How to receive payments from type 3 IIAs: Bank of Russia draft ordinance
The Bank of Russia has developed the procedure and determined the timeframes for money to be paid from an individual investment account (IIA) of the third type in challenging life circumstances. The document has been published for public consultation.
According to the law, an investor may withdraw money from an opened IIA without terminating the agreement if the investor needs the funds to pay for expensive treatment. The list of types of such treatment was approved by the Russian Government.
To receive a payment from the account, the client should file an application with his/her broker, trustee or the management company of an open-end unit investment fund. The applicant should attach a copy of an agreement for medical services and a document issued by a medical institution stipulating the reasons for the expensive treatment and the price of it. The application is supposed to be considered within two business days. The necessary amount is credited to the medical institution’s account within three business days from when the application and a complete set of documents were received.