Translation. Region: Russian Federation –
Source: Central Bank of Russia
An important disclaimer is at the bottom of this article.
1. Study the necessary federal laws and regulations.
2. Check the organization's compliance with the requirements for authorized capital.
To do this, follow these guidelines: By Bank of Russia Instruction No. 6171-U dated June 28, 2022 "On establishing a list of documents confirming compliance with the requirements for the authorized capital of an insurance organization, a list of documents confirming the sources of origin of property contributed by founders (shareholders, participants) of an applicant for a license to carry out insurance and (or) reinsurance to the authorized capital, and requirements for such information and documents."
| Minimum authorized capital | Types of insurance activities |
|---|---|
| 300,000,000 rubles | Voluntary personal insurance, with the exception of voluntary life insurance and/or voluntary property insurance and/or other types of insurance provided for by federal laws on specific types of compulsory insurance. |
| 450,000,000 rubles | Voluntary life insurance or voluntary life insurance and voluntary personal insurance, excluding voluntary life insurance. |
| 600,000,000 rubles | Reinsurance, as well as insurance in combination with reinsurance. |
| 120,000,000 rubles | For insurance companies providing exclusively compulsory medical insurance. |
3. Check officials for compliance with legal requirements.
The list of persons, as well as qualification and other requirements for these persons are provided for in Article 32.1 Law No. 4015-1.
To perform the check, we recommend using:
4. Select a unique name and include it in the legal entity's charter and the Unified State Register of Legal Entities.
To check the names already in use, we recommend using unified state register of insurance entities. It is also necessary to comply with the naming requirements specified in Article 4.1. Law No. 4015-1.
| The name must contain | The organizational and legal form of the insurance entity. |
| The type of activity of the subject of the insurance business using the words “insurance”, “reinsurance”, and derivatives of these words. | |
| A designation that individualizes the subject of insurance business. | |
| An indication that the joint-stock company is public (for public joint-stock companies). |
In the event that the insurance supervisory authority refuses to issue a license or returns an application for a license, a legal entity whose name contains the words “insurance,” “reinsurance,” or their derivatives is required to exclude them from its name and make appropriate changes to its charter or resubmit the documents within 90 working days from the date of the relevant decision.
5. Pay the state fee for performing legally significant actions.
The state duty amount is 7,500 rubles.Details for payment of state duty
In order to minimize errors when entering information, we recommend using Payment order designer.
6. Activate personal account of an information exchange participant and send a set of documents to the Bank of Russia.
7. Obtain a license to carry out insurance and reinsurance.
When making a decision on issuing a license, information about the subject of the insurance business is entered intoUnified State Register of Insurance EntitiesThe license is valid from the day following the day the Bank of Russia makes a decision to issue it.
The license for insurance and reinsurance in the form of an extract is sent through the personal account.
Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.