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 : : Legal Framework
2009-01-01 00:00:00  Print Version



   STATE COMMISSION FOR REGULATION OF

    FINANCIAL SERVICES MARKETS IN UKRAINE

                   

 

                    O R D E R

 

                         08.28.2003  No. 40

 

                                      Registered by the Ministry of

                                      Justice of Ukraine

                                      on September 15, 2003

                                      under No. 805/8126

 

 

of Approval License Conditions for

Carrying out Insurance Activities

 

      ( With regard to the operation of the Order, please refer in addition to the Order of the State Commission for Regulation of Financial Services Markets in Ukraine No.74                          ( v0074486-03 ) dated 10.09.2003 )

 

    (including amendments in accordance with the Orders of the State Commission for Regulation of Financial Services Markets in Ukraine: No. 160 (z1196-03) dated 12.11.2003, No. 3329 dated 01.18.05, No. 3433 dated 01.25.05, No. 4125 dated 06.07.05, No. 5377 dated 02.14.06, No. 3329 dated 18.01.05, No. 71 dated 01.17.08)

 

 

     In accordance with the requirements stated in Article 34 of the Ukrainian Law “On Financial Services and State Regulation of Financial Services Markets”     (2664-14) and requirements stated in subparagraph 8 of paragraph 4 of the Regulation on the State Commission for Regulation of Financial Services Markets in Ukraine, approved by the President's Decree No. 292 dated April 4, 2003 (292/2003),  and aiming at improvement of the state regulation of insurance services provision, State Commission for Regulation of Financial Services Markets in Ukraine H A S  R U L E D as follows:

 

     1. To affirm License Conditions for carrying out insurance activities (attached herewith).

 

     2.  Until 11.07.2004 the State Commission for Regulation of Financial Services Markets in Ukraine, taking into account requirements stipulated in License Conditions, issues licenses to carry out insurance activities to the insurers that had been created prior to the Law of Ukraine No. 2745-III (2745-14) “On Amendments to the Law of Ukraine “On Insurance” dated 10.04.2001 took effect, and, as of the moment of submitting License application, had formed their statutory funds in the amount of no less than 500 thousand EURO, for the insurers that provide insurance other than life insurance, and of no less than 750 thousand EURO for the insurers that provide life insurance. (The Order is amended with paragraph 2 in accordance with the Order No. 160 of the State Commission for Regulation of Financial Services Markets in Ukraine  (z1196-03) dated 12.11.2003.)

 

     3. To address to the State Committee of Ukraine on the Issues of Regulatory Policies and Entrepreneurship and to the Ministry of Finance of Ukraine with the proposition to consider Resolution No 98/343 (z0663-01)  “On Approval of License Conditions for Carrying out Insurance Activities” dated 07.16.2001 and registered by the Ministry of Justice on August 3, 2001 under No. 663/5854, as such that has ceased to be in force.

 

     4. Department for the State Regulation and Development of Financial Services Markets (Khoruzhiy, S.G.)  must ensure submission of this Order to the Ministry of Justice of Ukraine for state registration.

 

     5. Department of Public Relations (Nagornyak, .V.) must ensure publication of this Order in mass media after its state registration.

 

     6. Control over execution of this Order stays with the Head of the Commission.

 

  Head of the Commission                                          V.Suslov

 

                                  


Minutes No. 12 of Meeting of the Commission

                                   as of August 28, 2003

 

 

                                      APPROVED

                                      Order of the State Commission for

                                      Regulation of  Financial Services Markets

                                      in Ukraine No. 40

                                      dated 08.28.2003

 

                                      Registered by the Ministry of Justice

                                      of Ukraine on September 15, 2003

                                      under N 805/8126

 

 

License Conditions

for Carrying Out Insurance Activities

 

     These License Conditions have been developed in accordance with the requirements stipulated by the Laws of Ukraine "On Financial Services and State Regulation of the Financial Services Markets" (2664-14),  "On Insurance" (85/96-),

"On Economic Partnerships"  ( 1576-12 ),  "On Counter-acting Legalisation (Money Laundering) of Proceeds from Crime (249-15),  as well as in accordance with the Orders of the President of Ukraine No. 292 dated April 4, 2003 (292/2003) "On the Provision on the State Commission Regulating Financial Services Markets of Ukraine",  No. 740 dated July 22, 2003 (740/2003), "On measures as to Development of the Counter-acting Legalisation (Money Laundering) of Proceeds from Crime, and Terrorist Financing”, and the other regulatory legal acts that regulate relations that are formed in the field of carrying out insurance activities.

     License Conditions establish requirements that must be met while carrying out insurance activities and as of the day of obtaining a license.

     State Commission for Regulation of Financial Services Markets, through issuance of regulatory and legal acts, can establish additional requirements that stipulate carrying out certain insurance activities.

 

Chapter 1. General Provisions

 

     1.1. The following terms that are used in these License Conditions, should be interpreted as follows:

     licensing - issuance, re-issuance and annulment of licenses,

issuance of duplicate licenses, carrying out license matters;

     license — document of the state standard, that certifies the right of the financial establishment to carry out insurance activities for the duration of the established term, provided license conditions are complied with;

     separate subdivision of the legal entity (hereinafter -

separate subdivision) is a subdivision of the legal entity, that is located outside its territory and that provides services within a single continuous process with such legal entity, and that is not a legal entity itself;

     applicant -   financial institutions, that submits documents in order to obtain license, to have their current license re-issued, to obtain duplicate license, or in order to add information with regard to a separate subdivision of the insurer;

     reporting date – is the date on which the insurance companies submit their reports;

(The paragraph 1.1 amended by the sub-paragraph 6 in accordance with the Order of the State Commission for Regulation of Financial Services Markets in Ukraine No. 3433 dated 01.25.05)

 

     statutory fund – is the monetary funds and/or state securities which are submitted by the participants-founders of the insurance company in the way of acquiring its shares.

