Regulation of the Bank of Russia of July 16, 2019 N 688-P “On the procedure and features of the transfer of the insurance portfolio, the procedure and conditions for compensating the missing part of the assets by a professional association of insurers, the procedure for coordinating the transfer of the insurance portfolio with the Bank of Russia in the cases specified in paragraph 1 of Article 184.9 Federal Law "On Insolvency (Bankruptcy)", requirements for the content of the agreement on the transfer of the insurance portfolio and the certificate of acceptance and transfer of the insurance portfolio”

This Regulation on the basis of paragraphs 1 and 6 of Article 26.1 of the Law of the Russian Federation of November 27, 1992 N 4015-I "On the organization of insurance business in the Russian Federation" (Bulletin of the Congress of People's Deputies of the Russian Federation and the Supreme Council of the Russian Federation, 1993, No. 2, Art. 56; Collected Legislation of the Russian Federation, 1998, N 1, item 4; 1999, N 47, item 5622; 2002, N 12, item 1093; N 18, item 1721; 2003, N 50, item 4855 , item 4858; 2004, No. 30, item 3085; 2005, No. 10, item 760; N 30, item 3101, item 3115; 2007, N 22, item 2563; N 46, item 5552; No. 49, item 6048; 2009, No. 44, item 5172; 2010, No. 17, item 1988; No. 31, item 4195; No. 49, item 6409; 2011, No. 30, item 4584; N 49 , item 7040; 2012, N 53, item 7592; 2013, N 26, item 3207; N 30, item 4067; N 52, item 6975; 2014, N 23, item 2934; N 30, item 4224; N 45, item 6154; 2015, N 10, item 1409; N 27, item 3946, item 4001; N 29, item 4357, item 4385; No. 48, item 6715; 2016, No. 1, item 52; No. 22, item 3094; No. 26, item 3863, item 3891; No. 27, item 4225, item 4294, item. 4296; 2017, N 31, art. 4754, art. 4830; 2018, N 1, art. 10, art. 66; No. 18, Art. 2557; N 31, art. 4840; No. 32, art. 5113, Art. 5115; No. 49, Art. 7524) (hereinafter referred to as the Law of the Russian Federation "On the Organization of the Insurance Business in the Russian Federation"), paragraphs 3 and 4 of Article 184.9 of the Federal Law of October 26, 2002 N 127-FZ "On Insolvency (Bankruptcy)" (Collected Legislation of the Russian Federation, 2002 , N 43, item 4190; 2004, N 35, item 3607; 2005, N 1, item 18, item 46; N 44, item 4471; 2006, N 30, item 3292; N 52, item 5497; 2007, N 7, item 834; N 18, item 2117; N 30, item 3754; N 41, item 4845; N 49, item 6079; 2008, N 30, item 3616; N 49, item 5748; 2009, N 1, item 4, item 14; N 18, item 2153; N 29, item 3632; N 51, item 6160; N 52, item 6450; 2010, N 17, item 1988; N 31, item 4188, item 4196; 2011, N 1, item 41; N 7, item 905; N 19, item 2708; N 27, item 3880; N 29, 4301; N 30, item 4576; N 48, item 6728; N 49, item 7015, item 7024, item 7040, item 7061, item 7068; N 50, item 7351, item 7357; 2012, N 31, item 4333; N 53, item 7607, item 7619; 2013, N 23, item 2871; N 26, item 3207; N 27, item 3477, item 3481; N 30, item 4084; N 51, item 6699; N 52, item 6 975, Art. 6984; 2014, N 11, art. 1095, Art. 1098; No. 30, art. 4217; No. 49, art. 6914; No. 52, art. 7543; 2015, N 1, art. 10, art. 11, Art. 29, art. 35; No. 27, art. 3945, art. 3958, art. 3967, Art. 3977; No. 29, art. 4350, Art. 4355, Art. 4362; 2016, N 1, art. 11, Art. 27, art. 29; No. 23, art. 3296; No. 26, art. 3891; No. 27, art. 4225, Art. 4237, art. 4293, Art. 4305; 2017, N 1, art. 29; No. 18, art. 2661; No. 25, Art. 3596; N 31, Art. 4761, Art. 4767, Art. 4815, Art. 4830; No. 48, art. 7052; 2018, N 1, art. 54; No. 11, Art. 1588; No. 18, Art. 2557, Art. 2563, art. 2576; No. 28, Art. 4139; No. 32, art. 5115; No. 47, art. 7140; No. 49, art. 7524; No. 52, Art. 8102; No. 53, Art. 8404, Art. 8440; 2019, N 22, art. 2661; No. 26, art. 3317; No. 27, art. 3538) (hereinafter referred to as the Federal Law "On Insolvency (Bankruptcy)") establishes:

the procedure for transferring the insurance portfolio in the cases specified in paragraph 1 of Article 184.9 of the Federal Law "On Insolvency (Bankruptcy)", including the procedure for fulfilling obligations under insurance contracts identified after the transfer of the insurance portfolio to an insurance company and not transferred as part of it, the procedure for fulfilling obligations by an insurance company or insurance companies that have accepted the insurance portfolio;

features of the transfer of the insurance portfolio in the cases specified in paragraph 1 of Article 184.9 of the Federal Law "On Insolvency (Bankruptcy)", including the procedure for fulfilling obligations under insurance contracts identified after the transfer of the insurance portfolio to an insurance company and not transferred as part of it, the procedure for fulfilling obligations by an insurance company or insurance companies that have accepted the insurance portfolio, and the procedure for selecting the insurance company or insurance companies that accept the insurance portfolio, by types of insurance for which compensation payments are provided;

the procedure and conditions for compensating the missing part of the assets by a professional association of insurers from funds intended to finance compensation payments, in the cases specified in paragraph 1 of Article 184.9 of the Federal Law "On Insolvency (Bankruptcy)", if the assets of the insurance organization are insufficient or absent for execution by the insurance organization, or by insurance organizations that have accepted the insurance portfolio, obligations under insurance contracts related to the types of insurance for which compensation payments are provided;

the procedure for coordinating the transfer of the insurance portfolio with the Bank of Russia in the cases specified in paragraph 1 of Article 184.9 of the Federal Law "On Insolvency (Bankruptcy)";

requirements for the content of the agreement on the transfer of the insurance portfolio and the act of acceptance and transfer of the insurance portfolio.

chapter 1 liabilities of an insurance company or insurance companies that have accepted the insurance portfolio

1.1. The insurance company (in the event of suspension of the powers of the governing bodies of the insurance company - the temporary administration of the insurance company) or the bankruptcy commissioner of the insurance company that has adopted (accepted) in the cases specified in paragraph 1 of Article 184.9 of the Federal Law "On Insolvency Bankruptcy", the decision to transfer the insurance portfolio to another insurance company or insurance companies (hereinafter referred to as the transferring party), no later than the day of publication of the notice of the transfer of the insurance portfolio, provided for in paragraph 5 of Article 184.9 of the Federal Law "On Insolvency (Bankruptcy)", must (should) take the following actions as of the date of the said decision:

1.1.1. draw up a list of insurance contracts, the obligations under which are transferred as part of the insurance portfolio to another insurance company (insurance companies) (hereinafter referred to as the managing insurance company (managing insurance companies), separately for each type of insurance (hereinafter referred to as the list of insurance contracts), which must contain the following information for each insurance contract:

information about policyholders, beneficiaries, insured persons;

information on the delay in payment of the insurance premium (insurance contributions);

information contained in the journals provided for in clause 5.2 of Regulations of the Bank of Russia dated November 16, 2016 N 557-P "On the rules for the formation of insurance reserves for life insurance", registered by the Ministry of Justice of the Russian Federation on December 29, 2016 N 45055 (hereinafter - Regulation of the Bank of Russia N 557-P), and clause 5.2 of Regulations of the Bank of Russia dated November 16, 2016 N 558-P "On the rules for the formation of insurance reserves for insurance other than life insurance", registered by the Ministry of Justice of the Russian Federation on December 29, 2016 N 45054 (hereinafter - the Regulation Bank of Russia N 558-P).

