THE ORDER OF STATE COMMISSION ON REGULATION OF THE MARKETS OF FINANCIAL SERVICES OF UKRAINE

of November 26, 2004 No. 2875

About approval of Rules of placement of insurance reserves on life insurance

According to article 36 of the Law of Ukraine "About insurance", article 27 of the Law of Ukraine "About financial services and state regulation of the markets of financial services" and for the purpose of establishment of rules of placement of insurance reserves on life insurance, and also requirements to assets which are accepted for representation of insurance reserves on life insurance, State commission on regulation of the markets of financial services of Ukraine (further - Gosfinuslug) POSTANOVILA:

1. Approve Rules of placement of insurance reserves on life insurance (are applied).

2. (Mosiychuk T. K.) and to legal management (Tkachenko D. V.) to provide to department of state regulation and market development of financial services provision of this order in the Ministry of Justice of Ukraine for state registration.

3. To management of organizational and analytical ensuring work of the head (Shevchenko T. M.) provide publication of this order in mass media after state registration.

4. To insurers to bring into accord to these Rules placement of insurance reserves on life insurance till 31.12.2005.

Till January 1, 2008 strakhovik can provide means of insurance reserves bank deposits (deposits) and currency investments according to insurance currency together according to subitem 3.1.2 of Item 3.1 of Section 3 of these Rules in the amount of no more than 70 percent of the general size of means of insurance reserves.

Till January 1, 2009 strakhovik can provide means of insurance reserves the real estate according to subitem 3.1.3 of Item 3.1 of Section 3 of these Rules in the amount of no more than 30 percent of the general size of means of insurance reserves.

The requirement of subitem 3.1.3 of Item 3.1 of Section 3 of these Rules regarding investment no more than 10 percent of the general size of reserves in one real estate object begins to be applied since January 1, 2009.

The requirement of subitem 3.1.6 of Item 3.1 of Section 3 of these Rules regarding restriction concerning representation with 20 percent of the general size of reserves with rights to claim against one perestrakhoviku-resident and restrictions concerning representation with 10 percent of the general size of reserves begins to be applied by rights to claim against perestrakhovikam-nonresident since January 1, 2007.

In case of approval of the plan of renewal of financial stability of the insurer Natskomfinuslug can make the decision on temporary provision of funds of insurance reserves of the insurer assets transferred in Item 2.1 of categories in the amounts differing from these Rules specified in Section 3.

5. The insurers created after entry into force by these Rules shall place insurance reserves on life insurance according to the requirements determined by these Rules.

Requirements of Item 3.1.6 of Item 3.1 of Section 3 of these Rules do not extend to agreements on life insurance with physical persons which essential conditions is risks reinsurance at the perestrakhovika-nonresident which were concluded before entry into force of these Rules and which continue to be effective after entry into force of these Rules.

Information on these agreements moves strakhovikam in Natskomfinuslug in the form given respectively in Section 2 and the table of the fourth of subitem 6.3.2 of Item 6.3 of the Section 6 of appendix 4 to the Procedure for creation of reporting these strakhovik approved by the order of Gosfinuslug of 03.02.2004 of N39, registered in the Ministry of Justice of Ukraine 23.04.2004 for N517/9116 (in edition of the order of Gosfinuslug of 15.09.2005 N4619.

6. Control over the implementation of the order to assign to the member of the commission - the director of the department of supervision of insurance activity Parnyuk V. O.

Approved by the Order of State commission on regulation of the markets of financial services of Ukraine of November 26, 2004 No. 2875

Rules of placement of insurance reserves on life insurance

1. General provisions

1.1. These rules 36 Laws of Ukraine "About insurance", article 27 of the Law of Ukraine "About financial services and state regulation of the markets of financial services" are drafted according to Articles 31,.

1.2. These rules establish requirements to assets which are accepted for representation of means of insurance reserves on life insurance.

1.3. In case of implementation of strakhovikama of insurance of life pension in system of non-state pension provision of means of the reserves created under such agreements take place according to article 49 of the Law of Ukraine "About non-state pension provision".

1.3. Placement of insurance reserves is investment of capital of the created reserves on life insurance in the permitted assets.

1.4. Assets which are accepted for representation of means of insurance reserves on life insurance shall answer conditions concerning safety, profitability, liquidity and diversification.

1.5. The size of assets which is accepted for representation of insurance reserves on life insurance reduced by the amounts of long-term and current obligations (Sections III, IV of liability of balance), shall be at least, than the total size of reserves on life insurance which is calculated according to the current legislation for any date.

1.6. The size of assets, is accepted for representation of insurance reserves on life insurance, increased by the size of not overdue receivables according to the signed insurance contracts and reinsurance, shall be at least, than the total size of long-term and current obligations and providing (Sections II-IV of liability of balance (the report on financial condition)), including the size of insurance reserves, is calculated according to the current legislation.

2. Asset types which are accepted for representation of means of insurance reserves on life insurance

2.1. Means of insurance reserves on life insurance shall be provided by assets of such categories:

2.1.1. Money on the current account.

2.1.2. Bank deposits (deposits).

2.1.3. Currency investments according to insurance currency.

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