 

(The paragraph 1.1 amended by sub-paragraph 7 in accordance with the Order of the State Commission for Regulation of Financial Services Markets in Ukraine No 3433 dated 01.25.05)

 

 

Statutory fund is considered formed and paid by official hryvnya exchange rate to the foreign currencies on the date of application submission concerning information submission on the founder to the State Register of the Financial Institutions.

 

(The paragraph 1.1 amended by sub-paragraph 8 in accordance with the Order of the State Commission for Regulation of Financial Services Markets in Ukraine No 3433 dated 01.25.05)

 

     Other terms in these License Conditions are used in compliance with the Laws of Ukraine "On Financial Services and State Regulation of the Financial Services Markets"   (2664-14),  "On Insurance"  (85/96-), On Counter-acting Legalization (Money Laundering) of Proceeds from Crime (249-15), as well as with the Provision on the State Commission for Regulation of Financial Services Markets, approved by the Presidential Order No. 292 dated April 4, 2003 (292/2003).

 

     1.2. Licensing of insurance activities is performed by the State Commission for Regulation of Financial Services Markets in Ukraine (hereinafter - Commission).

 

     1.3. In accordance with the regulatory and legal acts of Ukraine in the field of insurance business, the Commission issues licenses to financial establishments to carry out  particular kind of insurance activity  as stipulated by Articles 6, 7 of the Law of Ukraine "On Insurance" (85/96-).

    

     Prior to the adoption of the Law on the settlement concerning replacement of the mandatory state insurance with direct compensation pay-outs from State budget by the main manager of the budget funds on the specific purpose transfers by the place of employment of the victims, Commission shall grant the licenses for the purpose of conducting types of the mandatory state insurance, noted in part 1 of the Decree of the Cabinet of Ministers of Ukraine  No 1372 dated 28.11.07 “The issue of conduction of the specific types of the obligatory state insurance”.

(The paragraph 1.3 amended by sub-paragraph 2 in accordance with the Order of the State Commission for Regulation of Financial Services Markets in Ukraine No. 71 dated 01.17.08)

 

     1.4. In order to obtain license to carry out particular kinds of insurance activities, financial institution must comply with all requirements stipulated in regulatory and legal acts of Ukraine that regulate insurance activities.

 

     1.5. After obtaining a license from the Commission, an insurer has the right to carry out insurance activities throughout the whole territory of Ukraine.

 

     1.6. An insurer has the right to carry out insurance activities through his separate subdivision provided that the information with regard to such separate subdivision is submitted to the State Register of the Financial Institutions (hereinafter - Register).

 

     1.7. Validity of the license may be suspended or cancelled according to this License conditions.

 

(The paragraph 1.7 in accordance with the version of the Order of the State Commission for Regulation of Financial Services Markets in Ukraine No 3433 dated 01.25.05)

 

     1.8. Carrying out insurance activities upon expiration of the validity term of the license or its annulment, is not allowed.

 

     1.9. In case when an insurer intends to carry out insurance activities stated in the license, upon its expiration, or upon reorganization of the insurer, he must obtain a new license. New license can be issued no earlier than in the last validity day of the prior issued license. 

 

     1.10. In case when there are grounds to re-issue the license, to issue the copy of it or of its duplicate, an insurer is obliged to perform actions in accordance with the requirements stipulated by these License Conditions.

 

     1.11. The validity term of a re-issued license or its duplicate, cannot exceed the validity term established for the original license.

 

     1.12. License that has been issued to the insurer by the Commission cannot be transferred for use by other legal or physical entities to carry out insurance activities.

 

     1.13. Requirements which are set by the Legislation of Ukraine in the field of insurance activities regulation are obligatory for the execution by the insurers, within the term of validity of the license.

 

(The paragraph 1.13 amended in accordance with the Order of the State Commission for Regulation of Financial Services Markets in Ukraine No 3433 dated 01.25.05)

 

 

     1.14. The Cabinet of Ministers of Ukraine shall determine the fee for the license acquisition for the specific types of insurance.

 

(The paragraph 1.14 in accordance with the version of the Orders of the State Commission for Regulation of Financial Services Markets in Ukraine No 3433 dated 01.25.05, No. 4125 dated 06.07.05)

 

 

     1.15. The licenses for the conduction of the insurance activities are not time-limited.

 

(The paragraph 1.15 in accordance with the version of the Order of the State Commission for Regulation of Financial Services Markets in Ukraine No 3433 dated 01.25.05)

 

     1.16. License for each particular kind of insurance activities is issued on a separate blank.

 

     1.17. An insurer must place obtained license in a visible location on his territory.

 

       Chapter 2. Requirements to Carry out Insurance Activities

 

     2.1. From organization and legal standpoint, an insurer shall be formed in the form of a joint-stock, unlimited, limited partnership or a partnership with additional liability.

 

     2.2. An insurer should consist of no less than three members.

 

     2.3. An insurer should be registered in the local executive body as a subject of entrepreneurial activity and be entered into the Register.

 

     2.4. Minimal amount of established statutory fund of an insurer carrying out insurance activities other than life insurance shall be equivalent to 1 mio. EURO, and of an insurer providing life insurance, - 1.5 mio. EURO, in accordance with the Ukrainian currency exchange rate.

