Licensing is an important aspect of the activities of insurers in terms of determining their legal capacity. Article 49 of the Civil Code of the Russian Federation, speaking of the legal capacity of a legal entity, notes that in cases provided for by law, a legal entity can engage in a certain type of activity only on the basis of a special permit (license). Thus, the right of a legal entity to carry out a licensed activity does not arise from the moment of registration (according to general rule), but from the moment of obtaining a special permit (license).
The legislation of the Russian Federation classifies insurance activities (namely, insurance, reinsurance, mutual insurance activities) as licensed.
Licensing is regulated by Art. 32 of the Law "On the organization of insurance business in the Russian Federation", which classifies the issued licenses depending on the category of the insurer. Thus, insurance organizations are issued licenses to carry out voluntary insurance life, voluntary personal insurance, with the exception of voluntary life insurance, voluntary property insurance, the type of insurance, the implementation of which is provided for by the federal law on a specific type of compulsory insurance. Reinsurance companies are issued licenses to carry out reinsurance, and a mutual insurance company - to carry out mutual insurance in the form of voluntary insurance, and in cases provided for by law, in the form of compulsory insurance.
Licensing of the activities of insurers occurs on the basis of documents, the provision of which is necessary in accordance with paragraphs 3-8 of Art. 32. These rules contain requirements, as well as lists of documents submitted by applicants for a particular type of insurance, which are exhaustive, unless federal laws on specific types of compulsory insurance, additional requirements for insurers are provided. For example, the OSAGO law establishes that only an insurer with experience in insurance operations can obtain a license. Vehicle or civil liability their owners for at least two years.
If applicants do not comply with the requirements for paperwork established in paragraph 7 of Art. 32 of the law "On the organization of insurance business", then the authorities insurance supervision within three working days from the date of receipt of the documents, a notification is sent on the elimination of violations within thirty days. Otherwise, all submitted documents are returned to the license applicant.
The period during which the insurance supervisory authority must make a decision to issue a license (or to refuse to issue a license) is thirty days. At the same time, he is obliged to notify the license applicant of the decision within five working days.
The license for the implementation of insurance detail is signed by the head of the insurance supervisory authority, certified by the official seal and must meet the requirements presented in paragraph 14 of Art. 32 of the considered law of the Russian Federation.
The decision to refuse to issue a license is made upon establishing the circumstances under which the authorized government agency not authorized to issue licenses. The totality of these conditions can conditionally be divided into two groups: unavoidable and surmountable. In this regard, the refusal of the authorized body may be, respectively, final and suspensive.
Almost all the conditions listed in Art. 32.3 of the law "On the organization of insurance business", the applicant for a license to carry out insurance activities can overcome. In essence, the only example of an unremovable obstacle is the insolvency (bankruptcy) of an insurance business entity - a legal entity through the fault of the founder of the license applicant (clause 9, clause 1, article 32.3).
This condition is insurmountable, since the law "On the organization of insurance business" imposes strict requirements for maintaining financial stability insurers, namely the presence of formed insurance reserves and own funds.
Despite the fact that the federal law "On Insolvency (Bankruptcy)" provides for the possibility of terminating proceedings on declaring a legal entity bankrupt at almost any stage, the impossibility of carrying out insurance activities by such a person is already determined by the existence of an insolvency (bankruptcy) case initiated by an arbitration court. So, court of Arbitration considers the received application for declaring the debtor bankrupt for its validity, namely, it establishes the presence of signs of bankruptcy, which are listed in paragraph 2 of Art. 3 of the Law "On Insolvency (Bankruptcy)", that is, it is not able to satisfy the monetary claims of creditors.
