance of premises) containing information on insurance contracts of premises, the sizes of insurance indemnity, other information on implementation of insurance of premises determined by the operator of the single automated system of insurance of premises and provided by insurers is created. The operator of the single automated system of insurance of premises providing its creation and operation is the self-regulatory organization in the sphere of the financial market uniting insurance companies and foreign insurance companies and included in the unified register of self-regulatory organizations in the sphere of the financial market.

The operator of the single automated system of insurance of premises will organize its information exchange with information resources of federal executive bodies, public authorities of subjects of the Russian Federation and the Bank of Russia. The list of participants, structure of the transmitted data, procedure and terms of its transfer, procedure for the specified interaction are established by the Government of the Russian Federation.

4. Conditions and procedure of compulsory insurance are determined by the Federal Laws on specific types of compulsory insurance. The Federal Law on specific type of compulsory insurance shall contain the provisions determining:

a) subjects of insurance;

b) the objects which are subject to insurance;

c) list of insured events;

d) minimum size of insurance sum or procedure for its determination;

e) size, structure or procedure for determination of insurance rate;

e) term and payment procedure of insurance premium (insurance premiums);

g) duration of the agreement of insurance;

h) procedure for determination of the amount of insurance payment;

i) control of insurance implementation;

j) consequences of non-execution or improper execution of obligations by subjects of insurance;

k) other provisions.

Article 4. Objects of insurance

1. The valuable interests connected with survival of citizens to certain age or term or approach of other events in life of citizens and also with their death (life insurance) can be objects of life insurance.

2. The valuable interests connected with damnification to health of citizens and also with their accidental death or diseases (accidents insurance and diseases) can be objects of accidents insurance and diseases.

3. The valuable interests connected with payment of the organization and rendering the medical and medicinal care (medical services) and other services owing to the disorder of health of physical person or condition of physical person requiring the organization and rendering such services and also the holding the preventive actions reducing degree life-threatening or health of physical person of threats and (or) eliminating their (medical insurance) can be objects of medical insurance.

4. The valuable interests connected with risk of loss (death), shortage or damage of property (proprietary insurance) can be objects of proprietary insurance.

The valuable interests of the insurer (insured person) connected with risk of non receipt of the income, emergence of contingencies of physical persons, legal entities (financial risks insurance) can be objects of financial risks insurance in property insurance.

5. The valuable interests connected with risk of emergence of losses from business activity because of violation of the obligations by partners of the entrepreneur or change of conditions of these activities for circumstances, independent of the entrepreneur, including with risk of non receipt of the expected income (insurance of entrepreneurial risks) can be objects of insurance of entrepreneurial risks.

6. The valuable interests connected with can be objects of civil responsibility insurance:

1) risk of approach of responsibility for damnification of life, to health or property of citizens, property of legal entities, municipalities, subjects of the Russian Federation or the Russian Federation;

2) risk of approach of responsibility for violation of the agreement.

7. The objects specified in Items 1 - 3 these Articles, belong to personal insurance, the objects specified in items 4 - the 6th this Article, belong to property insurance.

8. If the Federal Law does not establish other, when implementing insurance the combination of the objects relating to the different types of property insurance provided by items 4 - the 6th this Article, and personal insurance, provided by Items 2 and 3 of this Article, or only the objects of personal insurance provided by Items 1 - 3 these articles (comprehensive insurance) is allowed.

Article 4.1. Participants of the relations regulated by this Law

1. Participants of the relations regulated by this Law are:

1) insurers, insured persons, beneficiaries;

2) insurance companies, including reinsurance organizations;

2. 1) foreign insurance companies, including foreign reinsurance organizations;

3) societies of mutual insurance;

4) insurance agents;

5) insurance brokers;

5. 1) operators of financial platforms;

6) actuaries;

7) the Bank of Russia performing functions on regulation, control and supervision in the sphere of insurance activity (insurance case) (further - body of insurance supervision);

8) associations of subjects of insurance case, consolidation of insurance agents, merging of insurers, insured persons, beneficiaries, and also the self-regulatory organizations in the sphere of the financial market uniting the insurance companies and foreign insurance companies, self-regulatory organizations in the sphere of the financial market uniting insurance brokers, the self-regulatory organizations in the sphere of the financial market uniting societies of mutual insurance (further - self-regulatory organizations in the sphere of the financial market);

9) specialized depositaries.