In case of transfer of obligations under combined insurance contracts, they are included in the list of insurance contracts for only one of the types of insurance.

Insurance contracts containing information constituting a state secret must be drawn up in a separate list containing information on each insurance contract specified in paragraphs two to four of this paragraph;

1.1.2. determine the amount of insurance reserves formed under insurance contracts, the obligations under which are transferred as part of the insurance portfolio, on the basis of the approved provision on the formation of insurance reserves by the insurance company transferring the insurance portfolio, the requirements for which in terms of life insurance and insurance other than life insurance are established by Chapter 4 Regulations of the Bank of Russia N 557-P and chapter 4 of the Regulations of the Bank of Russia N 558-P, respectively (hereinafter referred to as the regulation on the formation of insurance reserves).

If, upon transfer of the insurance portfolio, the amount of the insurance reserve for individual insurance contracts, the obligations under which are transferred as part of the insurance portfolio, is not determined on the basis of the provision on the formation of insurance reserves, the amount of the specified insurance reserve should be determined as follows:

under life insurance contracts - by distributing the insurance reserve for individual insurance contracts, the obligations under which are transferred as part of the insurance portfolio, in proportion to the ratio of the mathematical reserve calculated under the transferred insurance contract to the total amount of mathematical reserves calculated under the insurance contracts, the obligations under which are transferred to composition of the insurance portfolio;

under insurance contracts other than life insurance - by distributing the insurance reserve under individual insurance contracts, the obligations under which are transferred as part of the insurance portfolio, in proportion to the ratio of the premium earned under the transferred insurance contract to the total amount of premium earned under the insurance contracts, the obligations under which are transferred to as part of the insurance portfolio, according to the accounting group to which the contract being transferred belongs. In this case, the distribution is made separately for each of the loss periods involved in the calculation of the reserve, and the total amount of incurred but not reported losses is determined as the sum of the amounts of incurred but not reported losses for each of the loss periods;

1.1.3. determine the types and value of assets accepted to cover the formed insurance reserves under insurance contracts, the obligations under which are transferred as part of the insurance portfolio, based on accounting and reporting data of the insurance company transferring the insurance portfolio.

1.2. All documents and information relating to the transferred insurance portfolio, received by the transferring party after the transfer of the insurance portfolio, must be sent by the transferring party to the managing insurance company (managing insurance companies) within 10 working days from the date of their receipt.

1.3. The managing insurance company (managing insurance companies) must publish a notice on the completion of the transfer of the insurance portfolio in the official publication, in which, in accordance with paragraph 5 of Article 184.9 of the Federal Law "On Insolvency (Bankruptcy)", a notice was published on the transfer of the insurance portfolio, and in two periodicals in accordance with subparagraph 2 of paragraph 13 of article 26.1 of the Law of the Russian Federation "On the organization of insurance business in the Russian Federation".

1.4. Settlement of relations with policyholders, insured persons, beneficiaries for declared insured events, submitted applications for termination of insurance contracts and refusals to replace the insurer under insurance contracts identified after the transfer of the insurance portfolio of the transferring party and not transferred as part of it (not included in the list of insurance contracts) , must be carried out by the insurance company transferring the insurance portfolio in accordance with the terms of the insurance contracts on which they were concluded.

1.5. The managing insurance company (managing insurance companies) must (should) fulfill the obligations under the insurance contracts included in the insurance portfolio in accordance with the terms of the insurance contracts on which they were concluded.

chapter 2 obligations by an insurance company or insurance companies that have accepted the insurance portfolio, and the procedure for choosing an insurance company or insurance companies that have accepted the insurance portfolio, by type of insurance for which compensation payments are provided

2.1. In the event of the transfer of the insurance portfolio under insurance contracts related to the types of insurance for which compensation payments are provided, the professional association of insurers must post, in accordance with the rules (standards) of professional activity, on its website in the information and telecommunication network "Internet" information about the beginning of the procedure selection from among its members of the managing insurance organization (managing insurance organizations).

2.2. When receiving proposals from insurance organizations - members of a professional association of insurers to conclude an agreement on the transfer of an insurance portfolio, a professional association of insurers must evaluate the submitted proposals and check the insurance organizations that submitted them for compliance with the requirements established by the rules (standards) of professional activity.

2.3. A professional association of insurers, within the time limits established by the rules (standards) of professional activity, must send to each insurance company that has sent a proposal to conclude an agreement on the transfer of the insurance portfolio, a notice of compliance or non-compliance with the requirements established by the rules (standards) of professional activity.

A professional association of insurers must send to each insurance company that meets the requirements established by the rules (standards) of professional activity a proposal to conclude an agreement on compensation for the missing part of assets, including the conditions for compensation by the professional association of insurers for the missing part of assets.

2.4. The managing insurance company (managing insurance companies) must (should) fulfill the obligations under the insurance contracts included in the insurance portfolio, related to the types of insurance for which compensation payments are provided, in accordance with the terms of the insurance contracts on which they were concluded.

2.5. The insurance company transferring the insurance portfolio must fulfill its obligations under insurance contracts related to the types of insurance for which compensation payments are made, identified after the transfer of the insurance portfolio to the insurance company and not transferred as part of it (not included in the list of insurance contracts), in accordance with paragraph 1.4 of this Regulation.

Chapter 3 insurance company or insurance companies that have accepted the insurance portfolio, obligations under insurance contracts related to the types of insurance for which compensation payments are provided

3.1. When a professional association of insurers makes a decision to compensate for the missing part of the assets and concludes an agreement (contracts) with the managing insurance company (managers of insurance companies) on compensation for the missing part of the assets, the professional association of insurers must compensate for the missing part of the assets in the amount and terms specified in the specified agreement (specified contracts).

3.2. The missing part of the assets in accordance with paragraph three of clause 4 of Article 184.9 of the Federal Law "On Insolvency (Bankruptcy)" must be compensated by the professional association of insurers of the managing insurance organization (managing insurance organizations) exclusively in cash.

3.3. In order to receive funds from a professional association of insurers, a managing insurance company (managing insurance companies) must open an account with a credit organization that meets the following requirements:

the credit institution has a universal license for banking operations;

the amount of assets of a credit institution, reflected in the report in the form 0409806 "Balance sheet (published form)", established by Appendix 1 to the Directive of the Bank of Russia dated October 8, 2018 N 4927-U "On the list, forms and procedure for compiling and submitting reporting forms of credit institutions to the Central Bank of the Russian Federation", registered by the Ministry of Justice of the Russian Federation on December 13, 2018 N 52992, and disclosed by the credit institution in accordance with subparagraph 1.1. terms of disclosure by credit institutions of information about their activities", registered by the Ministry of Justice of the Russian Federation on February 21, 2019 N 53861, is at least 50 billion rubles as of the last reporting date preceding the date of opening an account with a credit institution by a managing insurance company (managing insurance companies).

Chapter 4

4.1. In order to agree on the transfer of the insurance portfolio in the cases specified in paragraph 1 of Article 184.9 of the Federal Law "On Insolvency Bankruptcy", each managing insurance company that has entered into an agreement on the transfer of the insurance portfolio must submit to the Bank of Russia jointly signed by authorized persons of the managing insurance company and the transferring party an application for the transfer of the insurance portfolio in electronic form in the form of an electronic image (an application for the transfer of the insurance portfolio on paper, converted into electronic form by scanning with the preservation of details).