Other circumstances provided for by Art. 32.3 of the Law of the Russian Federation No. 4015-1, can be eliminated by a decision by the license applicant himself. These include, in particular, the following grounds:
The use of a designation that individualizes another subject of the insurance business. This requirement is due to the fact that duplication of means of individualization of legal entities in accordance with civil law is not allowed. The only exceptions are dependent and subsidiaries;
The applicant has a license to carry out activities that, in accordance with paragraphs. 1 p. 2 art. 32 are carried out by insurance organizations;
Non-compliance of the documents submitted by the applicant with the requirements of the Law “On the Organization of Insurance Business” and the regulatory acts of the insurance supervision bodies adopted in accordance with it. This basis is called one of the most common, since it is implemented in several forms, namely, in the form of an incomplete set of documents, as well as the provision of documents with errors;
Non-compliance of the charter with the requirements of the insurance legislation;
The presence of false information in the documents;
Non-compliance of the head, chief accountant and a number of other officials of the insurer with the qualification and other requirements that are imposed on them by the legislation of the Russian Federation;
The presence of an unfulfilled order of the insurance supervisory authority on non-compliance with the requirements for ensuring financial stability and solvency;
The presence of an unfulfilled order of the insurance supervisory authority on the failure to provide reporting under Art. 28 of the law in question.
It should be noted that the last two circumstances apply only to those insurers who apply for the licenses specified in paragraphs two through six of paragraphs. 1 p. 2 art. 32 of Law No. 4015-1.
At the same time, despite the detailed regulation, there are many difficulties with the licenses of insurance organizations. In particular, there is a problem with the renewal of revoked licenses, which will be discussed later.
In addition, the strict nature of licensing regulation has a negative impact on the totality of the rights of participants in insurance legal relations, including because violations of insurance legislation and enforcement measures in the form of license revocation are often disproportionate.
Thus, a license is a necessary element of the legal capacity of insurers, but the procedure for obtaining it requires a more flexible and efficient approach.
As insurers, insurance contracts may be concluded by legal entities that have permits (licenses) to carry out insurance of the corresponding type.
Requirements to be met insurance companies, the procedure for licensing their activities and exercising state supervision over this activity are determined by laws on insurance.
Licensing of the activities of subjects of the insurance business is carried out on the basis of their applications and documents submitted in accordance with this Law. A license to carry out insurance, reinsurance, mutual insurance, insurance brokerage activities (hereinafter also referred to as a license) is issued to insurance business entities.
The right to carry out activities in the field of insurance business is granted only to the subject of the insurance business that has received a license.
The law regulates in detail the procedure for issuing a license to insurance business entities, establishing some differences depending on whether the activity relates to insurance, reinsurance, mutual insurance, or the activities of insurance brokers.
The licensing authority is the Federal Insurance Supervision Service.
Licensing of voluntary and (or) compulsory insurance.
The Law on Insurance in paragraph 2 of Article 32 defines an exhaustive list required documents to obtain a license to carry out voluntary and (or) compulsory insurance. Therefore, other documents not included in the list cannot be required.
To obtain a license to carry out additional types of voluntary and (or) compulsory insurance provided for by the classification, the license applicant shall submit to the insurance supervisory authority:
Speaking about insurance rules, it should also be taken into account that, in accordance with the Law on the Organization of Insurance Business, an insurance organization, in order to obtain a license for the right to carry out insurance activities, must present to the insurance supervisory authority those insurance rules that this insurance organization intends to use in its activities.
If the insurer decides to change the insurance rules used by him, he is obliged to bring this to the attention of the insurance supervisory authority.
Licensing of activities for reinsurance.
The applicants for reinsurance licenses are not subject to the provision of the following documents:
All other documents are provided in accordance with the exhaustive list established by paragraph 2 of Art. 32 of the Law on the organization of insurance business.
Licensing of activities for the implementation of mutual insurance.
To obtain a license for mutual insurance, the license applicant ( non-profit organization) submit to the insurance supervisory authority:
If amendments are made to the charter of a mutual insurance company in terms of supplementing the list of types of insurance, the provision on the formation of insurance reserves and the insurance rules for such types of insurance are sent to the insurance supervisory authority for approval.
Licensing for brokerage activities.
