THE ORDER OF THE NATIONAL COMMISSION PERFORMING STATE REGULATION IN THE SPHERE OF THE MARKETS OF FINANCIAL SERVICES OF UKRAINE

of February 23, 2016 No. 396

About approval of the Regulations on obligatory criteria and standard rates of sufficiency, diversification and quality of assets of the insurer and recognition voided some regulatory legal acts of State commission on regulation of the markets of financial services of Ukraine

According to Articles 30, 31 and 36 Laws of Ukraine "About insurance", articles 27-29 of the Law of Ukraine "About financial services and state regulation of the markets of financial services" and subitems 18, of the 56th item 4 of the Regulations on the National commission performing state regulation in the sphere of the markets of financial services, No. approved by the Presidential decree of Ukraine of November 23, 2011 1070, the National commission performing state regulation in the sphere of the markets of financial services decided:

1. Approve Regulations on obligatory criteria and standard rates of sufficiency, diversification and quality of assets of the insurer which is applied.

2. Recognize invalid:

the order of State commission on regulation of the markets of financial services of Ukraine of November 26, 2004 No. 2875 "About approval of Rules of placement of insurance reserves on life insurance", registered in the Ministry of Justice of Ukraine on December 22, 2004 No. 1626/10225 (with changes);

the order of State commission on regulation of the markets of financial services of Ukraine of October 8, 2009 No. 741 "About approval of the Regulations on obligatory criteria and standard rates of sufficiency, diversification and quality of assets which provide insurance reserves on types of insurance, other, than life insurance", registered in the Ministry of Justice of Ukraine on November 18, 2009 on No. 1099/17115 (with changes).

3. This order becomes effective in 30 calendar days from the date of its official publication.

4. To insurers to bring the activities into accord with requirements of Item 6 of the Section II, Items 3 and 5 of the Section III of the Provisions specified in Item 1 of this order till June 30, 2016.

5. Restrictions of rather acceptable assets which join in calculation of the standard rate of asset diversification of the insurer stipulated in Item the 5th the Section III of the Provisions specified in Item 1 of this order is effective till March 31, 2017 inclusive.

6. To submit to department of methodology, standards of regulation and supervision of financial institutions together with department of legal providing and maintaining the register of financial institutions this order to the Ministry of Justice of Ukraine for state registration.

7. To provide to the sector of public relations and the protocol promulgation of this order after its state registration.

8. Control over the implementation of this order to assign to the member Natskomfinuslug Zalyotov A. N.

Approved by the Order of the National commission performing state regulation in the sphere of the markets of financial services of Ukraine of February 23, 2016 No. 396

Regulations on obligatory criteria and standard rates of sufficiency, diversification and quality of assets of the insurer

I. General provisions

1. This Provision is developed according to articles 27-29 of the Law of Ukraine "About financial services and state regulation of the markets of financial services", articles 30 and 31 of the Law of Ukraine "About insurance", article 43 of the Law of Ukraine "About compulsory insurance of civil responsibility of owners of land vehicles", the Law of Ukraine "About securities and the stock market", the subitem 18 of item 4 of the Regulations on the National commission performing state regulation in the sphere of the markets of financial services, No. 1070 approved by the Presidential decree of Ukraine of November 23, 2011.

2. This Provision establishes obligatory criteria and standard rates of sufficiency, diversification and quality of assets of the insurer.

3. In case of implementation of insurance of life pension by insurers in system of non-state pension provision of means of the reserves created under such agreements take place according to article 49 of the Law of Ukraine "About non-state pension provision".

4. In this Provision terms are used in the following values:

debt securities - bonds of the companies (except target bonds), hypothecation certificates, mortgage bonds, bonds of local loans, bonds of international financial institutions, government bonds of Ukraine;

real estate - the parcels of land belonging on the property right, buildings, constructions which are on the parcel of land and on which the insurer performs state registration of the property rights to such real estate;

the real estate unit - real estate concerning which the insurer had right to such property this fact with the state by entering of the corresponding record into the State register of the corporeal rights to real estate is officially admitted and confirmed, registration case is created and individual registration number is assigned;

insurance reserves - the size which determines money value of obligations of the insurer by insurance contracts (reinsurance), calculated according to requirements of the legislation for the purpose of ensuring future insurance payments depending on types of insurance;

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