4.2. The application specified in paragraph 4.1 of this Regulation must be accompanied by the following documents in electronic form in the form of electronic images (documents on paper, converted into electronic form by scanning with the preservation of details):

the concluded agreement on the transfer of the insurance portfolio that meets the requirements of clause 5.2 of this Regulation;

a decision on consent to a major transaction taken by the authorized management body of the insurance company transferring the insurance portfolio, the authorized body of the managing insurance company if the transaction for the transfer of the insurance portfolio is a major transaction for the insurance company transferring the insurance portfolio, managing the insurance company;

an actuarial report containing the results of assessing the adequacy of assets and liabilities included in the insurance portfolio, which is transferred to the managing insurance company (managing insurance companies), as of the date of the decision to transfer the insurance portfolio by the transferring party;

calculation of the normative ratio of own funds (capital) and assumed obligations of the insurance company transferring the insurance portfolio, compiled as of the last reporting date preceding the day of sending the application for the transfer of the insurance portfolio;

calculation of the normative ratio of own funds (capital) and assumed obligations of the managing insurance company, information about the assets of the managing insurance company, taking into account the liabilities and assets accepted as part of the insurance portfolio;

a concluded agreement on compensation for the missing part of the assets in the event of the transfer of the insurance portfolio by types of insurance for which compensation payments are provided, on the terms of compensation by the professional association of insurers for the missing part of the assets;

a license of the managing insurance company to carry out work using information of an appropriate degree of secrecy in the event that insurance contracts containing information constituting a state secret are transferred as part of the insurance portfolio.

4.3. The documents specified in Clauses 4.1 and 4.2 of this Regulation must be submitted by the managing insurance company to the Bank of Russia in the manner prescribed by Bank of Russia Ordinance No. 4600-U dated November 3, 2017 "On the procedure for interaction between the Bank of Russia and credit institutions, non-bank financial institutions and other participants in the information exchange when they use information resources of the Bank of Russia, including a personal account", registered by the Ministry of Justice of the Russian Federation on January 11, 2018 N 49605 (hereinafter referred to as Instruction of the Bank of Russia N 4600-U).

4.4. The Bank of Russia must make a decision to approve the transfer of the insurance portfolio or to refuse to approve the transfer of the insurance portfolio within 15 working days from the date of submission of the documents specified in clauses 4.1 and 4.2 of this Regulation.

4.5. The Bank of Russia must refuse to approve the transfer of the insurance portfolio if one or more of the following circumstances are identified:

submission of an incomplete set of documents specified in paragraph 4.2 of these Regulations;

identification of unreliable information in the documents submitted in accordance with paragraph 4.2 of this Regulation;

non-compliance of the documents submitted in accordance with paragraph 4.2 of these Regulations with the requirements of the legislation of the Russian Federation;

suspension, restriction of validity or revocation of a license from the managing insurance company to carry out insurance activities by types of insurance for which the insurance portfolio is transferred;

non-compliance of the managing insurance company with the requirements of financial stability and solvency established by Article 25 of the Law of the Russian Federation "On the Organization of the Insurance Business in the Russian Federation", taking into account the newly assumed obligations;

reducing the amount of own funds (capital) of the managing insurance company following the results of the last reporting period to an amount less than the amount of the paid authorized capital of the managing insurance company.

4.6. The condition of paragraph six of clause 4.5 of this Regulation does not apply to cases of non-compliance of the managing insurance company with the requirements of financial stability and solvency established by Article 25 of the Law of the Russian Federation "On the Organization of Insurance Business in the Russian Federation" as a result of the acceptance of the insurance portfolio and the existence of a concluded agreement on compensation for the missing part of the assets provided for in paragraph eight of clause 4.2 of these Regulations.

4.7. The decision to agree on the transfer of the insurance portfolio or to refuse to agree on the transfer of the insurance portfolio is signed by the Deputy Chairman of the Bank of Russia in charge of control and supervision over the activities of the subjects of the insurance business (by the person replacing him).

4.8. The Bank of Russia must send a decision to approve the transfer of the insurance portfolio or to refuse to approve the transfer of the insurance portfolio within 5 working days from the date of its signing:

the managing insurance company that transfers the insurance portfolio to the insurance company, as well as the professional association of insurers in the event of the transfer of the insurance portfolio by types of insurance for which compensation payments are provided - in the form of an electronic document through the personal account of the information exchange participant, a link to which is posted on the official website Bank of Russia in the information and telecommunications network "Internet", in accordance with the requirements of the Directive of the Bank of Russia N 4600-U;

to the bankruptcy trustee - on paper in a way that allows confirming the receipt of a decision on approving the transfer of the insurance portfolio or on refusing to approve the transfer of the insurance portfolio by the addressee.

4.9. If the Bank of Russia makes a decision to approve the transfer of the insurance portfolio, it must post the relevant information on the official website of the Bank of Russia on the Internet information and telecommunication network within 5 business days from the date of the decision to approve the transfer of the insurance portfolio.

Chapter 5

5.1. An agreement on the transfer of the insurance portfolio is concluded with the managing insurance company (in the case of transferring the insurance portfolio to several managing organizations - with each managing insurance company).

5.2. The insurance portfolio transfer agreement must include the following information and conditions:

a list of insurance contracts, the obligations under which are transferred to the managing insurance company;

the composition, procedure and term for the transfer of insurance contracts, the obligations under which are transferred to the managing insurance company, as well as documents reflecting the execution of these insurance contracts (documents confirming the payment of the insurance premium (insurance premiums), documents on the settlement of insured events, documents confirming the implementation of insurance payments (redemption amounts);

the amount of insurance reserves corresponding to the transferred insurance obligations;

the composition and value of the transferred assets, the period of their transfer;

the term for the transfer of the insurance portfolio;

when transferring the insurance portfolio by types of insurance for which compensation payments are made, with the missing part of the assets, the agreement on the transfer of the insurance portfolio provides for one of the following provisions: agreement to accept the insurance portfolio without compensation for the missing part of the assets by a professional association of insurers or agreement to accept the insurance portfolio on condition compensation for the missing part of the assets by a professional association of insurers;

the obligation of the transferring party to send to the managing insurance company all documents and information relating to the transferred insurance portfolio received by the transferring party after the transfer of the insurance portfolio;

a condition on signing the act of acceptance and transfer of the insurance portfolio by the transferring party with the managing insurance company, with which the agreement on the transfer of the insurance portfolio has been concluded.

5.3. The act of acceptance and transfer of the insurance portfolio must include the following information and conditions:

a list of insurance contracts, the obligations under which are transferred to the managing insurance company, the amount of insurance reserves transferred, determined in accordance with the list of insurance contracts, and the list of transferred assets (indicating their value as of the date of transfer);

the amount of the missing part of the assets subject to compensation by the professional association of insurers, with the application of its calculation in the event of the transfer of the insurance portfolio, subject to compensation for the missing part of the assets by the professional association of insurers;

a condition for the Bank of Russia to submit a copy of the act of acceptance and transfer by the managing insurance company within 5 business days after signing the said act;

a condition to provide the professional association of insurers with a copy of the act of acceptance and transfer by the managing insurance company within 5 working days after signing the said act when transferring the insurance portfolio by types of insurance for which compensation payments are provided.

Chapter 6. Final Provisions

6.1. This Regulation shall enter into force 10 days after the date of its official publication.

6.2. From the date of entry into force of this Regulation, to recognize as invalid Regulation of the Bank of Russia dated July 23, 2015 N 480-P "On the procedure for transferring the insurance portfolio, coordinating the transfer of the insurance portfolio with the Bank of Russia, the requirements for the content of the agreement on the transfer of the insurance portfolio and the act of acceptance and transfer ", registered by the Ministry of Justice of the Russian Federation on August 19, 2015 N 38584.

Registration number 56235

Document overview

The Bank of Russia approved a new procedure for the transfer of the insurance portfolio and its approval. This is due to amendments to the Insolvency (Bankruptcy) Law.

The rules have been determined according to which the provisional administration of the insurance organization organizes the transfer of the insurance portfolio, including by types of insurance, for which compensation payments are provided.

The conditions for compensating the missing part of the assets by a professional association of insurers are prescribed.

The requirements for the content of the transfer agreement and the transfer and acceptance certificate have been clarified.

The old order is no longer valid.

The regulation comes into force 10 days after its publication.

