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Ministry of Justice

Russian Federation

On December 29, 2016 No. 45054

PROVISION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of November 16, 2016 No. 558-P

About rules of forming of insurance reserves on insurance to other, than life insurance

(as amended of the Instruction of the Central bank of the Russian Federation of 02.03.2021 No. 5745-U)

Based on Item 2 of article 26 of 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. 4001; No. 29, Art. 4357, Art. 4385; No. 48, Art. 6715; 2016, No. 22, Art. 3094; No. 26, Art. 3863, Art. 3891; No. 27, of the Art. 4225, of the Art. 4294, of the Art. 4296) this Provision affirm rules of forming of insurance reserves on insurance to other, than life insurance, the establishing types of insurance reserves, obligation and conditions of their forming; methods of calculation of insurance reserves; requirements to regulations on forming of insurance reserves; requirements to the documents containing the data necessary for calculation of insurance reserves and storage durations of such documents; methodical ensuring calculation of share of overcautious persons in insurance reserves; procedure for coordination with the Bank of Russia of methods of calculation of insurance reserves which differ from the methods provided by this Provision (including terms and conditions of such coordination, the basis for refusal in such coordination).

Chapter 1. General provisions

1.1. Action of this provision does not extend to medical insurance companies regarding transactions on compulsory medical insurance.

1.2. Action of paragraphs two and third Item 2. 2, subitems 3.1.4 - 3.1.6 Items 3. 1, Item 3. 6, the paragraph of the eleventh Item 5.1 of this provision does not extend to societies of mutual insurance.

If society of mutual insurance performs mutual insurance of the members directly based on the charter of the society which is not providing the conclusion of the insurance contract according to the rules of insurance which are integral part of the charter of society and determining similar conditions of mutual insurance for all members of society for the purposes of forming of insurance reserves the agreement is understood as private conditions of mutual insurance of valuable interest (subject of mutual insurance) of each member of society, including about insurance sum, start and end date of the period of execution of responsibility, insurance premium.

1.3. Insurers develop and approve the regulations on forming of insurance reserves containing procedure for their forming proceeding from requirements of this provision.

1.4. Calculation of insurance reserves is made in rubles.

Insurance reserves under the agreements relating to insurance to other, than life insurance, when implementing insurance, joint insurances, mutual insurance and reinsurance (further - agreements) which according to the foreign exchange legislation of the Russian Federation consist in foreign currency (insurance premiums (fees) are paid in foreign currency and insurance payments are performed in foreign currency), can be calculated in the corresponding foreign currency and are converted into rubles on the official rate of the Bank of Russia established on reporting date.

Insurance reserves, under agreements in which execution of monetary commitments is provided in rubles in the amount equivalent to certain amount in foreign currency (insurance premiums (fees) are paid in rubles in the amount equivalent to certain amount in foreign currency, and insurance payments are performed in rubles in the amount equivalent to certain amount in foreign currency), can be calculated in the corresponding foreign currency and are converted into rubles on the official rate of the Bank of Russia established on reporting date. If for recalculation of the specified monetary commitments the legislation of the Russian Federation or the agreement establish other rate, recalculation is made on such rate.

The insurer in internal documents for each accounting group (additional accounting group) needs to specify in what currency insurance reserves are calculated, and, in case of payment of insurance reserves in foreign currency, to open methodology of recalculation of insurance reserve in rubles.

1.5. For the purpose of this provision when calculating insurance reserves:

reporting date is date as of which the insurer shall constitute accounting (financial) records;

the accounting period is the period since January 1 on reporting date as of which calculation of size of insurance reserves is perfromed;

calculating date date for which calculation of insurance reserves is perfromed is;

settlement period is the period from January 1 on calculating date as of which calculation of size of insurance reserves is perfromed.

1.6. For calculation of insurance reserves agreements are distributed on the following groups called by accounting groups:

accounting group 1 "Voluntary medical insurance";

accounting group 2 "Accidents insurance and diseases";

accounting group 3 "Obligatory civil liability insurance of owners of vehicles";

accounting group 4 "Civil responsibility insurance of owners of vehicles within the international systems of civil responsibility insurance of owners of vehicles which participant is the professional association of insurers operating according to the Federal Law of April 25, 2002 No. 40-FZ "About obligatory civil liability insurance of owners of vehicles" (The Russian Federation Code, 2002, No. 18, of Art. 1720; 2003, No. 26, Art. 2566; 2005, No. 1, Art. 25; No. 30, Art. 3114; 2006, No. 48, Art. 4942; 2007, No. 1, Art. 29; No. 49, Art. 6067; 2008, No. 30, Art. 3616; No. 52, Art. 6236; 2009, No. 1, Art. 17; No. 9, Art. 1045; No. 52, Art. 6420, Art. 6438; 2010, No. 6, Art. 565; No. 17, Art. 1988; 2011, No. 1, Art. 4; No. 7, Art. 901; No. 27, Art. 3881; No. 29, Art. 4291; No. 49, Art. 7040; 2012, No. 25, Art. 3268; No. 31, Art. 4319, Art. 4320; 2013, No. 19, Art. 2331; No. 30, Art. 4084; 2014, No. 30, Art. 4224; No. 45, Art. 6154; 2015, No. 48, Art. 6715; 2016, No. 22, Art. 3094; No. 26, Art. 3883; No. 27, the Art. 4293) (further - the Federal Law of April 25, 2002 No. 40-FZ);

accounting group 5 "Obligatory civil liability insurance of carrier for damnification of life, to health, property of passengers";

accounting group 6 "Liability insurance of owners of vehicles, except specified in accounting groups 3 - 5, 8";

accounting group 7 "Insurance of means of the land transport";

accounting group 8 "Insurance of air, water transport, including liability insurance of owners of the specified transport, and cargo insurance";

accounting group 9 "The agricultural insurance performed with the state support";

accounting group 10 "Proprietary insurance, except specified in accounting groups 7 - 9";

accounting group 11 "Obligatory civil liability insurance of the owner of dangerous object for damnification as a result of accident on dangerous object";

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