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Ministry of Justice

Russian Federation

On October 21, 2015 No. 39399

PROVISION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of September 4, 2015 No. 491-P

Industry standard of financial accounting in the insurance companies and societies of mutual insurance located in the territory of the Russian Federation

(as amended on 14-08-2017)

This Provision according to the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, No. 28, Art. 2790; 2003, No. 2, Art. 157; No. 52, Art. 5032; 2004, No. 27, Art. 2711; No. 31, Art. 3233; 2005, No. 25, Art. 2426; No. 30, Art. 3101; 2006, No. 19, Art. 2061; No. 25, Art. 2648; 2007, No. 1, Art. 9, Art. 10; No. 10, Art. 1151; No. 18, Art. 2117; 2008, No. 42, Art. 4696, Art. 4699; No. 44, Art. 4982; No. 52, Art. 6229, Art. 6231; 2009, No. 1, Art. 25; No. 29, Art. 3629; No. 48, Art. 5731; 2010, No. 45, Art. 5756; 2011, No. 7, Art. 907; No. 27, Art. 3873; No. 43, Art. 5973; No. 48, Art. 6728; 2012, No. 50, Art. 6954; No. 53, Art. 7591, Art. 7607; 2013, No. 11, Art. 1076; No. 14, Art. 1649; No. 19, Art. 2329; No. 27, Art. 3438, Art. 3476, Art. 3477; No. 30, Art. 4084; No. 49, Art. 6336; No. 51, Art. 6695, Art. 6699; No. 52, Art. 6975; 2014, No. 19, Art. 2311, Art. 2317; No. 27, Art. 3634; No. 30, Art. 4219; No. 40, Art. 5318; No. 45, Art. 6154; No. 52, Art. 7543; 2015, No. 1, Art. 4, Art. 37; No. 27, Art. 3958, Art. 4001; No. 29, Art. 4348, Art. 4357; No. 41, Art. 5639; No. 48, Art. 6699; 2016, No. 1, Art. 23, Art. 46, Art. 50; No. 26, Art. 3891; No. 27, the Art. 4225, the Art. 4273, the Art. 4295) and the solution of the Board of directors of the Bank of Russia (the minutes of the Board of directors of the Bank of Russia of August 31, 2015 No. 25) establish procedure for financial accounting in the insurance companies and societies of mutual insurance located in the territory of the Russian Federation (further - insurers).

Section I. General provisions

Chapter 1. General provisions on regulation of financial accounting by insurers

1.1. This Provision establishes requirements to reflection in financial accounting of transactions of insurers, connected:

with implementation of activities for insurance, joint insurance and reinsurance according to the Law of the Russian Federation of November 27, 1992 No. 4015-1 "About the organization of insurance case in the Russian Federation" (Sheets of the Congress of People's Deputies of the Russian Federation and the Supreme Council of the Russian Federation, 1993, No. 2, Art. 56; Russian Federation Code, 1998, No. 1, Art. 4; 1999, No. 47, Art. 5622; 2002, No. 12, Art. 1093; No. 18, Art. 1721; 2003, No. 50, Art. 4855, Art. 4858; 2004, No. 30, Art. 3085; 2005, No. 10, Art. 760; No. 30, Art. 3101, Art. 3115; 2007, No. 22, Art. 2563; No. 46, Art. 5552; No. 49, Art. 6048; 2009, No. 44, Art. 5172; 2010, No. 17, Art. 1988; No. 31, Art. 4195; No. 49, Art. 6409; 2011, No. 30, Art. 4584; No. 49, Art. 7040; 2012, No. 53, Art. 7592; 2013, No. 26, Art. 3207; No. 30, Art. 4067; No. 52, Art. 6975; 2014, No. 23, Art. 2934; No. 30, Art. 4224; No. 45, Art. 6154; 2015, No. 10, Art. 1409; No. 27, Art. 3946, Art. 4001; No. 29, Art. 4357, Art. 4385; No. 48, Art. 6715; 2016, №1, of Art. 52; No. 22, Art. 3094; No. 26, Art. 3863, Art. 3891; No. 27, Art. 4225, Art. 4294, Art. 4296);

with implementation of activities for compulsory medical insurance (further - compulsory health insurance) according to the Federal Law of November 29, 2010 No. 326-FZ "About compulsory medical insurance in the Russian Federation" (The Russian Federation Code, 2010, No. 49, Art. 6422; 2011, No. 25, Art. 3529; No. 49, Art. 7047, Art. 7057; 2012, No. 31, Art. 4322; No. 49, Art. 6758; 2013, No. 7, Art. 606; No. 27, Art. 3477; No. 30, Art. 4084; No. 39, Art. 4883; No. 48, Art. 6165; No. 52, Art. 6955; 2014, No. 11, Art. 1098; No. 28, Art. 3851; No. 30, Art. 4269; No. 49, Art. 6927; 2015, No. 51, Art. 7245; 2016, No. 1, Art. 52; No. 27, the Art. 4183, the Art. 4219), the Law of the Russian Federation of November 27, 1992 No. 4015-1 "About the organization of insurance case in the Russian Federation".