1. When applying measures to prevent the bankruptcy of an insurance company, as well as in the course of procedures applied in a bankruptcy case, except for cases related to the revocation of an insurer's license to carry out insurance activities, the insurance portfolio of an insurance company for a particular type of insurance or several types of insurance, including for the types of insurance for which compensation payments are provided as a result of the application to the insurer of the procedure applied in the bankruptcy case, or the revocation of the insurer's license to carry out insurance activities, may be transferred by the insurance company (in the event of suspension of the powers of the management bodies of the insurance company - provisional administration of an insurance company) or a bankruptcy trustee of another insurance company or insurance companies (hereinafter referred to as the managing insurance company) in agreement with the control body.

The transfer of the insurance portfolio of an insurance company for a particular type of insurance or several types of insurance to a managing insurance company or managing insurance companies may be carried out if this does not violate the order of satisfaction of creditors' claims established by this Federal Law.

(see text in previous edition)

2. The following shall be included in the insurance portfolio of an insurance organization upon its transfer:

1) obligations under insurance contracts (for a separate type of insurance or several types of insurance) not fulfilled as of the date of the decision to transfer the insurance portfolio to an insurance company (insurance reserves) in accordance with the legislation of the Russian Federation regulating insurance activities;

2) assets accepted to cover insurance reserves formed by the insurer in accordance with the procedure established by the legislation of the Russian Federation regulating insurance activities.

3. The procedure for transferring the insurance portfolio, including the procedure for fulfilling obligations under insurance contracts identified after the transfer of the insurance portfolio to an insurance company and not transferred as part of it, the procedure for fulfilling obligations by the managing insurance company or managing insurance companies, is established by the control body.

(see text in previous edition)

Features of the transfer of the insurance portfolio, including the procedure for fulfilling obligations under insurance contracts identified after the transfer of the insurance portfolio to an insurance company and not transferred as part of it, the procedure for fulfilling obligations by the managing insurance company or managing insurance companies and the procedure for choosing the managing insurance company or managing insurance companies by type of insurance for which the implementation of compensation payments is provided, are established by the control body.

(see text in previous edition)

4. In case of insufficiency or absence of the assets of the insurance company for the fulfillment by the managing insurance company or managing insurance companies of obligations under insurance contracts related to the types of insurance for which compensation payments are provided, the missing part of the assets may be compensated by a professional association from the funds intended for financing compensation payments, in the manner and under the conditions established by the control body.

When transferring the insurance portfolio on the terms of compensation by the professional association for the missing part of the assets, the professional association selects the managing insurance company or managing insurance companies from among its members who have submitted proposals for concluding an agreement on the transfer of the insurance portfolio.

The missing part of the assets is compensated by the professional association of the managing insurance company or managing insurance companies in accordance with the terms of the agreement on compensating the missing part of the assets exclusively in cash within the time period specified in the agreement, but not earlier than the date of signing the agreement on the transfer of the insurance portfolio and no later than the date of signing the act of acceptance - transfer of the insurance portfolio.

If the insurance portfolio of an insurance company is transferred to several managing insurance companies, the compensation for the missing part of the assets is distributed among them in proportion to the volume of obligations that are subject to acceptance, taking into account the assets they accept as part of the insurance portfolio.

(see text in previous edition)

5. Policyholders and beneficiaries are subject to notification by the insurance company (in the event of suspension of the powers of the management bodies of the insurance company - by the temporary administration of the insurance company) or the bankruptcy trustee about the forthcoming transfer of the insurance portfolio of the insurance company to the managing insurance company or managing insurance companies by publishing a notification on the transfer of the insurance portfolio of the insurance company in the manner prescribed by Article 28 of this Federal Law. The specified notice shall be published at least one month before the expected date of transfer of the insurance portfolio to the insurance company. The notification of the transfer of the insurance portfolio to the insurance company must contain:

(see text in previous edition)

1) the name of the insurance company transferring the insurance portfolio, its address and information identifying the insurance company (state registration number of the entry on state registration of a legal entity, taxpayer identification number);

2) grounds for the transfer of the insurance portfolio;

3) information on the restriction or suspension of the powers of the executive bodies of the insurance company transferring the insurance portfolio;

4) the name of the managing insurance company, its address and information identifying the managing insurance company (state registration number of the entry on the state registration of a legal entity, taxpayer identification number).

5.1. In the event of the transfer of the insurance portfolio of an insurance company to several managing insurance companies, the notification of the transfer of the insurance portfolio of the insurance company must contain the information provided for in subparagraph 4 of paragraph 5 of this article on each managing insurance company, as well as information on insurance contracts transferred by each of the managing insurance companies.

6. Within a month from the date of publication of the notification on the transfer of the insurance portfolio to the insurance company, the insurants and beneficiaries have the right to send to the insurance company in writing a request to terminate the insurance contract, the rights and obligations under which are subject to transfer. In case of termination of the insurance contract, such an insurance contract and a proportional share in the insurance reserves to be transferred are excluded from the insurance portfolio of the insurance company from the moment the insurance company (in case of suspension of the powers of the management bodies of the insurance company - by the temporary administration of the insurance company) or the bankruptcy trustee of the specified claim of the insured and ( or) the beneficiary.

CENTRAL BANK OF THE RUSSIAN FEDERATION

POSITION

On the procedure for the transfer of the insurance portfolio, the coordination of the transfer of the insurance portfolio with the Bank of Russia, the requirements for the content of the agreement on the transfer of the insurance portfolio and the act of acceptance and transfer

Repealed from November 5, 2019 on the basis of
Regulations of the Bank of Russia dated July 16, 2019 N 688-P
____________________________________________________________________

This Regulation on the basis of Article 26_1 of the Law of the Russian Federation of November 27, 1992 N 4015-1 "On the organization of insurance business in the Russian Federation" (Bulletin of the Congress of People's Deputies of the Russian Federation and the Supreme Council of the Russian Federation, 1993, N 2, Art. 56; Assembly Legislation of the Russian Federation, 1998, No. 1, Article 4; 1999, No. 47, Article 5622; 2002, No. 12, Article 1093; No. 18, Article 1721; 2003, No. 50, Article 4855, Article 4858 ; 2004, N 30, art. 3085; 2005, N 10, art. 760; N 30, art. 3101, art. 3115; 2007, N 22, art. 2563; N 46, art. 5552; ​​N 49, art 6048; 2009, N 44, article 5172; 2010, N 17, article 1988; N 31, article 4195; N 49, article 6409; 2011, N 30, article 4584; N 49, article 7040 ; 2012, N 53, item 7592; 2013, N 26, item 3207; N 30, item 4067; N 52, item 6975; 2014, N 23, item 2934; N 30, item 4224; N 45, Article 6154; 2015, N 10, Article 1409; N 27, Article 4001), Article 184_9 of the Federal Law of October 26, 2002 N 127-FZ "On Insolvency (Bankruptcy)" (Collected Legislation of the Russian Federation, 2002 , N 43, article 4190; 2004, N 35, p. v.3607; 2005, N 1, article 18, article 46; N 44, art. 4471; 2006, N 30, art. 3292; N 52, art. 5497; 2007, N 7, article 834; N 18, art. 2117; N 30, art. 3754; N 41, art. 4845; N 49, art. 6079; 2008, N 30, article 3616; N 49, art. 5748; 2009, N 1, article 4, article 14; N 18, art. 2153; N 29, art. 3632; N 51, art. 6160; N 52, art. 6450; 2010, N 17, article 1988; N 31, art. 4188, art. 4196; 2011, N 1, article 41; N 7, art. 905; N 19, art. 2708; N 27, art. 3880; N 29, art. 4301; N 30, art. 4576; N 48, art. 6728; N 49, art.7015, art.7024, art.7040, art.7061, art.7068; N 50, art. 7351, art. 7357; 2012, N 31, article 4333; N 53, art. 7607, art. 7619; 2013, N 23, article 2871; N 26, art. 3207; N 27, art. 3477, art. 3481; N 30, art. 4084; N 51, art. 6699; N 52, art.6975, art.6979, art.6984; 2014, N 11, art.1095, art.1098; N 30, art. 4217; N 49, art. 6914; N 52, art. 7543; 2015, N 1, article 10, article 35; N 27, art. 3958, art. 3967, art. 3977; The "Official Internet Portal of Legal Information" (www.pravo.gov.ru), July 13, 2015) (hereinafter referred to as the Federal Law "On Insolvency (Bankruptcy)") establishes the procedure for the transfer when applying measures to prevent the bankruptcy of an insurance company, as well as in the course of the procedures applied in the bankruptcy case of an insurance company of an insurance portfolio for a single type of insurance or several types of insurance, including for types of insurance for which compensation payments are provided for as a result of the application to the insurer of the procedure applied in the bankruptcy case, or recall from the insurer of the license to carry out insurance activities (including the procedure for fulfilling obligations under insurance contracts identified after the transfer of the insurance portfolio to the insurance company and not transferred as part of it, and the procedure for fulfilling obligations by the managing insurance company); specifics of the transfer of the insurance portfolio (including the procedure for selecting a managing insurance company by type of insurance for which compensation payments are provided); the procedure and conditions for compensation by a professional association of insurers of the missing part of the assets from the funds intended to finance compensation payments; the procedure and terms for returning to the professional association of insurers the balance of funds intended to finance compensation payments transferred to the managing insurance company and not used by this managing insurance company to fulfill obligations under insurance contracts; the procedure and terms for returning to the bankruptcy estate the balance of insurance reserves transferred to the managing insurance company and not used by this managing insurance company to fulfill obligations under the transferred insurance contracts; the procedure for coordinating the transfer of the insurance portfolio with the Bank of Russia in cases stipulated by the legislation of the Russian Federation; requirements for the content of the agreement on the transfer of the insurance portfolio and the act of acceptance and transfer of the insurance portfolio.

