On replacing licence forms issued by insurance supervision authority before 21 January 2014

The Bank of Russia brings to the attention of insurance (reinsurance) companies the following information.

Pursuant to Bank of Russia Ordinance No. 3285-U, dated 19 June 2014, ‘On the Procedure and Terms of Changing Forms of Insurance (Reinsurance) Licence for the Purpose of Conforming Them with the Requirements of the Legislation of the Russian Federation’ (hereinafter, the Ordinance), insurance (reinsurance) companies performing their activity under the licences issued before 21 January 2014, must submit an application on replacing forms of insurance (reinsurance) licences and documents stipulated by the Ordinance to the Bank of Russia by 30 November 2015 года.

As of 13 February 2015, only 60 insurance (reinsurance) companies replaced their licence forms for the purpose of conforming them with the requirements of the legislation of the Russian Federation. As of the stated date, 46 applications for replacing licence forms are under the Bank of Russia consideration.

As the Bank of Russia returns for updating most documents submitted to replace the insurance (reinsurance) licence forms, the Bank of Russia advises that applications and documents stipulated by the Ordinance should be submitted ahead of November 2015.

Besides, the Bank of Russia advises that insurance (reinsurance) companies should attach an application on replacing forms of insurance (reinsurance) licence and documents stipulated by the Ordinance to the application on reissuing licence and documentary confirmation of updates in case the information indicated in Subclauses 2-09 of Clause 14 of Article 31 of Russian Law No. 4015-1, dated 27 November 1992, ‘On the Organisation of Insurance Business in the Russian Federation’ is updated.

The reference to the Press Service is mandatory if you intend to use this material.

16.02.2015 00.00.00