of February 4, 2004 No. 124
About approval of the Procedure and requirements concerning implementation of reinsurance at the insurer (overcautious person) of the nonresident
According to article 12 of the Law of Ukraine "About insurance" and for the purpose of settlement of the relations in the sphere of reinsurance the Cabinet of Ministers of Ukraine decides:
3. Recognize invalid:
the resolution of the Cabinet of Ministers of Ukraine of October 24, 1996 No. 1290 "About approval of the Regulations on procedure of transactions on reinsurance" (the joint venture of Ukraine, 1996, No. 19, the Art. 537);
Item of 14 changes which are made to the resolution of the Cabinet of Ministers of Ukraine, approved by the resolution of the Cabinet of Ministers of Ukraine of June 4, 2003 No. 871 (The Official Bulletin of Ukraine, 2003, No. 23, the Art. 1078).
Prime Minister of Ukraine
Approved by the Resolution of the Cabinet of Ministers of Ukraine of February 4, 2004, No. 124
1. This Procedure and requirements are directed to strengthening of protection of interests of insurers, ensuring solvency of insurers, reliability, safety and diversification of placement of insurance reserves.
the legislation of the country in which the insurer (overcautious person) the nonresident is registered, provides the state supervision of insurance and reinsurance activity;
the insurer (overcautious person) the nonresident performs continuous insurance (reinsurance) activity at least than three years of date of the conclusion of the agreement of reinsurance;
there are no facts of violation by the insurer (overcautious person) by the nonresident of the legislation on insurance and reinsurance activity and concerning prevention and counteraction of legalization (washing) of income gained in the criminal way and fight against terrorism of the country of its registration.
Observance of noted requirements is confirmed by information in writing or in the form of electronic data, provided according to the appeal to National Bank by body which performs functions of supervision of insurance and reinsurance activity in country of incorporation of the insurer (overcautious person) of the nonresident, or International association of supervision bodies behind insurance activity (IAIS). Such information shall contain the sender's details (the name, the address, including e-mail, phone number, name and surname of the official who signed information).
The National Bank applies for information in case of lack (insufficiency) of data on activities of the insurer (overcautious person) of the nonresident which confirm observance of the requirements provided by this Item, information revealed on analysis results which goes National Bank according to item 4 of these of the Procedure and requirements, the analysis of reporting data which go to National Bank according to the legislation insurers (assignors, reinsurers), or exit and permanent checks, and also in cases, stipulated in Item 3 of these Procedures and requirements.
3. In case of need insurers (assignors, reinsurers) make in National Bank inquiry concerning compliance of insurers (overcautious persons) of nonresidents of Item 2 of these of the Procedure and requirements with which the conclusion of agreements of reinsurance which provides necessary information in the procedure determined by it is provided.
4. Insurers (assignors, reinsurers) not later than in ten-day time after the conclusion of contracts of reinsurance with insurers (overcautious persons) by nonresidents inform National Bank on their conclusion according to the procedure determined by National Bank.
5. Insurers (assignors, reinsurers) can sign contracts of reinsurance with the assistance of reinsurance nonresident brokers only through their permanent missions in Ukraine registered as taxpayers according to the legislation of Ukraine and included in the state register of insurance or reinsurance brokers.
For the conclusion of the contract of reinsurance with insurers (overcautious persons) by nonresidents with the assistance of reinsurance nonresident brokers their permanent missions give to insurers (assignors, reinsurers) the copies of the following documents certified in accordance with the established procedure:
certificates on state registration of permanent mission of the reinsurance nonresident broker in Ukraine as taxpayer;
the document which confirms capture on accounting in body of the State Tax Service;
certificates on inclusion in the state register of insurance and reinsurance brokers.
6. Insurers (assignors, reinsurers) bear responsibility for observance of these of the Procedure and requirements according to the legislation.
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