The Federation Council approved the law on insurance of deposits of small business banks

© RIA Novosti / Vladimir Fedorenkova in photobacteria of the Federation Council of the Russian Federation. Archival photoThe Federation Council approved the law on insurance of deposits of small business banks© RIA Novosti / Vladimir Fedorenkova the image Bank

The senators on Saturday approved a law extending from 1 January 2019 to the insurance system for the funds of small enterprises, including microenterprises, in banks.

Currently insurance and compensation in case of revocation of Bank licenses subject only to the monetary funds placed on accounts (deposits) of citizens and individual entrepreneurs, within 1.4 million rubles.

The act extends such insurance on accounts (deposits) of small businesses in banks. This provides a mechanism to ensure payment of insurance compensation to such enterprises in a period comparable with the term of payment applicable to the citizens.

Passed to Agency on insurance of contributions (ASV) requirements on Bank Deposit agreements (Deposit) and Bank account agreements, side of which are small businesses, according to the law, included in the composition of creditors of the third stage.

ASV to validate the information about persons authorized to act by proxy on behalf of small businesses, will be able to request and receive free of charge the information contained in the unified state register of legal entities, including limited access. In the case where at the time of payment of insurance indemnity, a small company bankrupt, it will be transferred for use in the course of bankruptcy proceedings (sale of property of the citizen) the account debtor established by the DIA procedure.

The law also requires banks to provide up to date information on contributors — small enterprises, including to verify the information contained in the unified register of subjects of small and average business, the existing Bank data on these individuals. Banks — participants of system of insurance of deposits in respect of which the Central Bank imposed a ban on accepting deposits from individuals and opening them Bank accounts will not be able to attract deposits and the funds of individual entrepreneurs and small enterprises.