The state Duma adopted in the II reading the draft on peculiarities of transfer of the insurance portfolio

© RIA Novosti / Grigory to Sysoeva in photobacteria of the State Duma of the Russian Federation. Archival photoThe state Duma adopted in the II reading the draft on peculiarities of transfer of the insurance portfolio© RIA Novosti / Grigory to Sysoeva the image Bank

The state Duma adopted in the second reading the bill on peculiarities of transfer of insurance portfolio from one insurance organization to another. The third reading is scheduled for 6 December.

The bill aims to improve protection of citizens, insured in companies that were insolvent, explained earlier Deputy Finance Minister Alexei Moiseev. In particular, according to him, the procedure of transfer of the portfolio of insurance obligations and the assets of the company revoked license.

The bill clarifies the procedure for the transfer of the insurance portfolio subject to compensation by the Russian Union of motor insurers (RAMI) or the National Union of liability insurers (NSSO) the missing part of the assets. This allowed compensation of the missing assets from the reserve of guarantees and establishes the possibility of transfer of the insurance portfolio Manager of several insurance companies.

Compensation of the missing part of the assets can only be settled in cash and specified in the contract about the payment terms. Such compensation is possible before the date of signing of the contract on transfer of insurance portfolio and not later than the date of signing of the act of its reception and transmission.

In the case of transfer of insurance portfolio Manager of several insurance companies compensation for the missing part of the assets shall be distributed among them in proportion to the amount of obligations to be adopted, given they have taken the assets.

These rules will come into force on 1 January 2019. They will allow SAR and NSSO to more actively use the mechanisms of transfer of the insurance portfolio with the aim of preserving obligations to the beneficiaries under contracts of insurance organizations that are excluded from professional associations in connection with the bankruptcy or revocation of the license.

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