Chapter 1. Procedure for the transfer of the insurance portfolio

1.1. Upon the occurrence of the circumstances specified in paragraph 1 of Article 184_9 of the Federal Law "On Insolvency (Bankruptcy)", the insurance company has the right to decide on the transfer of the insurance portfolio to the managing insurance company.

If such a decision is made, the insurance company transferring the insurance portfolio (hereinafter referred to as the transferring insurance company), no later than the day of publication of the notice of intent to transfer the insurance portfolio, draws up a list of insurance contracts, obligations under which are transferred as part of the insurance portfolio, determines the amount of insurance reserves formed on them , value and types of assets accepted to cover the formed insurance reserves, compiles a list of rights to claim payment of insurance premiums (insurance premiums) under contracts, obligations under which are transferred as part of the insurance portfolio, as of the date of the said decision.

1.2. The list of insurance contracts is drawn up on the basis of the journals of accounting for concluded insurance (co-insurance) contracts and the journals for accounting for losses and early terminated insurance (co-insurance) contracts separately for each type of insurance included in the transferred insurance portfolio. In case of transfer of combined insurance contracts, they are included in the list of insurance contracts for only one of the types of insurance.

The list of insurance contracts must contain the following information:

details of insurance contracts (date, number and place of conclusion);

terms and conditions of insurance contracts (validity period, period of insurance, object of insurance, sum insured and insurance premium);

information about policyholders, beneficiaries, insured persons;

information necessary to establish the rights of claim of the transferring insurance company under the transferred insurance contracts, including the amount of the unpaid insurance premium (insurance premiums), the terms for paying the insurance premium (insurance premiums), taking into account the deferral or installment plan of payment, the delay in payment of the insurance premium (insurance premiums) );

information necessary to establish the obligations of the transferring insurance company under the transferred insurance contracts, including the amount of insurance payments made, the amount of claimed but not settled losses.

1.3. The calculation of the amount of insurance reserves for the transferred insurance portfolio is made by the transferring insurance company on the basis of the regulation on the formation of insurance reserves, approved by the specified insurance company in the prescribed manner, and is confirmed by the conclusion of the responsible actuary.

If it is not possible to calculate any of the insurance reserves for the transferred insurance portfolio due to the fact that the calculation procedure provided for by the regulation on the formation of insurance reserves does not allow it to be calculated for individual insurance contracts, it is subject to distribution in the following order:

under life insurance contracts - by distributing such a reserve in proportion to the ratio of the mathematical reserve calculated under the transferred insurance contract to the total amount of mathematical reserves under the specified contracts;

under insurance contracts other than life insurance:

for the unearned premium reserve - by distributing such a reserve in proportion to the ratio of the unearned premium reserve under the transferred insurance contract to the total value of the unearned premium reserve for this accounting group;

for loss reserves - by distributing such a reserve in proportion to the ratio of the premium earned under the transferred insurance contract to the total value of the premium earned for this accounting group, while the distribution is made separately for each of the loss periods involved in the calculation of the reserve, and the total amount of incurred but undeclared loss is defined as the sum of the amounts of incurred but unreported losses for each of the loss periods.

1.4. Insurance contracts containing information constituting a state secret are drawn up in a separate list.

1.5. When transferring the insurance portfolio on the terms of compensation by a professional association of insurers for the missing part of the assets, the choice of the managing insurance organization is carried out by a professional association of insurers from among the insurance organizations - members of the specified association that sent proposals for concluding an agreement on the transfer of the insurance portfolio.

1.6. In the event of the transfer of the insurance portfolio under insurance contracts, which provide for the implementation of compensation payments, the professional association of insurers must place, within the time limits stipulated by the rules (standards) of professional activity, on its own website in the information and telecommunication network "Internet" information on the beginning of the procedure for selecting an insurance manager organizations containing:

an indication that the transfer of the insurance portfolio can be carried out on the terms of compensation by the professional association of insurers for the missing part of the assets;

conditions for choosing a managing insurance organization, including requirements for them and selection criteria.

1.7. When receiving proposals from insurance organizations that are members of a professional association of insurers to conclude an agreement on the transfer of an insurance portfolio as a managing insurance organization, the professional association of insurers evaluates the submitted proposals, checks the indicated insurance organizations for compliance with the requirements provided for by this Regulation, as well as additional conditions and criteria established rules (standards) of professional activity.

Based on the results of the assessment, the professional association of insurers sends, within the time limits established by the rules (standards) of professional activity, to each insurance organization that has sent a proposal to conclude an agreement on the transfer of the insurance portfolio, a notification of compliance or non-compliance with the established requirements (criteria), and also sends to insurance organizations, corresponding to the established requirements (criteria), an offer containing the terms of the agreement on compensation for the missing part of the assets.

1.8. The missing part of the assets is compensated by the professional association of insurers of the managing insurance organization exclusively in cash.

The obligation of a professional association of insurers to compensate for the missing part of the assets must be fulfilled in full by transferring funds to the settlement account of the managing insurance company no later than 10 working days from the date of receipt of a copy of the act of acceptance and transfer of the insurance portfolio.

1.9. The funds transferred to the managing insurance company by a professional association of insurers as compensation for the missing part of the assets are targeted funds. For the specified targeted funds, the managing insurance company opens a current account in a bank with assets of 50 billion rubles or more and (or) the amount of funds attracted from individuals on the basis of bank deposit agreements and bank account agreements, which is 10 billion rubles or more , and maintains a separate account for them. The managing insurance company starts using targeted funds after the volume of insurance payments made by the managing insurance company under insurance contracts and refunds of part of the insurance premium in case of early termination of insurance contracts included in the insurance portfolio reaches the value of assets received from the transferring insurance company, calculated on the date of their transfer.

1.10. The balance of target funds not used by the managing insurance company to fulfill obligations under insurance contracts is returned by the managing insurance company to the professional association of insurers in the manner prescribed by the rules (standards) of professional activity, after the expiration of the limitation period for the last declared loss or after five years from on the expiration date of the last insurance contract included in the insurance portfolio transferred to the managing insurance company, whichever comes first.

The professional association of insurers and the managing insurance company, after the expiration of the specified period, reconcile the settlements under all insurance contracts, the fulfillment of obligations under which was carried out by the managing insurance company at the expense of targeted funds, and sign the reconciliation act. If, based on the reconciliation results, it is found that the managing insurance company has not spent the target funds in full, the managing insurance company is obliged to return the unused funds by transferring funds to the settlement account of the professional association of insurers within five working days from the date of signing the reconciliation report.