To obtain a license to carry out insurance brokerage activities, the license applicant submits to the insurance supervisory authority:
Article 32
1. License for insurance, reinsurance, mutual insurance, intermediary activities as an insurance broker (hereinafter referred to as the license)- a special permit for the right to carry out insurance activities, granted by the insurance supervisory authority to the subject of the insurance business.
2. The license is issued:
1) insurance organization for the implementation of:
voluntary life insurance;
voluntary personal insurance, except for voluntary life insurance;
voluntary property insurance;
the type of insurance, the implementation of which is provided for by the federal law on a specific type of compulsory insurance;
reinsurance in the event of acceptance under the reinsurance agreement of obligations for insurance payment;
2) a reinsurance company for reinsurance;
3) to a mutual insurance company to carry out mutual insurance in the form of voluntary insurance, and in cases where, in accordance with the federal law on a specific type of compulsory insurance, the company has the right to carry out compulsory insurance, in the form of compulsory insurance;
4) to an insurance broker to carry out intermediary activities as an insurance broker.
3. To obtain a license to carry out insurance, reinsurance, the license applicant submits to the insurance supervisory authority:
1) an application for a license;
3) the articles of association of the license applicant;
4) decisions on approval of the charter of the license applicant, election or appointment of the management bodies of the license applicant, as well as on the formation of an audit commission or the election of the auditor of the license applicant;
6) documents confirming the payment of the authorized capital in full;
7) information about the persons specified in Article 32.1 of this Law, with the attachment of documents confirming the compliance of these persons with the qualification and other requirements established by this Law, Federal Law No. 293-FZ of November 2, 2013 "On actuarial activities in Russian Federation" and regulations body of insurance supervision (information on the persons appointed to the positions of the deputy of the person exercising the functions of the sole executive body, member of the collegial executive body, member of the board of directors (supervisory board), deputy chief accountant of the insurance company, head and chief accountant of the branch of the insurance company, and information about actuaries of an insurance medical organization that carries out exclusively mandatory health insurance, are submitted in the presence of the indicated positions in the staff of the license applicant);
8) documents (according to the list established by the regulatory acts of the insurance supervisory authority) confirming the sources of origin of the property contributed by the founders (shareholders, participants) of the license applicant to the authorized capital;
9) regulation on internal audit;
10) documents confirming the compliance of the license applicant with the requirements established by the legislation of the Russian Federation on state secrets (if this requirement established by law);
11) documents confirming the compliance of the license applicant with the requirements established by federal laws on specific types of compulsory insurance (in cases where federal laws contain additional requirements for insurers);
4. Applicants for licenses registered in the unified state register of insurance business entities should not submit to the insurance supervisory authority the documents specified in subparagraphs 3-11 of paragraph 3 of this article and are available to the insurance supervisory authority, if they have not been amended.
5. To obtain a license to carry out mutual insurance, the license applicant (non-profit organization) submits to the insurance supervisory authority:
2) documents confirming the payment of the state fee for granting a license;
3) the charter of the mutual insurance company;
4) decisions on approval of the charter of the license applicant, election or appointment of the management bodies of the license applicant, appointment of an internal auditor (head of the internal audit);
5) information about the persons appointed (elected) to the positions of the director of the company and members of the board, internal auditor (head of the internal audit service), chief accountant, as well as information about the actuary with documents confirming that these persons meet the qualification and other requirements established by this Law, Federal Law No. 286-FZ of November 29, 2007 "On Mutual Insurance", Federal Law No. 293-FZ of November 2, 2013 "On Actuarial Activities in the Russian Federation" and regulatory acts of the insurance supervisory authority;
6) regulation on internal audit;
7) information about the members of the mutual insurance company, indicating their property interests for the protection of which a mutual insurance society has been established.