2. Insurance companies, foreign insurance companies, societies of mutual insurance and insurance brokers are subjects of insurance case.

Activities of subjects of insurance case are subject to licensing.

Information about subjects of insurance case is subject to entering into the unified state register of subjects of insurance case. The list of the data containing in the unified state register of subjects of insurance case, and procedure for its maintaining are established by body of insurance supervision.

Paragraph fourth ceased to be valid

Paragraph fifth ceased to be valid

3. The name (trade name) of the subject of insurance case - the legal entity (insurance company, society of mutual insurance, insurance broker) shall contain:

1) specifying on form of business of the subject of insurance case;

2) specifying by sight activities of the subject of insurance case with use of words or "insurance" and (or) "reinsurance", either "mutual insurance", or "insurance broker", and also derivative of such words and phrases;

3) the designation individualizing subject of insurance case;

4) specifying on the fact that the joint-stock company is public, for public joint stock companies;

5) the words "consumer society of mutual insurance" for societies of mutual insurance.

3.1. The name of branch of foreign insurance company shall contain in Russian:

1) the word "branch" with indication of type of activity with use of the words "insurance" and (or) "reinsurance";

2) full name of foreign insurance company, including data on its form of business;

3) the designation of branch of foreign insurance company distinguishing it from other branches of this foreign insurance company in the territory of the Russian Federation.

3.2. In the name of branch of foreign insurance company use of the name of foreign insurance company in English is allowed.

4. The subject of insurance case - the legal entity has no right to use completely the designation individualizing other subject of insurance case. The specified provision does not extend to subsidiaries and affiliates of the subject of insurance case, and also to foreign insurance companies.

Article 5. Insurers

1. Insurers the legal entities and capable physical persons who signed insurance contracts with insurers or being insurers by law are recognized.

2. Ceased to be valid

3. Ceased to be valid

Article 6. Insurers

1. Insurers - insurance companies, foreign insurance companies, societies of mutual insurance.

Insurance company - the legal entity created in accordance with the legislation of the Russian Federation for implementation of activities for insurance and (or) reinsurance and who obtained the license for implementation of the corresponding type of insurance activity in the procedure established by this Law.

Foreign insurance company - the foreign legal entity who is conforming to requirements, stipulated in Item 1 article 33.1 of this Law, performing business presence in the territory of the Russian Federation by creation of branch (branches) and obtained the license for implementation of the corresponding type of insurance activity in the territory of the Russian Federation in the procedure established by this Law. Provisions of this Law extend to foreign insurance companies regarding the activities performed in the territory of the Russian Federation through the branches created by them.

The insurance companies, foreign insurance companies performing only activities for reinsurance are respectively the reinsurance organizations and the foreign reinsurance organizations.

Society of mutual insurance - the legal entity created in accordance with the legislation of the Russian Federation for implementation of activities for mutual insurance and who obtained the license for implementation of mutual insurance in the procedure established by this Law.

Insurance companies, including the reinsurance organizations, societies of mutual insurance have no right to perform the business activity which is not connected with insurance activity (insurance case).

Foreign insurance companies, including the foreign reinsurance organizations having no right to perform in the territory of the Russian Federation the business activity which is not connected with insurance activity (insurance case).

Insurers have the right to invest own means (capital) and means of insurance reserves, to perform transactions with property for the purpose of ensuring the activities, including to realize the property acquired for the purpose of ensuring the activities and the property acquired as a result of refusal of the insurer (beneficiary) of the rights to insured property for benefit of the insurer for the purpose of obtaining from it insurance payment in the amount of full insurance sum.