1.2. This Provision is applied in case of recognition, classification, assessment of assets and liabilities of the insurers arising in connection with the conclusion, change, early termination (termination) and the end of action of insurance contracts and reinsurance.

1.3. This Provision does not extend much reflections of the following transactions in financial accounting:

the transactions connected with investment of means of the got insurance premiums, including transactions on accounting of assets in which means of insurance reserves are invested;

transactions according to obligations of the insurers who are not connected with insurance contracts and reinsurance;

transactions of forming of the authorized capital;

the transactions connected with receipt of insured property and (or) its suitable remaining balance in connection with refusal of the insurer (beneficiary) of the property right to insured property;

the transactions connected taking into account the assets and liabilities connected with remuneration of workers;

the transactions connected with assessment of the built-in derivative financial instruments and deposit components;

transactions by calculation of the deferred tax assets and obligations resulting from conducting activities for insurance contracts and reinsurance.

1.4. In this Provision terms in the values established by the Law of the Russian Federation of November 27, 1992 No. 4015-1 "About the organization of insurance case in the Russian Federation" and documents of International accounting standards are used (further - IFRS).

Chapter 2. General requirements to financial accounting of the agreements signed by the insurer

2.1. In case of initial recognition of agreements the insurer applies the following general requirements to accounting.

2.1.1. Carries out classification of agreements according to requirements of the Section II of this provision.

2.1.2. Determines in the signed insurance contracts:

availability of the built-in derivative financial instruments, need of their allocation and procedure for financial accounting according to requirements of the Section IV of this provision;

availability of deposit components, need of their department and procedure for financial accounting according to requirements of the Section IV of this provision.

2.1.3. Estimates and recognizes the income and expenses on insurance premiums according to the signed insurance contracts and reinsurance on each line of business according to requirements of the Section V of this provision (the table 8 of appendix to this Provision). For the purposes of this provision the line of business is understood as one type or set of several types of insurance which reflects the group made by the insurer on types of insured objects and uniformity of insured risks.

2.1.4. In cases of need of allocation of the built-in derivative tools and departments of deposit components from the basic agreement or decision making about allocation of the built-in derivative financial instruments and about department of deposit components according to requirements of the Section IV of this provision recognizes assets and liabilities on the allocated built-in derivative financial instruments and the separated deposit components (the table 7 of appendix to this Provision).

2.1.5. By transfer (acquisition) of portfolio of insurance contracts recognizes assets and liabilities under acquired agreements, the assets and liabilities which are directly connected with acquisition of the specified agreements, and in case of need the income and expenses connected with acquisition of insurance contracts according to requirements of Chapter 32 this provision (table 13 - the 15th appendix to this Provision).

2.1.6. Recognizes the costs connected with the conclusion of agreements (acquisition expenses), and the corresponding deferred costs for the conclusion of agreements (the postponed acquisition expenses) on each line of business based on provisions of accounting policy and requirements of Chapters 22 and 23 of this provision (the table 10 of appendix to this Provision).

2.1.7. Recognizes the assets and liabilities, the income and expenses connected with transactions under agreements without significant insurance risk and also with transactions under the agreements signed by the medical insurance companies performing activities in the sphere of compulsory health insurance (the table 12 of appendix to this Provision) according to requirements of Chapters 33 and 34 of this provision.

2.2. In case of the subsequent recognition of agreements the insurer applies the following general requirements to accounting.

2.2.1. Recognizes the income and expenses on insurance premiums according to the signed insurance contracts and reinsurance on each line of business according to requirements of the Section V of this provision, including on the insurance premiums relating to the last accounting periods and not having significant effect on accounting (financial) records of the insurer (the table 8 of appendix to this Provision). For the purposes of this provision the accounting period the period for which insurers shall constitute accounting (financial) records is recognized and represent it to the Bank of Russia according to requirements of regulations of the Bank of Russia about submission of accounting (financial) records.

2.2.2. In cases of need of allocation of the built-in derivative tools from the basic agreement or decision making about allocation of the built-in derivative financial instruments according to requirements of the Section IV of this provision recognizes assets and liabilities on the allocated built-in derivative financial instruments (the table 7 of appendix to this Provision).

2.2.3. Recognizes assets and liabilities under agreements according to requirements of the Section VI of this provision.

2.2.4. Recognizes expenses on payments and the overcautious person's share in payments for insurance activity on each line of business, and also the income on subrogations and recourse requirements, the income from receipt of insured property and (or) its suitable remaining balance and share of overcautious persons in them according to the Section V of this provision (the table 9 of appendix to this Provision).

2.2.5. Recognizes the income and expenses, assets and liabilities connected with direct indemnification (further - PVU) according to Chapter 35 of this provision (the table 12 of appendix to this Provision).