1.11. The transferring and managing insurance companies, upon the expiration of the limitation period for the last claimed loss or five years from the expiration date of the last insurance contract included in the transferred insurance portfolio, whichever comes first, reconcile settlements under all insurance contracts included in the transferred insurance portfolio.

If, based on the reconciliation results, it is found that the managing insurance company has not spent the transferred funds of assets accepted to cover insurance reserves in full, the managing insurance company is obliged to return the balance of unused funds to the bankruptcy estate by transferring funds to the settlement account of the transferring insurance company within five working days from the date of signing the reconciliation act.

1.12. The transferring insurance company is obliged to transfer to the managing insurance company all documents and information related to the transferred insurance portfolio received by it after the transfer of the insurance portfolio.

1.13. In the event that, after the completion of the transfer of the insurance portfolio, insurance contracts that have not been transferred (not included in the list of insurance contracts) are discovered, they are executed by the transferring insurance company, and in the event of its bankruptcy, they are included in the bankruptcy estate.

If the specified contracts are related to the types of insurance for which the implementation of compensation payments is provided, and the transferring insurance organization cannot execute them on the grounds determined by the laws on such types of insurance, the professional association of insurers shall make compensation payments in accordance with the legislation of the Russian Federation.

1.14. The transferring insurance organization publishes a notice of intent to transfer the insurance portfolio in the printed media determined in accordance with Article 28 of the Federal Law "On Insolvency (Bankruptcy)".

The message on the completion of the transfer of the insurance portfolio is published by the managing insurance company in the print media, in which the notification of the intention to transfer the insurance portfolio was previously published.

Chapter 2. Procedure for coordinating the transfer of the insurance portfolio with the Bank of Russia

2.1. The transfer of the insurance portfolio in the course of applying measures to prevent the bankruptcy of an insurance company, as well as in the course of procedures applied in a bankruptcy case of an insurance company, or the revocation of an insurance company's license to carry out insurance activities, is subject to agreement with the Bank of Russia.

2.2. In order to agree on the transfer of the insurance portfolio, the transferring and managing insurance companies submit to the Bank of Russia a joint application in writing, to which the following documents are attached.

2.2.1. A signed agreement on the transfer of the insurance portfolio that meets the requirements of paragraph 3.1 of these Regulations.

2.2.2. Documents confirming the approval by the authorized management body of the insurance company of the transaction for the transfer of the insurance portfolio, if the transaction for the transfer of the insurance portfolio is for the transferring insurance company or the managing insurance company a major transaction or an interested party transaction in accordance with the legislation of the Russian Federation.

2.2.3. Actuarial opinion on the assessment of the adequacy of the formed insurance reserves as of the planned date of transfer of the insurance portfolio.

2.2.5. Accounting (financial) statements and reports submitted by way of supervision of the transferring insurance company, drawn up as of the last reporting date preceding the day of sending the application for the transfer of the insurance portfolio.

2.2.6. Accounting (financial) statements and reports, submitted by way of supervision, to the managing insurance company, drawn up as of the last reporting date preceding the day of sending the application for the transfer of the insurance portfolio.

2.2.7. Calculation of the normative ratio of own funds and assumed obligations of the managing insurance company, compiled as of the last reporting date preceding the day of sending the application for the transfer of the insurance portfolio.

2.2.8. Calculation of the normative ratio of own funds and assumed obligations of the managing insurance company, information about the assets of the insurance company, taking into account the liabilities and assets accepted as part of the insurance portfolio.

2.2.9. A copy of the agreement providing for the obligation of the professional association of insurers to compensate the managing insurance company for the missing part of the assets (indicating the amount of compensation), when transferring the insurance portfolio by types of insurance for which compensation payments are provided, with the missing part of the assets.

2.2.10. A copy of the license of the managing insurance company to carry out work using information of an appropriate degree of secrecy when transferring an insurance portfolio containing information constituting a state secret.

2.3. The application with the attached documents shall be sent to the Bank of Russia (Insurance Market Department) by registered mail or submitted to the Bank of Russia expedition. The day of receipt of documents is the day of their registration with the Bank of Russia.

2.4. Copies of documents must be certified by the insurance company that provided them. In documents submitted to the Bank of Russia (Department of the Insurance Market) and containing more than one sheet, the sheets must be numbered, stitched and fastened on the back of the last sheet with a certification inscription indicating in numbers and in words the number of numbered sheets. The certification inscription is signed by its compiler indicating the last name, first name, patronymic (if any), position and date of compilation. The signature of the compiler of the certification note must be certified by the seal of the insurance organization (if there is a seal).

2.5. The documents specified in subclauses 2.2.2, 2.2.6-2.2.10 of clause 2.2 of these Regulations shall be submitted to the Bank of Russia in the amount corresponding to the number of managing insurance companies.

2.6. The Insurance Market Department of the Bank of Russia, within 15 business days from the date of submission of the documents specified in Clause 2.2 of these Regulations, ensures the approval of the transfer of the insurance portfolio or a refusal to approve the transfer of the insurance portfolio.

The decision to approve the transfer of the insurance portfolio or to refuse to approve the transfer of the insurance portfolio is signed by the Deputy Chairman of the Bank of Russia in charge of supervision in the insurance market, or by a person replacing him. The signed decision is registered by the Insurance Market Department of the Bank of Russia and brought to the attention of the transferring and managing insurance companies and the professional association of insurers within five working days in writing (when transferring the insurance portfolio by types of insurance for which compensation payments are provided) in a way that allows confirming it receipt by the addressee.

2.7. The grounds for refusal to agree on the transfer of the insurance portfolio are:

submission of an incomplete set of documents provided for in clause 2.2 of these Regulations;

the presence of false information in the submitted documents;

non-compliance of the submitted documents with the legislation of the Russian Federation;

suspension, restriction of validity or absence of a license from the managing insurance company to carry out insurance activities for the types of insurance for which the insurance portfolio is transferred;

non-compliance of the managing insurance company with the requirements of financial stability and solvency established by the legislation of the Russian Federation, taking into account the newly assumed obligations;

reduction in the value of the net assets of the managing insurance company to an amount less than its authorized capital at the end of the financial year following the second or each subsequent financial year, after which the value of the net assets of the managing insurance company turned out to be less than its authorized capital.

2.8. In case of refusal to agree on the transfer of the insurance portfolio, insurance companies, having eliminated the violations that were the basis for the refusal to agree on the transfer of the insurance portfolio, have the right to re-apply to the Bank of Russia (Insurance Market Department) with an application for approval of the transfer of the insurance portfolio, submitting the documents specified in clause 2.2 of this Regulation.

2.9. The condition of paragraph six of clause 2.7 of this Regulation does not apply to cases of transfer of the insurance portfolio with the missing part of the assets by types of insurance for which compensation payments are provided, if the reason for the non-compliance of the managing insurance company with the established requirements is the acceptance of such an insurance portfolio, subject to compensation of the missing part of the assets by a professional association of insurers.

2.10. Information on the approval of the transfer of the insurance portfolio is posted by the Bank of Russia on the official website of the Bank of Russia in the information and telecommunication network "Internet" within five working days from the date of the decision to approve the transfer of the insurance portfolio.

Chapter 3. Requirements for the content of the agreement on the transfer of the insurance portfolio and the act of acceptance and transfer of the insurance portfolio

3.1. The agreement on the transfer of the insurance portfolio must contain the following conditions.

3.1.1. List of insurance contracts, obligations under which are transferred to the managing insurance company.

3.1.2. The composition, procedure and term for the transfer of insurance contracts, the obligations under which are transferred to the managing insurance company, as well as documents reflecting the execution of these insurance contracts (documents confirming the payment of the insurance premium (insurance premiums), documents on the settlement of insured events, documents confirming the implementation of insurance payments (redemption sums) These documents are presented in the form of copies certified by the transferring insurance organization.