6. To obtain a license to carry out intermediary activities as an insurance broker, the license applicant submits to the insurance supervisory authority:
2) documents confirming the payment of the state fee for granting a license;
3) the charter of the license applicant - legal entity;
4) information about the persons appointed (elected) to the positions of managers (the person exercising the functions of the sole executive body, the head of the collegial executive body), members of the collegiate executive body of an insurance broker - a legal entity, information about an insurance broker - an individual entrepreneur, information about the chief accountant an insurance broker with documents confirming that these persons comply with the qualification and other requirements established by this Law and regulatory acts of the insurance supervisory authority;
5) bank guarantee in the amount of at least three million rubles or documents confirming the availability of own funds in the amount of at least three million rubles, in accordance with paragraph six of clause 6 of Article 8 of this Law.
7. License applicants that are subsidiaries of a foreign investor or have a share of foreign investors in their authorized capital of more than 49 percent, along with the documents specified in paragraph 3 of this article, submit the following documents to the insurance supervisory authority:
1) the decision of a legal entity - a foreign investor on its participation in the creation of an insurance organization in the territory of the Russian Federation;
2) an extract from the register of foreign legal entities of the relevant country where the legal entity - a foreign investor is established, or other proof of the status of the foreign legal entity - founder (shareholder, participant) of equal legal force;
3) a written consent of the relevant control body of the country where the legal entity - a foreign investor is established, to its participation in the authorized capital of the insurance company in the territory of the Russian Federation or the conclusion of this control body or a person authorized to provide legal services on the territory of the country where the legal entity - a foreign investor is established, about the absence of the need to obtain such consent in accordance with the legislation of this country;
4) a copy of the license (special permit) of the country where the legal entity is established - a foreign investor;
5) accounting (financial) statements of the legal entity - a foreign investor for the last five years of its activity, drawn up in accordance with the standards established by the personal law of the legal entity - a foreign investor, and confirming that the legal entity - a foreign investor carries out insurance activities in accordance with the law country where it is established, with a copy of the auditor's report for the last reporting period(in the presence of).
8. A regulatory act of the insurance supervision body establishes requirements for information, documents and (or) standard forms documents in relation to the documents specified in subparagraphs 1, , , and 12 of paragraph 3, subparagraphs 1, , 7 of paragraph 5, subparagraphs 1, 4 of paragraph 6 of this article, as well as the procedure and methods for submitting to the insurance supervisory authority the documents provided for in paragraphs 3 , 5 - 7 of this article.
The insurance supervision body, using a unified system of interdepartmental electronic interaction, requests from the federal executive body that carries out state registration of legal entities and individual entrepreneurs, information about the license applicant, its founders (shareholders, participants, members) contained in the unified state register of legal entities, the unified state register of individual entrepreneurs.
9. The lists of documents specified in this article submitted by applicants for licenses to obtain licenses are exhaustive, except in cases where federal laws on specific types of compulsory insurance provide for additional requirements for insurers. In order to verify the information received, the insurance supervisory authority has the right to send requests to organizations in writing for the provision (within their competence) of information relating to the documents submitted by the license applicant in accordance with the legislation of the Russian Federation.
10. If the application for a license and other documents do not comply with the requirements established by this Law and (or) the regulatory acts of the insurance supervisory authority, and (or) the submission by the license applicant of the documents specified in this article, the insurance supervisory authority does not fully send the license applicant is notified in writing of the need to eliminate the identified violations, to draw up the documents properly with an exhaustive list of missing or incorrectly executed documents and to suspend the decision-making period for no more than thirty working days. If the license applicant fails to submit duly executed documents within the period specified in such notification, the application for a license granted earlier submitted by the license applicant and the documents attached to it shall be returned to the license applicant.
The decision to issue a license or to refuse to issue a license is made by the insurance supervisory authority within a period not exceeding thirty working days from the date of submission by the license applicant to the insurance supervisory authority of all the documents provided for by this article and duly executed.
The insurance supervisory authority notifies the license applicant of decision on issuance of a license or refusal to issue a license within five working days from the date of adoption of the relevant decision.
