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ORDER OF THE GOVERNMENT OF THE RUSSIAN FEDERATION

of April 30, 2009 No. 386

About cases of admissibility of agreements between credit and insurance companies

(as amended on 24-04-2017)

According to part 2 of article 13 of the Federal law "About Protection of the Competition" Government of the Russian Federation decides:

1. Approve the enclosed general exceptions concerning agreements between credit and insurance companies.

2. Determine that the general exceptions approved by this resolution are effective within 13 years from the date of entry into force of this resolution.

3. Credit and insurance companies - agreement parties have the right to file in antimonopoly authority petition for check of compliance of the draft agreement to the general exceptions approved by this resolution.

Russian Prime Minister

V. Putin

 

Approved by the Order of the Government of the Russian Federation of April 30, 2009 No. 386

General exceptions concerning agreements between credit and insurance companies

1. This document is applied to agreements between credit and insurance companies concerning which the following conditions are complied (further - agreements):

agreements determine order of interaction of the parties in case of risks insurance of borrowers of credit institution, including potential borrowers, being legal entities and physical persons;

risks insurance is the compulsory provision of provision of loan or crediting of borrowers (further - crediting) in accordance with the legislation of the Russian Federation and (or) terms of the contract of the loan or the credit agreement signed between credit institution and the borrower.

2. The agreement is recognized admissible if the credit institution which is the party of such agreement accepts insurance policies (insurance contracts) of any insurance organization meeting the requirements of credit institution to insurance companies and conditions of provision of insurance service and satisfies at the same time following conditions:

a) establishes for insurance companies the exhaustive list of requirements which:

are directed to assessment of financial stability and solvency of insurance company, and also to disclosure of information on owners of insurance company;

are formulated accurately and exclude their ambiguous interpretation;

do not provide obligatory availability at insurance company:

certain size of the authorized capital, except for case when this size corresponds to the minimum size of the authorized capital of insurance company established by the insurance legislation;

certain size of collected insurance premium (in absolute expression) in general or on types of insurance;

certain size of insurance reserves or own means;

experience of implementation of insurance activity, except for case when the requirement to the minimum term of implementation of insurance activity constitutes no more than 3 years;

branches, representations, other structural divisions, and also insurance agents out of the location of insurance company;

rating of the Russian or international rating agencies;

certain quantitative and regular list of employees of insurance company;

b) establishes the exhaustive list of requirements to conditions of provision of insurance service, at the same time the specified requirements:

do not contain obviously burdensome conditions for borrowers which proceeding from reasonably understood interests they would not accept in the presence at them opportunity to participate in determination of conditions of insurance contracts;

do not treat the subject of the agreement of insurance;

are formulated accurately and exclude their ambiguous interpretation;

do not provide obligation of the borrower to sign the insurance contract for the term equal to crediting term, in that case when crediting is performed for the term of over 1 year (in case of risks insurance of borrowers within program implementation of mortgage lending, except for liability insurances of the borrower for non-execution or improper execution of obligations on repayment of the loan, requirements to conditions of provision of insurance service can provide obligation of the borrower to sign the insurance contract for the term equal to crediting term if terms of the contract of insurance provide possibility of introduction of insurance premium by installments with payment of the due insurance premium at least 1 time a year);

do not provide restrictions on the size of insurance sum, except for establishments of insurance sum in the amount of the total amount of debt according to the loan agreement or the credit agreement at the time of the conclusion of the insurance contract or payment of the due insurance premium (total amount of debt under the specified agreement does not include the payments connected with non-compliance with terms of the contract by the borrower);

c) establishes the exhaustive list of data and documents which the insurance company shall provide to credit institution for check of its compliance to requirements to insurance companies and conditions of provision of insurance service.

Such data and documents are submitted by insurance company only in case of lack of up-to-date information on the official sites of insurance company and Central bank of the Russian Federation on the Internet;

d) establishes terms (no more than 10 working days from the date of receipt of request) the directions of insurance company which addressed with the corresponding request, the list of requirements of credit institution to insurance companies and conditions of provision of insurance service, and also the list of data and documents which the insurance company shall provide to credit institution for check of its compliance to the specified requirements;

e) establishes terms (no more than 60 working days from the date of receipt of all necessary data and documents provided by the list specified in the subitem "v" of this Item) considerations submitted by insurance company of data and documents for check of its compliance to requirements to insurance companies and conditions of provision of insurance service, and also terms (no more than 10 working days from the date of adoption of the relevant decision) the directions of the motivated reply of insurance company about its compliance to the specified requirements or discrepancy to specific requirements from the list of the specified requirements;

e) establishes terms (no more than 10 working days from the date of adoption of the relevant decision) inclusions of insurance company in the list of the insurance organizations meeting the requirements of credit institution to insurance companies and conditions of provision of insurance service and also procedure for forming of the list of the insurance organizations meeting the requirements of credit institution to insurance companies and conditions of provision of insurance service;

g) establishes procedure for informing borrowers on option of any insurance organization meeting the requirements of credit institution to insurance companies and conditions of provision of insurance service;

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