3.1.3. The amount of insurance reserves corresponding to the transferred insurance liabilities.

3.1.4. The composition and value of the transferred assets, the period of their transfer.

3.1.5. Distribution of shares of the insurance portfolio between several managing insurance organizations (in case of transfer of the insurance portfolio to several managing insurance organizations).

3.1.6. The term for the transfer of the insurance portfolio.

3.1.7. When transferring the insurance portfolio by types of insurance for which compensation payments are made, with the missing part of the assets, the agreement on the transfer of the insurance portfolio provides for one of the following provisions:

agreement to accept the insurance portfolio without compensation for the missing part of the assets by the professional association of insurers;

agreement to accept the insurance portfolio, subject to compensation for the missing part of the assets by a professional association of insurers.

3.1.8. Other conditions reflecting the specifics of the transfer of the insurance portfolio that do not contradict the legislation of the Russian Federation.

3.2. The act of acceptance and transfer of the insurance portfolio reflects the list of insurance contracts, the obligations under which are transferred to the managing insurance company, the amount of insurance reserves transferred, determined according to the list of insurance contracts, and the list of transferred assets (indicating their value as of the date of transfer).

When transferring the insurance portfolio by types of insurance for which compensation payments are provided, with the missing part of the assets, the act of acceptance and transfer of the insurance portfolio shall reflect the amount of the missing part of the assets subject to compensation by the professional association of insurers, with its calculation attached.

In case of transfer of the insurance portfolio to several insurance companies, the act of acceptance and transfer of the insurance portfolio is drawn up and signed with each managing insurance company in accordance with the distribution of shares of the insurance portfolio, determined in accordance with the agreement on the transfer of the insurance portfolio.

3.3. A copy of the act of acceptance and transfer of the insurance portfolio within five working days after its signing shall be submitted by the transferring insurance organization to the Bank of Russia by way of notification.

When transferring the insurance portfolio by types of insurance for which compensation payments are provided, a copy of the certificate of acceptance and transfer of the insurance portfolio is also submitted to the professional association of insurers within five working days after its signing.

Chapter 4. Final Provisions

4.1. This Regulation is subject to official publication in the Bulletin of the Bank of Russia and, in accordance with the decision of the Board of Directors of the Bank of Russia (minutes of the meeting of the Board of Directors of the Bank of Russia dated July 17, 2015 No. invalid, registered by the Ministry of Justice of the Russian Federation on May 13, 2011 N 20741 (Rossiyskaya gazeta of May 20, 2011).

Chairman
Central Bank
Russian Federation
E.S. Nabiullina

Registered
at the Ministry of Justice
Russian Federation
August 19, 2015
registration N 38584



Electronic text of the document
prepared by Kodeks JSC and verified against:
Bulletin of the Bank of Russia,
No. 70, 26.08.2015

"Financial newspaper. Regional issue", 2007, N 43

The transfer of the insurance portfolio causes certain difficulties for insurance companies due to the fact that this issue has not yet been fully regulated by law.

The concept of "insurance portfolio"

Currently, there is no official definition of the term "insurance portfolio" in the legislation of the Russian Federation. According to paragraph 5 of Art. 25 of the Law of the Russian Federation of November 27, 1992 N 4015-1 "On the organization of insurance business in the Russian Federation" (hereinafter referred to as the Law), the insurance portfolio refers to the obligations assumed by the insurer under insurance contracts. However, such a short definition is clearly not enough and gives rise to a significant number of questions, the answers to which have to be found as a result of a systematic analysis of the norms of the insurance legislation.

In accordance with the Law, the insurance portfolio may be transferred to one or several insurers, i.e. divisibility is allowed. Therefore, the insurance portfolio should be understood as any group of insurance contracts compiled by the insurer using any criterion chosen by him. This may be a set of insurance contracts of all types concluded by the insurance organization; an industry insurance portfolio covering contracts of a certain type of insurance, and it is not at all necessary that this type correspond to those types of insurance that are enshrined in paragraph 1 of Art. 32.9 of the Law.

The second important feature is the multiplicity of transferred insurance contracts, since the Law refers to the obligations assumed by the insurer under insurance contracts. Therefore, the insurance portfolio can be considered liabilities under any number of insurance contracts, starting from two.

More difficult is the question of whether the insurance portfolio includes only insurance contracts valid at the time of its transfer, or contracts that have expired, but the obligations under which the insurer has not fulfilled in full. Of course, the bulk will be obligations under existing insurance contracts, however, according to the author, unfulfilled obligations arising from insurance contracts that have already ended can also be transferred.

The insurance portfolio may also include reinsurance contracts, since in accordance with Ch. 48 of the Civil Code of the Russian Federation, such contracts are considered a type of property insurance contracts. This refers exclusively to the so-called inward reinsurance contracts, in which the insurance company transferring the insurance portfolio acts as a reinsurer.

As part of the insurance portfolio, not only insurance and reinsurance obligations of the insurer or reinsurer are subject to transfer, i.e. obligations to make insurance payments, but also other obligations, for example, the obligation to organize the repair of a damaged insurance object or its replacement with a similar thing under property insurance contracts (clause 4, article 10 of the Law), or the obligation of the insurer to provide a loan to the insured - an individual in case of conclusion of a life insurance contract (clause 5, article 26, clause 1, clause 1, article 4 of the Law), the obligation of the reinsurer to provide consulting services to the reinsurer, etc.

The procedure for transferring the insurance portfolio

Russian legislation establishes three modes of transfer of the insurance portfolio:

transfer of the insurance portfolio solely at the will of the transferring and receiving insurers;

transfer of the insurance portfolio by the insurer within the first three months from the date of revocation of its license for insurance activities;

transfer of the insurance portfolio by the insurer after three months from the date of revocation of his license for insurance activities.

In the first case, the legal regime for the transfer of the insurance portfolio is fully regulated by paragraph 5 of Art. 25 of the Law and Ch. 24 of the Civil Code of the Russian Federation.

The portfolio can be transferred to insurers who have licenses to carry out those types of insurance, contracts for which are included in the insurance portfolio, and who have sufficient own funds, i.e. relevant solvency requirements, taking into account the newly assumed obligations. Correlating with each other the provisions of paragraphs 4 and 5 of Art. 25 of the Law, one can notice an indirect indication that the need to transfer the insurance portfolio from one insurer to another may be due to the violation by the insurer transferring the insurance portfolio of the requirements for financial stability, which makes it impossible to effectively implement the corresponding type of insurance.

Only obligations under insurance contracts that comply with the Law and are secured by the necessary assets are subject to transfer. The written consent of the policyholder and the insured persons is required for the transfer of obligations under the contract in which they participate. The obligation of the transferring insurer to transfer simultaneously with the transfer of the insurance portfolio is provided for the transfer of assets in the amount of insurance reserves corresponding to the transferred insurance obligations. A requirement is also established to change the terms of insurance contracts upon agreement with the insured in cases where the insurance rules of the insurer accepting the insurance portfolio do not comply with the insurance rules of the insurer transferring the insurance portfolio.

Thus, the most difficult to implement within the framework of the transfer of the insurance portfolio are the provisions of the Law that in the absence of the written consent of the insured, the insured persons to replace the insurer, the transfer of the insurance portfolio is not allowed, and also that an obstacle to the transfer of the insurance portfolio is the absence from the insurer transferring the insurance portfolio, assets accepted to secure insurance reserves. The latter requirement, however, does not apply to cases of insolvency (bankruptcy) of the insurer transferring the insurance portfolio.

The procedure for the transfer of the insurance portfolio after the revocation of the license for insurance activities is regulated in paragraphs 6 - 9 of Art. 32.8 of the Law.

So, before the expiration of 6 months after the entry into force of the decision of the insurance supervisory authority to revoke the license, the insurer must, in particular, fulfill the obligations arising from insurance (reinsurance) contracts, including making insurance payments for insured events that have occurred and transferring the obligations assumed under insurance contracts (insurance portfolio), and (or) termination of insurance contracts, reinsurance contracts.