2. Insurers perform assessment of insurance risk, get insurance premiums (insurance premiums), create insurance reserves, invest assets, determine the size of losses or damage, make insurance payments, perform other actions connected with obligation fulfillment according to the insurance contract.

Insurers have the right to perform or only insurance of objects of personal insurance, stipulated in Item 1 - 3 article 4 of this Law, or only insurance of the objects of property and personal insurance provided respectively by Items 2 - the 6th article 4 of this Law.

Following the results of each accounting year activities of insurance company, except for the medical insurance company performing only compulsory medical insurance, society of mutual insurance are subject to obligatory actuarial estimation by the responsible actuary. In cases, stipulated by the legislation the Russian Federation, the insurance company shall provide also conducting verification of the actuarial conclusion prepared following the results of obligatory actuarial estimation. The actuarial conclusion prepared following the results of obligatory actuarial estimation is submitted insurance company, society of mutual insurance in body of insurance supervision together with annual accounting (financial) accounts if other term of submission of such actuarial conclusion is not established by body of insurance supervision, but no later than July 1 of the year following after accounting year. The report on results of verification of the actuarial conclusion is submitted insurance company in body of insurance supervision no later than July 1 of the year following after accounting year if other term of submission of such report is not established by body of insurance supervision.

Insurers shall keep the isolated expense accounting by types of compulsory insurance according to the procedure, established by body of insurance supervision.

Insurance companies, except for performing compulsory medical insurance, approve regulations on assessment of insurance risks and management by them which contains the purposes of assessment of insurance risks, forms and methods of such assessment, risk management methods, classification of the objects and risks which are subject to insurance (reinsurance), regulations on survey of the objects insured and (or) subject to insurance (reinsurance), the regulations on diversification of insurance risks, other provisions which are not contradicting the legislation of the Russian Federation and directed to adoption by the insurer of the decision on possibility of the conclusion of the insurance contract (reinsurance), its conditions and transfers of risks in reinsurance.

2.1. Insurers shall create conditions for ensuring safety of documents which list and requirements to providing which safety are established by body of insurance supervision, and also information containing in information systems which maintaining is stipulated in Article 29.1 presents of the Law.

2.2. If the data containing in the Single state real estate register, insurance company are necessary for implementation of insurance, the foreign insurance company has no right to demand from insurers, insured persons, beneficiaries, and also persons having intention to sign the insurance contract, submissions of such data. In the specified case the insurance company, foreign insurance company according to the procedure and methods which are established by the Federal Law of July 13, 2015 No. 218-FZ "About state registration of the real estate" within three working days from the date of the address of the citizen, his representative or the representative of the legal entity request and receive in the terms established by the specified Federal Law in the federal executive body authorized by the Government of the Russian Federation on implementation of the state cadastral registration, state registration of the rights, maintaining the Single state real estate register and provision of the data containing in the Single state real estate register, its territorial authorities or the state budgetary institution subordinated to it given appropriate authority according to the decision of such body, the data containing in the Single state real estate register only electronically.

3. The insurance companies which are subsidiaries in relation to foreign investors (the main organizations) or having share of foreign investors in the authorized capital more than 49 percent cannot perform in the Russian Federation life insurance, health and property of citizens at the expense of the funds allocated for these purposes from budgets of the budget system of the Russian Federation to executive bodies (insurers), the insurance connected with implementation of purchases of goods, works, services for ensuring the state and municipal needs and also insurance of valuable interests of the state organizations and municipal organizations.

The insurance companies which are subsidiaries in relation to foreign investors (the main organizations) or having share of foreign investors in the authorized capital more than 51 percent cannot perform in the Russian Federation the types of insurance specified in paragraph one of this Item and also insurance of objects of personal insurance, stipulated in Item 1 article 4 of this Law, and obligatory civil liability insurance of owners of vehicles.