11. On changes made to the documents that served as the basis for obtaining a license in accordance with
The license to carry out insurance activities is a document certifying the right of its owner to conduct insurance activities in the territory of the Russian Federation, subject to the conditions and requirements specified when issuing the license. It is not insurance activities in general that are licensed, but specific types of insurance in which the existence of an insurable interest is established by law. Therefore, an insurance organization that has been operating in the market for a long time, when introducing a new type of insurance, must obtain a license for its implementation.
Licenses are issued for the implementation of voluntary and compulsory personal insurance, property insurance, liability insurance, as well as reinsurance, if the subject of the insurer's activity is exclusively reinsurance. The license specifies the specific types of insurance that the insurer has the right to deal with. The concept of the type of insurance in legislative documents is not clearly defined. In fact, the type of insurance is separated from others by the presence of a certain object of insurance and the insured risk and is formalized by separate Insurance Rules.
Licensing of insurance activities in the territory of the Russian Federation is regulated by the conditions for licensing insurance activities in the territory of the Russian Federation, approved by order of the Federal Service of Russia for Supervision of Insurance Activities on May 19, 1994. organizations providing compulsory medical insurance, approved by the Decree of the Government of the Russian Federation of March 29, 1994. The conditions for licensing other compulsory types of insurance are regulated by special documents.
Licensing of insurance activities is carried out by insurance supervision bodies. At the same time, in the Licensing Conditions, in contradiction with the Law "On the Organization of Insurance Business in the Russian Federation", the concept of the type of insurance activity, and not the type of insurance, is used as the object of insurance. The type of insurance activity may include many types of insurance. The license indicates the type of insurance activity, and the annex to the license - a list of specific types of insurance with the relevant Insurance Rules.
The licensed insurance activity is understood as the activity of insurance organizations and mutual insurance companies (insurers) associated with the formation of special cash funds(insurance reserves) required for future insurance payments. Activities for assessing insurance risks, determining the amount of damage, consulting, etc. does not require a license.
A license may be issued to carry out insurance activities in a certain territory declared by the insurer. As a rule, a license to conduct insurance activities has no restrictions on the validity period, unless it is specifically stipulated when it is issued. In the event that at the time of registration of the license there is no reliable information on the risk that allows it to be assessed, the insurer is issued a temporary license.
To obtain a license, an insurance organization must fulfill the following conditions:
The licensing procedure provides for the issuance of a license to insurers previously registered as legal entities. Unlike world analogues, such a mechanism has a number of disadvantages, primarily related to the impossibility, already at the stage of registration of an insurer, to influence the composition of the founders to get acquainted with their solvency, the origin of capital, and so on.
In order to obtain a license, an insurer must have an authorized capital paid in cash in the amount of at least:
The company's own funds must be in a certain ratio with the size of the insurance premium for this type of insurance, which are planned for the first year of its implementation. When an insurer applies for a license for the first time, the paid-in authorized capital and other own funds of the insurer must ensure the carrying out of the planned types of insurance and the fulfillment of the obligations assumed by the insurer under insurance contracts and in the aggregate amount not lower than that established in the terms of licensing for a certain type of insurance activity (r ):
r = (paid UK + other own funds): the amount of insurance. awards in the first year of operation
The maximum liability for an individual risk under an insurance contract may not exceed 10% of the insurer's own funds. If the maximum liability under the contract exceeds the specified standard, reinsurance of the excess risk should be provided.
When applying for licenses for new types of insurance activities, existing Insurance companies must meet the solvency requirements in accordance with the Regulations on the procedure for calculating by insurers the normative ratio of assets and insurance liabilities assumed by them, approved by order of the Ministry of Finance of the Russian Federation of November 2, 2001 No.
A license granting the right to engage in insurance activities in the territory of the Russian Federation can only be issued legal entity, because individuals not entitled to engage in insurance activities.
Insurance activity subject to licensing is the activity of insurance organizations and mutual insurance companies (insurers) associated with the formation of special monetary funds (insurance reserves) necessary for future insurance payments.
