ORDER OF THE MINISTRY OF FINANCE OF THE RUSSIAN FEDERATION

of January 13, 2011 No. 2n

About approval of the Procedure for transfer of the insurance portfolio in case of application of measures for the prevention of bankruptcy of insurance company, and also during the procedures applied in the case of bankruptcy of insurance company

Based on article 184.9 of the Federal Law of October 26, 2002 N 127-FZ "About insolvency (bankruptcy)" (The Russian Federation Code, 2002, N 43, Art. 4190; 2010, N 17, 1988) I order to the Art.:

approve the enclosed Procedure for transfer of the insurance portfolio in case of application of measures for the prevention of bankruptcy of insurance company, and also during the procedures applied in the case of bankruptcy of insurance company.

Approved by the Order of the Ministry of Finance of the Russian Federation of January 13, 2011, No. 2n

Procedure for transfer of the insurance portfolio in case of application of measures for the prevention of bankruptcy of insurance company, and also during the procedures applied in the case of bankruptcy of insurance company

I. General provisions

1. This Procedure is developed based on article 184.9 of the Federal Law of October 26, 2002 N 127-FZ "About insolvency (bankruptcy)" (The Russian Federation Code, 2002, N 43, Art. 4190; 2010, N 17, Art. 1988) (further Federal Law "About Insolvency (Bankruptcy)").

2. This Procedure establishes:

procedure for transfer of the insurance portfolio of insurance company on separate type of insurance or several types of insurance (including on types of insurance on which implementation of compensation payments owing to application to the insurer of the procedure applied in the case of bankruptcy or response at the insurer of the license for implementation of insurance activity is provided) in case of application of measures for the prevention of bankruptcy of insurance company, and also during the procedures applied in the case of bankruptcy of insurance company;

procedure for obligation fulfillment according to the insurance contracts revealed after transfer of the insurance portfolio of insurance company and not transferred in its structure;

procedure for obligation fulfillment by management insurance company;

features of transfer of the insurance portfolio on types of insurance on which implementation of compensation payments is provided;

procedure for the choice of management insurance company on types of insurance on which implementation of compensation payments is provided;

procedure and compensation conditions professional association of insurers of missing part of assets of management insurance company;

procedure and terms of return to professional association of the insurers of balance intended for financing of the compensation payments transferred to management insurance company and not used by this management insurance company for obligation fulfillment according to insurance contracts.

3. The insurance portfolio of insurance company on separate type of insurance or several types of insurance (including on types of insurance on which implementation of compensation payments owing to application to the insurer of the procedure applied in the case of bankruptcy is provided or response at the insurer of the license for implementation of insurance activity) can be transferred to other insurance company or insurance companies (further - management insurance company).

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