For the purpose of this Law foreign investors the foreign organizations and foreign citizens having the right to perform according to the procedure and on conditions which are established by the legislation of the Russian Federation, investments in the territory of the Russian Federation into the authorized capital of the insurance company created or which is again created in the territory of the Russian Federation are recognized.

Paragraphs the fourth - the eighth voided

Foreign insurance companies cannot perform in the Russian Federation compulsory insurance (except for the compulsory insurance performed according to the Federal Law of April 25, 2002 No. 40-FZ "About obligatory civil liability insurance of owners of vehicles"), the insurance connected with implementation of purchases of goods, works, services for ensuring the state and municipal needs, insurance of valuable interests of the state organizations and municipal organizations, insurance of the objects requiring availability of the license for work, connected with use of the data which are the state secret, other insurance at the expense of the funds allocated for these purposes from budgets of the budget system of the Russian Federation to executive bodies (insurers).

3.1. If the amount (quota) of participation of the foreign capital in the authorized capital of insurance companies exceeds 50 percent, the body of insurance supervision stops to grant licenses for implementation of insurance activity to the insurance companies which are subsidiaries in relation to foreign investors (the main organizations) or having share of foreign investors in the authorized capital more than 49 percent and also stops to make decisions on issue (replacement) of licenses for implementation of insurance activity to foreign insurance companies and on accreditation of branches of foreign insurance companies.

The amount (quota) of participation of the foreign capital in the authorized capital of insurance companies is calculated body of insurance supervision annually as of January 1 of the current year in the procedure established by it on the basis of the insurance companies and data on the minimum sizes of security deposits of branches of foreign insurance companies, stipulated in Item 1 article 33.4 of this Law this about the authorized capital.

Information on the amount (quota) of participation of the foreign capital in the authorized capital of insurance companies, on introduction or the termination of the restrictions for foreign investments provided by paragraphs the first and fifth this Item is subject to publication of insurance supervision by body in the printing edition determined by it and is posted on the official site of body of insurance supervision on the Internet within ten days from acceptance date of the relevant decision.

The insurance company shall get preliminary permission of body of insurance supervision to increase in the size of the authorized capital at the expense of means of foreign investors (except as specified increases in share of the foreign investor in the authorized capital of insurance company in nominal terms as a result of increase in the authorized capital of insurance company at the expense of its own means), for alienation for benefit of foreign investors (including for sale to foreign investors) the shares (share in the authorized capital), and the Russian shareholders (participants) shall get preliminary permission of body of insurance supervision to alienation of the stocks (share in the authorized capital) of insurance company owned by them for benefit of foreign investors. Effective period of the specified preliminary permissions constitutes one year.

If the amount (quota) of participation of the foreign capital in the authorized capital of insurance companies established by this Item is exceeded, the body of insurance supervision refuses issue of the preliminary permissions specified in paragraph four of this Item.

Payment by foreign investors of the stocks (share in the authorized capital) of insurance companies owned by them is made exclusively in cash in currency of the Russian Federation.

4. The insurance company which is subsidiary in relation to the foreign investor (the main organization) or having share of foreign investors in the authorized capital more than 49 percent has the right to perform insurance activity in the Russian Federation if the foreign investor (the main organization) is at least five years the insurance company performing the activities according to the legislation of the relevant state.

Ceased to be valid according to the Federal Law of the Russian Federation of 23.07.2013 No. 234-FZ

4.1. Preliminary permission of body of insurance supervision in cases, stipulated in Item 3.1 these Articles, is issued within thirty days from the date of receipt by body of insurance supervision of the statement and the documents enclosed to the application and corresponding to the list of the documents necessary for receipt of the specified preliminary permission approved by body of insurance supervision.

The procedure for issue of preliminary permission of body of the insurance supervision specified in Item 3.1 of this Article, the application form for receipt of the specified preliminary permission, and also procedure for submission of such statement and the documents attached to it are established by body of insurance supervision.