Licenses are issued for the implementation of voluntary and compulsory personal insurance, property insurance and liability insurance. If the subject of activity of the insurer is exclusively reinsurance, then a license is issued for reinsurance. At the same time, the specific types of insurance that the insurer is entitled to carry out are indicated in the licenses.
Does not require a license for activities related to the assessment of insurance risks, determining the amount of damage, the amount of insurance payments, other consulting and research activities in the field of insurance.
Licensing of insurance activities is carried out by the federal executive body for the supervision of insurance activities, which issues licenses to insurers to carry out insurance activities, maintains a unified State register of insurers and associations of insurers, as well as a register of insurance brokers, develops regulatory and methodological documents on insurance activities referred to by the Law about insurance to its competence.
License limitation means a prohibition, until the elimination of violations established in the activities of the insurer, to conclude new insurance contracts and extend the existing ones for certain types of insurance activities (or types of insurance) or in a certain territory.
Suspension of a license means a prohibition, until the elimination of violations established in the activities of the insurer, to conclude new insurance contracts and extend the existing ones for all types of insurance activities (or types of insurance) for which a license has been issued. At the same time, under previously concluded contracts, the insurer fulfills the obligations assumed before the expiration of their validity.
License revocation means a ban on the implementation of insurance activities, with the exception of the fulfillment of obligations assumed under existing insurance contracts. At the same time, the funds of insurance reserves can be used by the insurer solely to fulfill obligations under insurance contracts.
The license to conduct insurance activities is a document certifying the right of its owner to conduct insurance activities on the territory of the Russian Federation, subject to the conditions and requirements specified when issuing such a license. A license to carry out insurance, reinsurance, mutual insurance, insurance brokerage activities is issued to insurance business entities Federal Service insurance supervision (FSSN) under the Ministry of Finance of the Russian Federation.
The procedure for licensing the activities of insurance organizations is determined by Ch. 32 "Licensing the activities of subjects of the insurance business" of the Law of the Russian Federation "On the organization of insurance business in the Russian Federation", Decree of the Government of the Russian Federation "On approval of the rules for licensing the activities of insurance medical organizations that carry out compulsory medical insurance" dated March 29, 1994 No. 251 (as amended. and additional dated 19.06.98, 03.10.2002, 14.10.2005) and the Order of the Ministry of Finance of the Russian Federation "On approval of the Regulations on the requirements for the application, information and documents provided to the activities of subjects of the insurance business" dated 11.04.2006 .N° 60n.
Licenses are issued for the implementation of voluntary and compulsory personal insurance, property insurance, liability insurance and reinsurance, if the subject of the insurer's activity is exclusively reinsurance by type of insurance activity. At the same time, the licenses indicate specific types of insurance that the insurer is entitled to carry out.
The license will be issued by prescribed form and contains the following details:
The term of validity of a license to conduct insurance activities is not limited, unless it is specifically provided for when issuing.
To obtain a license to carry out voluntary and (or) compulsory insurance, mutual insurance, the license applicant submits the following documents to the FSIS:
To obtain a license to operate reinsurance the license applicant is obliged to provide the FSIS with the specified documents, with the exception of information about the insurance actuary, insurance rules, insurance tariff calculations.
To obtain a license to operate insurance brokerage The license applicant submits the following documents to the insurance supervisory authority:
License applicants who are subsidiaries in relation to foreign investors or have a share of foreign investors in their authorized capitals of more than 49%, in addition to the above documents, provide consent in writing to the relevant body for supervision of insurance activities of the country of residence for the participation of foreign investors in the authorized capitals. capital of insurance organizations established in the territory of the Russian Federation, or notify the FSIS of the absence of a requirement for such a permit in the country of residence of foreign investors.
Attention should be paid to the peculiarities of the legal status of insurance organizations with the participation of foreign capital. Thus, insurance organizations that are subsidiaries of foreign investors (main organizations) or that have a share of foreign investors in their authorized capital of more than 49% cannot carry out life insurance, compulsory insurance, compulsory insurance in the Russian Federation. state insurance, property insurance associated with the implementation of deliveries or the performance of contract work for state needs, as well as insurance of property interests of state and municipal organizations.
