ORDER OF THE FEDERAL SERVICE FOR FINANCIAL MARKETS

of March 18, 2008 No. 08-11/pz-n

About approval of the Regulations on insurance reserve of non-state pension fund

In compliance so article 20 of the Federal law "About Non-state Pension Funds" of 07.05.1998 N 75-FZ (Russian Federation Code, 1998, N 19, Art. 2071; 2001, N 7, Art. 623; 2002, N 12, Art. 1093; 2003, N 2; Art. 166; 2004, N 49, Art. 4854; 2005, N 19, the Art. 1755, 2006, N 43, the Art. 4412), the order of the Government of the Russian Federation of 02.12.2006 N 738 "About procedure for assignment of funds for forming of insurance reserve of non-state pension fund" (The Russian Federation Code, 2006, N 49, the Art. 5229) and the Regulations on the Federal Service for Financial Markets approved by the order of the Government of the Russian Federation of 30.06.2004 N 317 (The Russian Federation Code, 2004, N 27, Art. 2780; 2005, N 33, Art. 3429; 2006, N 13, Art. 1400; 2006, N 52, Art. 5587; 2007, N 12, to the Art. 1417), I order:

1. Approve the enclosed Regulations on insurance reserve of non-state pension fund.

2. This order becomes effective from 01.12.2008.

3. The resolution of the Ministry of Labour and social development of the Russian Federation of 26.04.2004 N 55 "About approval of the Regulations on the normative size of insurance reserve and procedure for its forming and use" (it is registered by the Ministry of Justice of the Russian Federation 02.06. 2004, registration N 5811) this order is not subject to application from the effective date.

Regulations on insurance reserve of non-state pension fund

I. General provisions

This Provision establishes the normative size of insurance reserve, procedure for its forming and use, and also procedure for assignment of means in insurance reserve of non-state pension fund (further - fund).

Funds, being guided by this Provision, independently develop policy of forming and use of insurance reserve proceeding from the pension schemes applied by them.

The policy of forming and use of insurance reserve accepted by fund affirms the internal administrative document of fund and shall contain following provisions:

1) sources of forming of insurance reserve;

2) procedure for ensuring stability of obligation fulfillment of fund before participants for each applied pension scheme;

3) procedure for recovery of insurance reserve in case of its insufficiency.

II. Sources and procedure for forming of insurance reserve

2.1. The insurance reserve can be created at the expense of the following sources:

1) parts of the income from investment of funds of pension reserves;

2) target revenues to forming of insurance reserve;

3) parts of pension contributions;

2.2. Part of the income from investment of funds of pension reserves goes to insurance reserve following the results of activities of fund for accounting year.

Assignment of part of the income from investment of funds of pension reserves in insurance reserve is performed based on the internal administrative document of fund by carrying out records on the corresponding accounts of financial accounting of target means and pension reserves of fund for rules of conducting financial accounting.

2.3. Target revenues to forming of insurance reserve go to insurance reserve according to specifying of person which gave to fund property or according to the internal administrative document of fund in case of the direction of the income (part of the income) received from placement of the property intended for ensuring its authorized activities on forming of insurance reserve.

Contribution to insurance reserve of income (part of the income) gained from placement of the property intended for ensuring authorized activities of fund is performed by introduction of records on the corresponding accounts of financial accounting on rules of conducting financial accounting.

The structure of the property deducted in insurance reserve of fund shall conform to the requirements to structure of pension reserves established by regulatory legal acts of the Russian Federation and pension rules of fund.

2.4. Part of pension contribution can be directed to forming of insurance reserve if rules of fund and the pension agreement provide the right of fund to make such assignments, and in it the size of the deducted part of pension contribution, but no more than 3 percent from the amount of pension contributions is established.

2.5. Assignment of part of reserve of covering of pension liabilities in insurance reserve is performed by write-off of the remaining balance formed on retirement accounts owing to discharge of the pension agreement including pension payment and the redemption amounts (the translation of the redemption amount of other non-state pension fund), and their transfer in insurance reserve according to rules of conducting financial accounting.

III. Normative size of insurance reserve

3.1. The size of insurance reserve shall constitute 5 or more percent smaller of the following sizes:

1) the size of reserves of covering of pension liabilities as of the beginning of accounting year;

2) the size of reserves of covering of pension liabilities as of the end reporting year.

3.2. The size of insurance reserve is established by fund according to the recommendations of the actuary stated in the actuarial conclusion following the results of annual actuarial estimation taking into account requirements of Item 3.1 of this provision.

IV. Use of insurance reserve

4.1. The insurance reserve is used for:

1) replenishments of reserve of covering of pension liabilities for the purpose of ensuring compliance of reserve of covering of pension liabilities to obligations of fund for pension payment and the redemption amounts to participants;

2) replenishments of reserve of covering of pension liabilities according to the recommendations of the actuary stated in the actuarial conclusion regarding adjustment of the actuarial assumptions used by fund.

4.2. In addition to cases, stipulated in Item 4.1 this provision, the insurance reserve can be used for recovery of reserve of covering of pension liabilities of fund in case of reduction of means of pension reserves as a result of their placement.

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