The procedure for transferring the insurance portfolio in accordance with paragraphs 6 - 9 of Art. 32.8 of the Law involves notification of policyholders about the revocation of a license to transfer obligations assumed under insurance contracts, indicating the insurer to which this insurance portfolio can be transferred. Such a notice may be published in printed periodicals, each of which has a circulation of at least 10,000 copies and which are distributed in the territory where the insurers operate.

Paragraph 7 of Art. 32.8 of the Law establishes the obligation of the insurer whose license has been revoked under those insurance contracts for which the relations of the parties have not been settled, after three months from the date of entry into force of the decision of the insurance supervisory authority to revoke the license, transfer obligations to another insurer.

The law provides for the obligatory consent of the insurance supervisory authority to transfer the insurance portfolio of one insurer to another. In this case, the former is obliged, before the expiration of 6 months from the date of revocation of the license, to submit to the insurance supervisory authority documents confirming the fulfillment of the obligations provided for in paragraph 5 of Art. 32.8 of the Law.

The difference between the second and third variants of insurance portfolio transfer regimes is that when transferring obligations after three months have elapsed from the date of license revocation, it is mandatory to obtain the consent of the insurance supervisory authority. The insurance supervisory authority sends the consent or refusal in writing following the results of checking the solvency of the insurer accepting the insurance portfolio. Consent to the transfer of the insurance portfolio is not given if, after checking the solvency of the insurer accepting the insurance portfolio, it is established that it does not have sufficient own funds, i.e. does not meet the solvency requirements, taking into account the newly assumed obligations. The insurance supervisory authority must send the decision within 20 working days after the date of submission of the application for the transfer of the insurance portfolio.

It should be noted that different interpretations of the requirement of the Law on obtaining the consent of the insurance supervisory authority for the transfer of the insurance portfolio have arisen in law enforcement practice. Rosstrakhnadzor proceeds from the fact that such consent must be obtained in all cases of transfer of obligations under insurance contracts after the revocation of an insurance license.

It should be borne in mind that this regime also applies to cases of transfer of the insurance portfolio in case of the insurer's voluntary refusal of a license for insurance activities or for the implementation of certain types of insurance.

S. Dedikov

Advisor

Moscow Reinsurance Company

Article 184.9. Transfer of the insurance portfolio to an insurance company

• checked today
• law dated 08.01.2020
• entered into force on 27.07.2010

Art. 184.9 Bankruptcy law in the latest valid version of January 1, 2019.

There are no new versions of the article that have not entered into force.

Compare with the version of the article dated 12/21/2016 09/01/2013 12/01/2011 07/27/2010

When applying measures to prevent the bankruptcy of an insurance company, as well as in the course of procedures applied in a bankruptcy case, except for cases related to the revocation of an insurer's license to carry out insurance activities, the insurance portfolio of an insurance company for a particular type of insurance or several types of insurance, including including for types of insurance for which compensation payments are provided as a result of the application to the insurer of the procedure applied in the bankruptcy case, or the revocation of the insurer's license to carry out insurance activities, can be transferred by the insurance company (in the event of suspension of the powers of the management bodies of the insurance company - by the temporary administration insurance company) or the bankruptcy trustee of another insurance company or insurance companies (hereinafter referred to as the managing insurance company) in agreement with the control body.

The transfer of the insurance portfolio of an insurance company for a particular type of insurance or several types of insurance to a managing insurance company or managing insurance companies may be carried out if this does not violate the order of satisfaction of creditors' claims established by this Federal Law.

In the insurance portfolio of an insurance organization, upon its transfer, the following shall be included:

• 1) obligations under insurance contracts (for a separate type of insurance or several types of insurance) not fulfilled as of the date of the decision to transfer the insurance portfolio to an insurance company (insurance reserves) in accordance with the legislation of the Russian Federation regulating insurance activities;
• 2) assets accepted to cover insurance reserves formed by the insurer in accordance with the procedure established by the legislation of the Russian Federation regulating insurance activities.

The procedure for transferring the insurance portfolio, including the procedure for fulfilling obligations under insurance contracts identified after the transfer of the insurance portfolio to an insurance company and not transferred as part of it, the procedure for fulfilling obligations by the managing insurance company or managing insurance companies, is established by the control body.

Features of the transfer of the insurance portfolio, including the procedure for fulfilling obligations under insurance contracts identified after the transfer of the insurance portfolio to an insurance company and not transferred as part of it, the procedure for fulfilling obligations by the managing insurance company or managing insurance companies and the procedure for choosing the managing insurance company or managing insurance companies by type of insurance for which the implementation of compensation payments is provided, are established by the control body.

In case of insufficiency or absence of assets of the insurance company for the fulfillment by the managing insurance company or managing insurance companies of obligations under insurance contracts relating to the types of insurance for which compensation payments are provided, the missing part of the assets can be compensated by a professional association from the funds intended to finance compensation payments , in the manner and under the conditions established by the control body.

When transferring the insurance portfolio on the terms of compensation by the professional association for the missing part of the assets, the professional association selects the managing insurance company or managing insurance companies from among its members who have submitted proposals for concluding an agreement on the transfer of the insurance portfolio.

The missing part of the assets is compensated by the professional association of the managing insurance company or managing insurance companies in accordance with the terms of the agreement on compensating the missing part of the assets exclusively in cash within the time period specified in the agreement, but not earlier than the date of signing the agreement on the transfer of the insurance portfolio and no later than the date of signing the act of acceptance - transfer of the insurance portfolio.

If the insurance portfolio of an insurance organization is transferred to several managing insurance organizations, the compensation for the missing part of the assets is distributed among them in proportion to the volume of obligations that are subject to acceptance, taking into account the assets they accept as part of the insurance portfolio.

Policyholders and beneficiaries are subject to notification by the insurance company (in case of suspension of the powers of the management bodies of the insurance company - by the temporary administration of the insurance company) or the bankruptcy trustee about the forthcoming transfer of the insurance portfolio of the insurance company to the managing insurance company or managing insurance companies by publishing a notice of the transfer of the insurance portfolio of the insurance company in accordance with the procedure established by Article 28 of this Federal Law. The specified notice shall be published at least one month before the expected date of transfer of the insurance portfolio to the insurance company. The notification of the transfer of the insurance portfolio to the insurance company must contain:

• 1) the name of the insurance company transferring the insurance portfolio, its address and information identifying the insurance company (state registration number of the entry on state registration of a legal entity, taxpayer identification number);
• 2) grounds for the transfer of the insurance portfolio;
• 3) information on the restriction or suspension of the powers of the executive bodies of the insurance company transferring the insurance portfolio;
• 4) the name of the managing insurance company, its address and information identifying the managing insurance company (state registration number of the entry on the state registration of a legal entity, taxpayer identification number).

In the event of the transfer of the insurance portfolio of an insurance company to several managing insurance companies, the notification of the transfer of the insurance portfolio of the insurance company must contain the information provided for in subparagraph 4 of paragraph 5 of this article on each managing insurance company, as well as information on insurance contracts transferred by each of the managing insurance companies.

Within one month from the date of publication of the notification on the transfer of the insurance portfolio to the insurance company, the insurers and beneficiaries have the right to send to the insurance company in writing a request to terminate the insurance contract, the rights and obligations under which are subject to transfer. In case of termination of the insurance contract, such an insurance contract and a proportional share in the insurance reserves to be transferred are excluded from the insurance portfolio of the insurance company from the moment the insurance company (in case of suspension of the powers of the management bodies of the insurance company - by the temporary administration of the insurance company) or the bankruptcy trustee of the specified claim of the insured and ( or) the beneficiary.

Policyholders or beneficiaries under insurance contracts who have submitted a written request to terminate the insurance contract have the right to demand that the insurance company return to them part of the paid insurance premium in proportion to the difference between the period for which the insurance contract was concluded and the period during which it was valid, or payment of redemption amounts, unless otherwise provided by federal law.

These claims are subject to inclusion in the register of creditors' claims in the order of priority established by Article 184.10 of this Federal Law.