 

     2.5. Net assets value of the insurer, on any date after the end of the second financial year from the date of introducing the information on the applicant to The State Register of Financial Institutions, shall not be less then the minimum amount of the insurers statutory fund approved by the Article 30 of the Law of Ukraine “On insurance”.

 

(The part 2 amended by sub-paragraph 2.5 in accordance with the Order of the State Commission for Regulation of Financial Services Markets in Ukraine No 3433 dated 01.25.05, in accordance with mentioned sub-paragraphs 2.5 - 2.27 are considered 2.6 – 2.28)

 

     2.6. Statutory fund of an insurer must be established exclusively in the monetary form. It is allowed to establish statutory fund consisting of security papers issued by the state, based on their nominal value, in the order established by the Commission, in the amount not exceeding 25% of the total amount of the statutory fund.

 

     2.7. Usage of debt securities, actuarial reserves money, budget money, as well as money loaned, borrowed or on security, as well as non-financial assets, is prohibited.

 

     2.8. Total amount of an insurer's investment into statutory funds of the other insurers of Ukraine may not exceed 30 percent of his own statutory fund capital, whereas such investment into another single insurer may not exceed 10 percent of an insurer's own statutory fund capital. The above requirements do not apply to an insurer that carries out insurance activities other than life insurance, in case, when he makes an investment into the statutory fund of a life insurer.

 

     2.9. Enterprises, establishments and organizations may not become insurers simply by introducing amendments to their statutory documents in cases when they were previously engaged into different activities, even if they meet legislative requirements. 

 

     2.10. An insurer that has obtained a license to provide life insurance has no right to carry out any other kinds of insurance activities.

 

     2.11. Subject of direct activities of an insurer may constitute only insurance, reinsurance and financial activity in connection with formation, placement of actuarial reserves and management thereof.

 

     2.12. License is issued to carry out a particular kind of insurance and simultaneously entitles an insurer to carry out reinsurance of same. An insurer (reinsurer) of Ukraine has the right to accept risk in connection with reinsurance of only those kinds of voluntary and compulsory insurance that he is licensed to carry out.

     Formation of reinsurance contracts between an insurer of Ukraine (assignor, reinsurer) and nonresident reinsurers (insurers, brokers), including those that have their representations in Ukraine, is allowed only in cases stipulated by the regulatory and legal acts of Ukraine.

 

     2.13. An insurer is required to accept and register with the Commission insurance rules that meet the requirements stipulated by Article 17 of the Ukrainian Law “On Insurance” (85/96-) and by these License Conditions.

 

     2.14. Licenses for compulsory kinds of insurance are issued in accordance with these License Conditions and special licensing conditions set forth by the Cabinet of Ministers of Ukraine. License for a particular kind of compulsory insurance is issued when an insurer has voluntary insurance experience of no less than two years, unless stipulated otherwise by the legislation (under experience of no less than two years one should implicate existence of a valid license and valid insurance contracts over a period of abovementioned term).  Corresponding copies of the insurance contracts must be provided in order to confirm compliance with the requirements stipulated herein.

 

     2.15. An insurer is obliged to follow responsibilities determined in Article 20 of the Ukrainian Law “On Insurance” (85/96-).

 

     2.16. Disbursement of insurance payments by an insurer shall be executed in the order and in accordance with the terms specified by Article 25 of Ukrainian Law “On Insurance” (85/96-).  An insurer must keep a register of insurance claims (requests) of the insured with regard to an insurance amount payable or insurance compensation, based on which he should set aside claims reserve (reserve of claimed, but unpaid losses), and ensure its liquid placement.

 

     2.17. An insurer is obliged to meet payment capacity requirements set forth in Article 30 of the Ukrainian Law “On Insurance” (85/96-) and in regulatory and legal acts that stipulate corresponding requirements.

 

     2.18. An insurer must form, account for and place insurance reserves in the order and on terms stipulated in Article 31 of the Ukrainian Law “On Insurance” (85/96-) and in relevant regulatory and legal acts.

 

     2.19. In case when insurance compensation with regard to a separate insured object, exceeds 10 percent of invested statutory fund, established free reserves and insurance reserves, an insurer must conclude a reinsurance agreement.

 

     2.20. An insurer must keep accounting records, provide financial reporting and other report data in accordance with active legislation of Ukraine taking into account particular features stipulated by Articles 31 and 33 of the Ukrainian Law “On Insurance” (85/96-).

 

     2.21. An insurer must be audited and make public accounting reporting in accordance with Article 34 of the Ukrainian Law “On Insurance” (85/96-)  and other regulatory and legal acts.

 

     2.22. An insurer and his separate subdivision must be equipped with necessary computers and software, as well as with communication means (phone, fax, email) that comply with relevant requirements.

 

     2.23. While carrying out compulsory insurance activities, an insurer must form centralized reserve funds in accordance with requirements stipulated by corresponding regulatory and legal acts.

 

     2.24. While carrying out compulsory insurance activities, an insurer is obliged to follow the order and rules for carrying out such activities, to apply model agreement, amounts of insurance compensation and maximum insurance rates, or methods of actuarial calculations that are established by the Cabinet of Ministers of Ukraine.