2.2.6. Recognizes the costs connected with the conclusion of agreements (acquisition expenses), including on remunerations of intermediaries, belonging to the last accounting periods and not having significant effect on accounting (financial) records, and the corresponding deferred costs on the conclusion of agreements (the postponed acquisition expenses) based on provisions of accounting policy and requirements of Chapters 22 and 23 of this provision (the table 10 of appendix to this Provision).

2.2.7. Recognizes the income and expenses connected with features of reflection of transactions on assignments from insurance premiums, write-offs according to the collection according to judgments (the table 12 of appendix to this Provision), debt of the reinsurer on nedoperechislenny to the overcautious person of part of reinsurance award which the reinsurer has the right to leave temporarily outstanding in accordance with the terms of the agreement of reinsurance as guarantee of obligation fulfillment of the overcautious person under the specified agreement (further - depot of awards), debts of the reinsurer to the overcautious person which the reinsurer has the right to leave temporarily outstanding in accordance with the terms of the agreement of reinsurance as guarantee of obligation fulfillment of the overcautious person under the specified agreement which size is determined depending on the overcautious person's share in reserves of losses of the reinsurer (further - depot of losses) (the table 11 of appendix to this Provision) accounting of bonuses on reinsurance transactions (the table 12 of appendix of this provision) according to the Section VII of this provision.

2.2.8. Recognizes the income and expenses on transactions of insurance, joint insurance and reinsurance relating to the last accounting periods and found in the current accounting period, having significant effect on accounting (financial) records of the insurer according to requirements of the Section V of this provision.

2.3. On each reporting date the insurer applies the following general requirements to accounting.

2.3.1. Recognizes assets and liabilities under agreements according to requirements of the Section III of this provision (table 1 - 6, the 10th appendices to this Provision).

2.3.2. Performs adequacy of obligations according to requirements of the Section III of this provision (table 1 - 2 appendices to this Provision).

2.3.3. Carries out revaluation of the built-in derivative financial instruments (the table 7 of appendix to this Provision).

2.3.4. Recognizes asset impairment on insurance and reinsurance according to requirements of Chapter of 31 this provision (the table 12 of appendix to this Provision).

2.3.5. The insurers corresponding to criteria, stipulated in Item 20B International accounting standards (IFRS) 4 "Insurance contracts" enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of December 28, 2015 No. 217n "About introduction of International accounting standards and Explanations of International accounting standards in action in the territory of the Russian Federation and about recognition No. which voided some orders (separate provisions of orders) of the Ministry of Finance of the Russian Federation", the registered Ministry of Justice of the Russian Federation on February 2, 2016 40940, on August 1, 2016 No. 43044, with amendments, enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of June 27, 2016 No. 98n "About introduction of documents of International accounting standards in action in the territory of the Russian Federation and about recognition No. which voided some orders of the Ministry of Finance of the Russian Federation", the registered Ministry of Justice of the Russian Federation on July 15, 2016 42869, the order of the Ministry of Finance of the Russian Federation of March 30, 2017 No. 50n "About introduction of the document of International accounting standards in action in the territory of the Russian Federation", the registered Ministry of Justice of the Russian Federation on May 22, 2017 No. 46773 (further - IFRS (IFRS) 4 "Insurance contracts"), "Financial instruments" in edition of 2014 apply IFRS (IFRS) 9, No. 98n enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of June 27, 2016 "About introduction of documents of International accounting standards in action in the territory of the Russian Federation and about recognition No. which voided some orders of the Ministry of Finance of the Russian Federation", the registered Ministry of Justice of the Russian Federation on July 15, 2016 42869, with the amendments enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of July 11, 2016 No. 111n "About enforcement and cancellation of documents of International accounting standards in the territory of the Russian Federation", the registered Ministry of Justice of the Russian Federation on August 1, 2016 No. 43044, since January 1, 2021. The insurers corresponding to criteria, stipulated in Item 20B IFRS (IFRS) 4 "Insurance contracts", having the right to make the decision on application of IFRS (IFRS) 9 "Financial instruments" in edition of 2014 on the annual accounting periods beginning till January 1, 2021 and to reflect this decision in accounting policy.

Provisions of subitem 2.3.4 of this Item are not applied to the insurer who made the decision on application of IFRS (IFRS) 9.

Provisions of this subitem are applied to the insurer who made the decision on application of IFRS (IFRS) 9,.

The insurer according to IFRS (IFRS) 9 "Financial instruments", in edition of 2014 enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of June 27, 2016 No. 98n "About introduction of documents of International accounting standards in action in the territory of the Russian Federation and about recognition voided some orders of the Ministry of Finance of the Russian Federation", the registered Ministry of Justice of the Russian Federation on July 15, 2016 No. 42869 ("The official Internet portal of legal information" (www.pravo.gov.ru), on July 18, 2016) (further - the order of the Ministry of Finance of the Russian Federation No. 98n) (further - the IFRS (IFRS) 9), recognize asset impairment on insurance and reinsurance according to requirements of Chapter 31.1 of this provision (table 12.1 of appendix to this Provision).

Section II. Classification of agreements by insurance transactions

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