If the size (quota) of participation of foreign capital in the authorized capital of insurance organizations exceeds 25%, the Federal Insurance Service stops issuing licenses to carry out insurance activities to insurance organizations that are subsidiaries in relation to foreign investors (main organizations) or that have a share of foreign investors in their authorized capital. capital over 49%.
Upon submission in the proper form of all documents (documents must be signed by an authorized person of the license applicant and sealed) necessary to obtain a license, the Federal Service for Social Insurance will issue a written notification to the license applicant about the acceptance of documents. If later the subjects of the insurance business make changes to the documents that served as the basis for obtaining a license, then they are obliged to notify the insurance supervisory authority about this within 30 days from the date of making the changes and provide documents confirming these changes.
The FSIS considers applications from legal entities and individual entrepreneurs for the issuance of licenses to them within a period not exceeding 60 days from the date of receipt of all documents necessary for obtaining a license. The FSIS is obliged to inform the license applicant about the decision within 5 working days from the date of the decision.
The grounds for refusal to issue a license to a legal entity to carry out insurance activities may be:
Refusal to issue a license federal agency The executive authority for the supervision of insurance activities informs the legal entity in writing indicating the reasons for the refusal within 5 working days from the date of such a decision.
A license to carry out insurance activities to insurance business entities, as already mentioned, is issued without limitation of the validity period, however, a temporary license can also be issued for a period of not more than 3 years at the request of the license applicant. In addition, a temporary license may be issued for a period of one to three years in the absence of information that allows a reliable assessment insurance risks provided for by the insurance rules submitted at the time of licensing. However, the period of validity of a temporary license may be extended at the request of the applicant, if during the period of its validity he did not commit violations or they were eliminated within the established time limits.
For the consideration and issuance of each license to carry out insurance activities, a fee is charged from insurance organizations in the amount established by the current legislation of the Russian Federation. The amounts of license fees are credited to the respective budgets.
It should be noted that the competence of the FSIS in terms of licensing the activities of insurance organizations includes issuing orders, limiting or suspending a license to carry out insurance activities. The basis for making a decision to restrict or suspend a license is the failure to comply with the instructions given by the insurance supervisory authority to the subjects of the insurance business.
by prescription is a written instruction of the FSIS and (or) the territorial insurance supervisory authority, obliging the insurer to eliminate the identified violation within the prescribed period, i.e. in fact, this is an order for the insurer to eliminate the violations revealed by the insurer within the prescribed period. The order is given to the insurer for violations of the requirements of the Insurance Law, in particular for:
The instructions are sent by the insurance supervisory authority to the subjects of the insurance business; organizations that have received instructions must correct the identified violations within the prescribed period and notify the supervisory authority about this. In case of non-execution of the instruction properly or within the established period, the validity of the license is limited or suspended in the manner prescribed by law.
Limitation validity of the insurer's license means a ban on the conclusion of insurance contracts for certain types of insurance, reinsurance contracts, as well as the introduction of changes that entail an increase in the obligations of the insurer in the relevant contracts.
suspension the validity of the insurer's license means a ban on the conclusion of insurance contracts, reinsurance contracts, contracts for the provision of insurance broker services, as well as the introduction of changes that entail an increase in the obligations of the subject of the insurance business to the relevant contracts.
The decision to restrict or suspend the license in without fail is subject to publication in the press, which is determined by the Federal Service for Social Insurance, within 10 working days from the date of the adoption of such a decision and becomes effective from the day of its publication. Accordingly, the decision is also communicated to the insurer in writing within 5 working days from the date of its entry into force, indicating the reasons for the restriction or suspension of the license.
Submission by the insurer within the established period of documents evidencing the elimination of violations that served as the reason for the restriction or suspension of the license is the basis for renewal license validity.