 

     2.25. An insurer has the right to begin insurance activities in case, when:

     - accounting and registration system meet requirements stipulated by the regulatory and legal acts;

     - internal insurance rules meet requirements stipulated by Ukrainian laws and regulatory and legal acts of state authorities that conduct regulation and supervision of financial services markets;

     - professional qualities and business reputation of personnel meet requirements set forth by the regulatory and legal acts;

     - the director and the chief accountant meet the Professional requirements for the director and chief accountants of the financial institutions, approved by the Order of the State Commission for Regulation of Financial Services Markets in Ukraine 02.08.04 # 955/9554.

(The paragraph 2.25 amended by sub-paragraph 5 in accordance with the Order of the State Commission for Regulation of Financial Services Markets in Ukraine No. 3329 dated 18.01.05)

 

     2.26. As subject of primary financial monitoring, an insurer must follow the responsibilities established by Article 5 of the Ukrainian Law "On Counter-acting Legalization (Money Laundering) of Proceeds from Crime” (249-15) and by the Provision on carrying out financial monitoring by financial institutions approved by Order No. 25 (z 0715-03) of the Commission dated 08.05.2003 and registered by the Ministry of Justice of Ukraine under No. 715/8036 on August 15, 2003.

 

     2.27. An insurer, on the basis of submitted originals or duly certified copies thereof, must provide proper identification of the persons that carry out financial operations and are subject to financial monitoring in accordance with legislation.

 

     2.28. An insurer must establish rules of internal financial monitoring and appoint an employee responsible for its performance. Responsible employee must:

     - be independent in his actions and report only to the manager of the insurer;

     - inform the manager at least once a month on discovered financial operations that are subject to financial monitoring and undertaken means thereof.

 

         Chapter 3. Documents that Must Be Submitted in Order to Obtain License to Carry out Insurance Activities

 

     3.1.  In order to obtain license to carry out insurance activities, an applicant, in accordance with these License Conditions, submits the following documents that are stipulated by the Ukrainian Laws “On Insurance” (85/96-)  and "On Financial Services and State Regulation of Financial Services Markets” (2664-14), to the Commission, namely:

     - Application to obtain a License (Annex 1);

     - copy of state registration of a subject of entrepreneur activities or copy of a Certificate of entry into the Uniform State Register of the Enterprises and Organizations of Ukraine (hereinafter — USREOU), that is either notarized or certified by the issuing authority;

     - copies of statutory documents certified in order established by legislation;

     - reference from banks which confirm the amount of the paid-in statutory fund or report of auditor listed in the Register of Auditors, who may conduct auditor inspections of the financial institutions, concerning confirmation of formation and amount of the paid-in statutory fund and also, according to the Part 2.5 of this License Conditions, concerning the confirmation of the excess of the net assets value over the amount of the statutory fund on the last reporting date which precedes the submission of documents for the acquisition of the license. For the newly established insurance companies it shall be reference from banks which confirm the amount of the paid-in statutory capital or auditor report;

(The sub-paragraph 5 of the paragraph 3.1 in accordance with the version of the Order of the State Commission for Regulation of Financial Services Markets in Ukraine No 3433 dated 01.25.05)

 

     - proof of financial position of the founders of an insurer, confirmed by an auditor (audit firm), in case when an insurer is created in the form of a limited or unlimited partnership, or a partnership with additional liability, or a joint-stock partnership;

     - rules (conditions) of insurance;

     - economic feasibility of planned insurance (reinsurance) activities;

     - information with regard to the members of an insurer (Annex 2);

     - information about the Head of the executive body and his deputies (Annex 3) that has to be signed by the Manager of an insurer and sealed; copy of the Diploma of the Head of the insurer's executive body or of his first Deputy, as well as copy of the Diploma of a Chief Accountant thereof, on higher economic education, stamped and signed accordingly;

     - information on availability of corresponding certifications in cases stipulated by the Commission.

     In addition, an applicant must submit to the Commission:

     - rules of conducting internal financial monitoring approved in established order;

     - copy of the document appointing an employee responsible for carrying out internal financial monitoring certified by an applicant, also including information about managing officials or professionals that are responsible for financial monitoring (Annex 4).

 

     3.2. An application to obtain a license should also contain information with regard to an applicant's identity (name, location, bank details, identification code USREOU), list of insurance activities for which an applicant intends to obtain a license, listing of insurance rules for each particular kind of voluntary insurance, date of submitting an application, signature of the manager of insurance company affixed with a seal.

 

     3.3. In case when an insurance company includes separate subdivisions, an application should include or be amended with the list of such subdivisions indicating their location, phone numbers, E-mail addresses, last name, first and middle names, as well as education of a manager and a chief accountant (Annex 5).

 

     3.4. Statutory documents (statute and/or article of incorporation) must indicate type of entrepreneur activities selected by a legal entity, as well as information regarding statutory fund of the insurer; furthermore, in case of legal entities that are not open joint-stock partnerships, aforementioned documents should contain information as to the distribution of statutory capital ownership among the founders (members)indicating ownership percentage, number of founders (members) and monetary equivalent.

 

     3.5. Insurance rules submitted for registration, must be numbered, bound, affixed with the signature of responsible person and with insurer's seal. Such rules must include all conditions stipulated by Article 17 of Ukrainian Law “On Insurance” (85/96-), be written using the state language and have interrelated complete meaning, and grammatically and logically agreed information. An applicant must correct grammar and stylistic errors in the Insurance rules, if any. In instances when an insurer carries foreign economic insurance (reinsurance) operations, Insurance rules must be translated into English or another language. Aforesaid translations must be certified in accordance with legislative rules.