5. Ceased to be valid according to the Federal Law of the Russian Federation of 23.07.2013 No. 234-FZ

6. For the purpose of bringing to insurers, insured persons, beneficiaries, persons having intention to sign the insurance contract information on the activities the insurer shall have own website on the Internet (further - the official site of the insurer) on which the following information in Russian shall be placed:

1) full name, address (location), phone numbers, working hours of the insurer, its branches and representations;

2) information about heads, about shareholders (participants, members) of the insurer;

3) data on documents of title, including data on the primary state registration number (except for foreign insurance company), identification taxpayer number, about registration number in the unified state register of subjects of insurance case, and also data on all licenses of the insurer and terms of their action;

4) the list of the performed types of insurance;

5) rules of insurance and insurance rates;

6) annual accounting (financial) accounts of the insurer and the audit opinion confirming its reliability in three previous accounting years;

7) annual consolidated financial statements and the audit opinion confirming its reliability in three previous accounting years;

8) information on the credit scores assigned to the insurer (in case of assignment), and also about their confirmation, review or response;

9) data on activities of the insurer, on experience of its work on types of insurance;

10) data on participation in associations (unions), including in self-regulatory organizations in the sphere of the financial market and professional associations of insurers;

11) the information about operators of financial platforms (their names and the websites on the Internet) if the insurer joined service provision agreements of operators of financial platforms;

12) other information which need of publication is stipulated by the legislation the Russian Federation or follows from customs.

6.1. The requirement about placement of information specified in subitems 1, of the 6 and 7 Item 6 of this Article does not extend to foreign insurance companies.

6.2. The foreign insurance company in addition to information specified in Item 6 of this Article posts on the official site the following information in Russian:

1) full name of foreign insurance company, the address (location) in the state (in the territory) where the foreign insurance company, data on the right to implementation of insurance and (or) reinsurance in the territory of the state is registered (in the territory) - the member of the World Trade Organization, provided according to the national legal system of this state (this territory), phone numbers, operating mode;

2) the annual accounting (financial) accounts of foreign insurance company for the previous three years of its activities constituted according to International accounting standards or others, other than International accounting standards, internationally acknowledged rules with application of copies of the audit opinions confirming reliability of the specified reporting (in the presence);

3) full name of branch of foreign insurance company, address (location), phone numbers, operating mode;

4) information about heads of branch of foreign insurance company;

5) regulations on branch of foreign insurance company, data on identification taxpayer number, on reason code of registration in tax authority, number of record about accreditation of branch of foreign insurance company in the state register of accredited branches, representations of foreign legal entities and date of its introduction.

7. Information on activities of the insurer specified in Items 6 and 6.2 of this Article is subject to placement on its official site within five working days from the date of acceptance by the insurer, authorized body or organization of the relevant decision, and in case of need its registration or the notification on the made decision of authorized bodies from the date of respectively registration, the notification.

Requirements to procedure for placement by the insurer of this Article of information specified in Items 6 and 6.2 are established by body of insurance supervision.

8. The insurer shall store the documents containing information specified in Items 6 and 6.2 of this Article on electronic media during terms, stipulated by the legislation about archiving in the Russian Federation and to represent them at the request of body of insurance supervision within fifteen working days from the date of receipt of request.

9. For the purpose of this Law insurance group consolidation of legal entities in which one legal entity or several legal entities (further - members of insurance group) are under control or considerable influence of one insurance company (further - parent insurance company of insurance group) is recognized not being the legal entity.

Control and considerable influence for determination of members of insurance group and parent insurance company of insurance group are determined according to the International accounting standards recognized in the territory of the Russian Federation.

10. The restrictions set by paragraphs the first and second Item 3 and item 4 of this Article do not extend to insurance companies which are subsidiaries in relation to foreign investors (the main organizations) or more than 49 percent have share of foreign investors in the authorized capital, are created or reorganized till August 22, 2012 and in accordance with the legislation of the Russian Federation, acting for the specified date, had the right to perform the insurance activity specified in paragraphs one both the second Item 3 and item 4 of this Article.

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