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Ministry of Justice

Russian Federation

On May 11, 2017 No. 46680

INSTRUCTION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of February 22, 2017 No. 4297-U

About the Procedure for investment of means of insurance reserves and the list of the assets permitted for investment

(as amended on 09-01-2018)

This Instruction based on 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. 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, the Art. 4225, the Art. 4294, the Art. 4296) (further - the Law of the Russian Federation "About the organization of insurance case in the Russian Federation"), article 20 of the Federal Law of November 29, 2007 No. 286-FZ "About mutual insurance" (The Russian Federation Code, 2007, No. 49, Art. 6047; 2012, No. 53, Art. 7619; 2013, No. 30, Art. 4084; 2014, No. 45, Art. 6154; 2015, No. 29, Art. 4362; 2016, No. 22, Art. 3094; No. 27, the Art. 4225) and according to 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 February 20, 2017 No. 4) establish the list of the assets permitted for investment and the procedure for investment of means of insurance reserves providing requirements to issuers of securities or issues of securities depending on assignment of credit ratings, inclusion in quoted lists by organizers of trade in the security market to structure of assets in which investment of funds of insurance reserves is allowed (including the requirements providing the maximum permitted percent of cost of each asset type or group of assets from the size of insurance reserves or separate types of insurance reserves).

1. The total cost of assets in which means of insurance reserves are invested shall be equal to the total size of insurance reserves of the insurer taking into account requirements of this Item.

For insurers (except the insurers performing obligatory civil liability insurance of owners of vehicles) the size of insurance reserves which means are invested according to this Instruction is determined as the amount of the insurance reserves created according to the Provision of the Bank of Russia of November 16, 2016 No. 557-P "About rules of forming of insurance reserves on life insurance", the registered Ministry of Justice of the Russian Federation on December 29, 2016 No. 45055 (further - the Provision of the Bank of Russia No. 557-P), and the Provision of the Bank of Russia of November 16, 2016 No. 558-P "About rules of forming of insurance reserves by insurance to other, than life insurance", the registered Ministry of Justice of the Russian Federation on December 29, 2016 No. 45054 (further - the Provision of the Bank of Russia No. 558-P).

For the insurers performing obligatory civil liability insurance of owners of vehicles, the size of insurance reserves which means are invested according to this Instruction is determined by one of the following formulas:

 

Формула 1 к Указанию ЦБ РФ от 22.02.2017 г. №4297-У

 

Формула 2 к Указанию ЦБ РФ от 22.02.2017 г. №4297-У

 

Формула 3 к Указанию ЦБ РФ от 22.02.2017 г. №4297-У

where:

Srosago - the size of insurance reserves which means are invested according to this Instruction, for the insurers performing obligatory civil liability insurance of owners of vehicles;

SR - the total size of insurance reserves on life insurance and insurance to other, than life insurance, created according to the Provision of the Bank of Russia No. 557-P and the Provision of the Bank of Russia No. 558-P;

ST - the insurance reserve for compensation for expenses on implementation of insurance payments and direct indemnification in subsequent periods (stabilization reserve on obligatory civil liability insurance of owners of vehicles) created according to the Provision of the Bank of Russia No. 558-P;

DZ - receivables of insurers which resulted from calculations for direct indemnification in accordance with the legislation of the Russian Federation about obligatory civil liability insurance of owners of vehicles;

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