     The following requirements are imposed on Insurance rules:

     3.5.1. Title of Insurance rules must contain a word "voluntary".

     3.5.2. Terminology used in Insurance rules must comply with requirements stipulated by relevant regulatory and legal acts. In case when there is a necessity to use terms that are not stipulated in relevant regulatory and legal acts, interpretation thereof must be provided.

     3.5.3. The following is prohibited from usage in the text of Insurance rules, agreements (policies):

     - repeated interpretation of the same provisions, contradictions or inconsistency between paragraphs;

     - use of sentences (phrases, phraseological units) leading to equivocal interpretation of the context;

     - use of different interpretation of terms stipulated by legislation;

     - violation of grammar and syntactic rules causing distortion of the meaning.

     3.5.4. In the execution of Insurance rules, the following is not allowed:

     - use of different printed fonts (except for the instances when separate provisions are highlighted in the text), as well as fonts smaller than 12 points in Word format;

     - submission of poor quality xerocopies, including xerocopies of signatures of authorized persons and/or absence of the original signature of authorized actuary.

     3.5.5. In case of any changes and/or amendments to Insurance rules, an insurer must notify the Commission thereof within the period of 10 days and send (together with accompanying letter) two copies of corresponding changes in and/or amendments to Insurance rules, for their registration in the Commission. Changes in and/or amendments to Insurance rules take effect from the day of their registration in the Commission.

     3.5.6. Rules of insurance, changes to and amendments thereof, are submitted in two identical copies. After aforesaid changes or amendments have been registered with the Commission, and in case where it is further necessary to introduce additional changes or amendments, an insurer must submit new edition of Insurance rules for registration.

     3.6. Economic feasibility of planned insurance activities is submitted in accordance with established format (Annex 6), and has to be signed by the Head of an insurance company and stamped.

 

Chapter 4. Order of Submission and Consideration of

           the Documents for Obtaining License

 

     4.1. All documents that are submitted in order to obtain license, belong to the category of long term preservation. Documents are to be submitted in the folder, with internal register, and its pages numbered.

 

     4.2. Application to obtain a license (its copy) together with all required documents should be mailed or submitted in person by legal entities to the Commission.

 

     4.3. An applicant carries responsibility, in accordance with requirements stipulated by active legislation, for the truthfulness of information specified in the application and documents submitted to obtain license (its copy), as well as in their electronic copies.

 

     4.4. Application to obtain license and documents attached therewith, are accepted in accordance with the register.

 

     4.5. Application to obtain a license (its copy) shall not be considered, if:

     - application is signed by a person having no authority to do so;

     - documents are executed with violation of requirements stipulated by License Conditions.

 

     4.6. In case when an application is left unconsidered, an applicant is notified to that effect in writing stating reasons for such non-consideration, within the period of time provided to issue a license (not to exceed 30 calendar days from the moment of receipt of the documents stipulated by License Conditions).

 

     4.7. After having eliminated the reasons that had left an application unconsidered, an applicant may submit an application to obtain a license for the second time, which is to be considered in established order.

 

     4.8. Decision to issue or deny a license is taken by the Director of the Insurance Supervision Department of the Commission.

 

     4.9. Commission has to take decision to issue or deny a license within the period not to exceed 30 days from the moment of receipt of the necessary documents from an applicant.

 

     4.10. Notification of the decision taken to either issue a license or deny it, is mailed (provided) to the applicant in writing within three business days from the moment of taking such decision. In case when issuance of a license is denied, grounds for such denial are specified.

 

     4.11.Grounds for making a decision to deny issuance of a license are as follows:

     - unreliability of information provided by the applicant in order to obtain a license;

     - nonconformity of the documents submitted by an applicant with the License Conditions.

     Nonconformity of the documents submitted by a legal entity, with the requirements of active legislation, shall serve as the ground to deny issuance of a license to such legal entity.

 

     4.12. In case when issuance of a license has been denied based on unreliability of the information provided in the documents submitted to obtain a license, an applicant can submit a new application to obtain a license no sooner than in three months after the decision to deny a license has been taken.

     In case when issuance of a license has been denied based on the nonconformity of an applicant with these License Conditions, financial institution can submit a new application to obtain a license after having eliminated the reasons that had served as the ground for original denial of a license.

 

     4.13. Decision to deny issuance of a license can be appealed in a judicial procedure.

 

     4.14. In case when a positive decision to issue a license is taken by the Commission, the license will be issued no later than within five business days from the moment of receipt of the document that proves execution of a payment to obtain a license.

 

     4.15. In case if within the period of thirty calendar days from notification of the applicant on the decision to issue a license in his favor, the applicant does not submit a document that proves execution of a payment for the license, or does not arrive to receive a written license, the Commission has the right to cancel the decision to issue such a license.

 

     4.16. After a license to carry out particular kinds of insurance activities has been issued to the financial institution, information as to the insurer is entered into the Uniform State Register of Insurers (Reinsurers) of Ukraine.

 

         Chapter 5. Entering Information with Regard to a Separate Subdivision of an   Insurer to the Register

 

     5.1. In case when an insurer creates new separate subdivision that will carry out insurance activities in accordance with obtained license, in order for the insurer to conduct insurance activities through such separate subdivision, the insurer must notify the Commission and submit an application to enter the information with regard to such subdivision into the Register (Annex 7), as well as submit a registration card containing information on such separate subdivision to be submitted to the Register. Presence of such an application and registration card to be filled out separately for each separate subdivision, and entering information with regard to such separate subdivision to the Register is an essential condition in order to conduct insurance activities through such separate subdivision.

 

     5.2. In case when insurance activities are to be carried out through several separate subdivisions, an insurer must submit a separate application for each of such subdivisions.

 

     5.3. Within the period of ten business days from the moment of submission of an appropriate application, the Commission enters information with regard to a separate subdivision to the Register.

 

     Chapter 6. Re-issuance of a License

 

     6.1. Grounds to reissue a license are as follows:

     - insurer's name change, if such change is not connected with his reorganization;

     - insurer's change of location.

 

     6.2. In case when there are grounds for re-issuance of a license, an insurer must within the period of ten business days submit to the Commission an application to reissue a license (Annex 8) together with the current license that is subject for re-issuance, as well as notarized copies of the documents that certify stated changes.

 

     6.3. Commission within the period of ten business days from the day of receipt of an application for re-issuance of a license and the documents accompanying it, must reissue the license on a new blank taking into account changes stated in the application for re-issuance of a license. The re-issuance of a license is free of charge.

(The paragraph 6.3 in accordance with the version of the Orders of the State Commission for Regulation of Financial Services Markets in Ukraine No. 5377 dated 02.14.06)

 

     6.4. In case of re-issuance of a license, the Commission makes decision to hold invalid the license that has been reissued, accompanied by entering relevant changes into the Uniform State Register of Insurers (Reinsurers) of Ukraine within the period not to exceed three business days from the moment of taking such a decision.

 

     Chapter 7. Issue of licence duplicate

 

     7.1. Grounds for issue of license duplicate are the following:

     - loss of license;

     - damage of license.

 

     7.2. In case of loss of license an insurer is obliged to apply to

the Commission and submit:

     - application for issuance of license duplicate (Annex 9);

     - information about publication of announcement in mass media

about loss or damage of the license;

     - a document that confirms payment for issuance of license duplicate.

 

     7.3. If license blank is not suitable for use as a result of its damage, the insurer shall submit to the Commission:

     - application for issuance of license duplicate (Annex 9);

     - license not suitable for use;

     - a document that confirms payment for issuance of license duplicate.

 

     7.4. The Commission is obliged to issue to the applicant a license duplicate instead of lost or damaged license within ten business days from the date of receipt of application for issuance of license duplicate. The issue of the license duplicate is free of costs.

(The paragraph 7.4 in accordance with the version of the Orders of the State Commission for Regulation of Financial Services Markets in Ukraine No. 5377 dated 02.14.06)

 

 

     7.5. In case of issuance of the license duplicate instead of lost or damaged license the Commission shall take decision about the fact that the license, which has been lost or damaged, is void with making corresponding changes to the relevant register not late than the next business day.

 

                  Chapter 8. Cancellation of license

 

     8.1. Grounds for cancellation of license are the following:

     - insurer’s application for cancellation of license;

     - decision about cancellation of the state registration of the insurer;

     - disclosure of false information in documents submitted by the insurer for obtaining license;

     - decision about application of penal or remedial measure;

     - impossibility of the insurer to ensure fulfillment of license conditions set for the insurance activities, in particular, initiation in accordance with the requirements of legal acts of insurer liquidation procedure;

     - not carrying out by the insurer of insurance activities in accordance with the issued license during 12 months from the date of its issue.

 

     8.2. In case of cancellation of the license under the insurer's application (Annex 10) the following documents shall be attached:

     - copy of the announcement in mass media about taking decision about application to the Commission for cancellation of the license;

     - copy of the document of the corresponding authority of financial institution that confirms the fact of taking the decision about applying to the Commission for cancellation of the license;

     - auditor's opinion;

     - balance-sheet for the last accounting period and certificate about fulfillment of all agreements (obligations) before the clients at carrying out insurance activities signed by the chief executive and chief accountant and certified with the company’s seal;

     - license blank (original).

     Commission shall have the right to carry out inspection of the insurer in relation to its obligations before the insureds under signed insurance contracts for types of insurance, license for which is being cancelled.

 

     8.3. Commission in case of receipt in accordance with the prescribed order of the insurer’s application (with application of the corresponding documents) for cancellation of the license or decision about cancellation of the state registration of the insurer as legal entity shall, within thirty days from the date of receipt of the mentioned documents, take decision about cancellation of the license.

 

     8.4. Consideration of the matters about cancellation of license shall be carried out by Commission in accordance with the requirements of the legal acts.

 

     8.5. In case of cancellation of the license as a penal or remedial measure, the insurer may obtain a new license to carry out insurance activities not earlier than one year from the date of taking decision by the Commission about cancellation of the previous license.

 

     8.6. In case of liquidation of a separate division of the insurer that carried out insurance activities in accordance with the license obtained or in case of its stopping to carry out insurance activities in accordance with the license obtained, the insurer is obliged, within ten business days from the date of liquidation of a separate division or from the date of stopping its activities, to submit to the Commission a corresponding notice in writing.

.

 

     8.7. Decision about cancellation of a license may be challenged in a judicial procedure.

 

            Chapter 9. Procedure of control over observance of the License conditions for carrying out insurance activities

 

     9.1. Control over observance of the License conditions is a part of Commission’s state regulation and control over insurance activities.

 

     9.2. Control over observance of the License conditions shall be exercised by the Commission and its territorial administrations by means of carrying out visiting and non-visiting inspections, including issue-related and counter inspections that are carried out in accordance with the legal acts approved by the Commission.

 

     9.3. Insurer shall be obliged, within ten business days after arising of changes and/or supplements to the documents submitted by it for obtaining the license, to notify the Commission in writing and submit corresponding supporting documents.

 

     9.4. Insurer shall be obliged, within ten business days after imposition by other authorities of sanctions related to carrying out of insurance activities, to notify the Commission in writing and submit corresponding supporting documents.

 

     9.5. In case of disclosure of breaches at exercising control over observance of the License Conditions penal or remedial measures stipulated by the law of Ukraine shall be taken.

 

 Deputy Chief of the Department for

 State Regulation and Development of

 Financial Services Markets                              S. Khoruzhy

 

 Deputy Chief of                                   

 the Legal Department                                   V. Kolesnik

 

 

                                      Annex 1

                                      to the License Conditions

                                      for carrying out

                                      Insurance Activities

 

 

                              APPLICATION

     for issuance of license for carrying out insurance activities

 

 

Applicant __________________________________________________________

                     (full name of the insurer)

__________________________________________________________________

        (abbreviated name of the insurer /if any/)

__________________________________________________________________

                        (location)

__________________________________________________________________

                      (bank details)

__________________________________________________________________

                 (identification code under EDRPOU)

__________________________________________________________________

                         (phone, fax)

 

asks to issue a license for carrying out insurance activities in the form of

voluntary (obligatory) insurance for:

__________________________________________________________________

__________________________________________________________________

    (types of insurance activities, for which the documents are submitted)

 

Place of carrying out insurance activities


 

------------------------------------------------------------------

|Name of              |Location of          |Name of type(s) of  |

|separate             |separate              |insurance, which    |

 division of applicant|divisions              |division carries out|

|---------------------+---------------------+--------------------|

|                     |                     |                    |

|---------------------+---------------------+--------------------|

|                     |                     |                    |

------------------------------------------------------------------

 

Two copies of description (list) of documents are attached.

 

"__"_________ 200__  No. ____  Signature of the insurer’s head _______

                                                          (full name)

                         Stamp here

 

 

 

 

 

                                      Annex 2

                                      to the License Conditions

                                      of carrying out Insurance

                                      Activities

 

 

                            INFORMATION

              about members or founders of the applicant

             (shareholders, who hold over 5 per cent

                   of the applicant’s authorized capital)

 

             as of ___________________________

 

 

------------------------------------------------------------------------------------

|Name of     |Location of      |Share in  |Share in  |Debt of       |Debt of       |

|legal       |legal entity or  |authorized|authorized|insurer’s     |insurer’s     |

|entity or   |passport data of |fund,     |fund, %   |founder or    |founder or    |

|full name of|individual,      |UAN,      |          |member for    |member for    |

|individual, |who is           |including |          |contributions |contributions |

|who is      |insurer’s        |          |          |to insurer’s  |to insurer’s  |

|isurer’s    |member,          |          |          |authorized    |authorized    |

|founder or  |founder,         |          |          |fund,         |fund, %       |

|member      |shareholde       |          |          |UAH           |              |

|------------+-----------------+----------+----------+--------------+--------------|

|            |                 |          |          |              |              |

------------------------------------------------------------------------------------

 

 

Amount of stated authorized fund  ______________________ UAH

 

Amount of paid authorized fund  ______________________ UAH

 

"__"_________ 200__  No. ____  Signature of the insurer’s head _______

                                                          (full name)

                         Stamp here


 

 

                                      Annex 3

                                      to the License Conditions

                                      of carrying out Insurance

                                      Activities

 

 

                            INFORMATION

     about the applicant’s head of executive board or his/her deputies

                or that of the separate division

 

 

Date of issuance of the certificate

 

----------------------------------------------------------------------------------------

|No.|Surname |Works in       |Date of    |Office|Educa-|Work  |Information    |Phones  |

|   |first   |headquarters   |appointment|      |tion  |expe- |about being    |        |

|   |name,   |or in          |           |      |      |rience|on remand or   |        |

|   |patro-  |separate       |           |      |      |      |previous       |        |

|   |nimic   |division       |           |      |      |      |convictions    |        |

|---+--------+---------------+-----------+------+------+------+---------------+--------|

| 1 |    2   |      3        |     4     |  5   |   6  |   7  |       8       |    9   |

----------------------------------------------------------------------------------------

 

"__"_________ 200__  No. ____  Signature of the insurer’s head _______

                                                          (full name)

                         Stamp here

 

 

 

 

 

                                      Annex 4

                                      to the License Conditions

                                      of carrying out Insurance

                                      Activities

 

 

                            INFORMATION

            about managers or experts,

               who are responsible for carrying out

                 financial monitoring of the applicant

                or its separate division

 

 

Date of issuance of the certificate

 

----------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------

|No.|Surname |Works in       |Date of    |Office|Educa-|Work  |Information    |Phones  |

|   |first   |headquarters   |appointment|      |tion  |expe- |about being    |        |

|   |name,   |or in          |           |      |      |rience|on remand or   |        |

|   |patro-  |separate       |           |      |      |      |previous       |        |

|   |nimic   |division       |           |      |      |      |convictions    |        |

|---+--------+---------------+-----------+------+------+------+---------------+--------|

| 1 |    2   |      3        |     4     |  5   |   6  |   7  |       8       |    9   |

----------------------------------------------------------------------------------------

 

 

"__"_________ 200__  No. ____  Signature of the insurer’s head _______

                                                          (full name)

                         Stamp here


 

 

                                      Annex 5

                                      to the License Conditions

                                      of carrying out Insurance

                                      Activities

 

 

                            INFORMATION

              about insurer’s separate divisions

 

 

Date of issuance of the certificate

 

-----------------------------------------------------------------------------------------

|No |Name of       |Date and number of        |Location of     |Date of        |Phones  |

|   |separate      |decision about creation of|separate        |registration by|        |

|   |division      |separate division (giving |division        |the Commission |        |

|   |              |(authority for carrying   |                |of separate    |        |

|   |              |out insurance activities) |                |division       |        |

|---+--------------+--------------------------+----------------+---------------+--------|

| 1 |      2       |            3             |       4        |       5       |    6   |

-----------------------------------------------------------------------------------------

 

"__"_________ 200__  No. ____  Signature of the insurer’s head _______

                                                          (full name)

                         Stamp here

 

 

 

 

                                      Annex 6

                                      to the License Conditions

                                      of carrying out Insurance

                                      Activities

 

 

REQUIREMENTS

to economic grounding of planned insurer’s

activities

 

 

     1.  General characteristics of insurer – full and abbreviated

name, when and where the registration and re-registration were carried out, legal address and actual location, information about premises, office equipment, communication and personnel, including qualified personnel, directions (form, types, place) of its activities.

 

     2. Review of the situation at the insurance market in the regions and areas of activities of the insurance company (with assessment of total number of insurance objects, competitiveness of insurance environment, market segments, which the insurance company is going to cover, other characteristics of the conditions and prospects of the insurance market that determine the choice of types of activities of the insurance company).

 

     3. Types of activities of the insurance company (giving main special characteristics of the insurance product of the company).

 

     4. Marketing strategy (determination of the number of objects, which are subject to insurance by quarters, and measures for promotion of the company's insurance product in the market ).

 

     5. Insurer’s organizational structure and its development.

     Legal and auditor support of the insurance company activities that stipulates for existence of corresponding structures within the company or signed agreements about legal and auditor support.

 

     6. Plan of insurance company operating, where there is the forecast for development of insurance operations for 3 or more years, where average insured sums of separate insurance objects are determined by quarters by types of insurance, average rates, average insurance premiums are calculated as well as the amount of collected insurance premiums, and the amount of insurance compensations, maximum liability by separate insurance object.

     The information shall be presented in the table  1.

 

                                      Table 1

 

    Forecast of insurance operations development for the year _______________ .

 

------------------------------------------------------------------

|Types of    |Number of |Rate , % |Average   |Average insurance  |

|insurance   |contracts |         |sum       |premium, mln. UAH. |

|            |          |         |insured,  |                   |

|            |          |         |mln. UAH  |                   |

|------------+----------+---------+----------+-------------------|

|    1       |    2     |    3    |     4    |        5          |

------------------------------------------------------------------

 

                                     

Continuation of table 1

 

--------------------------------------------------------------------

|Amount of      |Standard of      |Amount of      |Maximum         |

|insurance      |payments under   |insurance      |liability for   |

|premiums for   |this type of     |compensations, |the separa      |

|the quarter,   |insurance, %     |mln. UAH       |insurance       |

|mln. UAH       |                 |               |object          |

|---------------+-----------------+--------------------------------|

|       6       |        7        |     8         |          9     |

--------------------------------------------------------------------

 

     7. Evaluation of paying capacity and risks of the insurance company

as of the end of each calendar year and approaches to reinsurance (with calculation of reserve requirement of paying capacity and solvency ratio, risk factor and factor of degree of possibility of the lack of insurance company’s funds).

 

     8. Financial plan not less than for 3 years, where it is indicated by quarters for the first year and than for each year the following:

     - amount of own monetary funds;

     - number of contracts (by personal insurance – number of insureds);

     - amount of insurance premiums;

     - amount of insurance compensation;

     - amount of established technical (mathematic) reserves (technical reserves are considered as equal to the amounts of unearned insurance premium);

     - expenses for carrying out insurance activities, including commission fee to agents (brokers) and for reinsurance;

     - amount of expected profits, including:

     - amount of free reserves;

     - net profit.

     Basic data for preparation of the financial plan shall be data from the table 2. Financial plan shall be presented in the table 2.

 

                                      Table 2

 

---------------------------------------------------------------------

|Types of |Amount   |Number of insurance |Total amount |Amount of   |

|of       |of own   |contacts (for       |of receipts  |insurance   |

|insurance|funds    |personal insurance -|of insurance |compensation|

|         |(net     |number of           |premium,     |mln. UAH    |

|         |assets), |insureds)           |mln. UAH     |            |

|         |mln.UAH  |                    |             |            |

|---------+---------+--------------------+-------------+------------|

|  1      |    2    |         3          |      4      |     5      |

---------------------------------------------------------------------


 

                                      Continuation of Table 2

 

------------------------------------------------------------------

|Amount of    | Expenses for| Amount of   |Amount of |Profit,    |

|(technical)  | carrying out| expected    |free      |mln. UAH   |

|mathematical)| insurance   | profit,     |reserves, |           |

|reserves,    | activities, | mln. UAH    |mln. UAH  |           |

|mln. UAH     | mln. UAH    |             |          |           |

|-------------+-------------+-------------+----------+-----------|

|      6      |      8      |      8      |    9     |    10     |

------------------------------------------------------------------

 

     9. Earnings and expenses balance of the insurance company (not less than 3

years), under the form of table  3:

 

                                      Table 3

------------------------------------------------------------------

|                                  |1   |2   |3   |4   |For |For |

|                                  |qu. |qu. |qu. |qu. |year|year|

|----------------------------------+----+----+----+----+----+----|

|Revenues (receipts)               |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Total amount of insurance premium |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|New capital                       |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Loans                             |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Income from asset placement       |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Asset sales                       |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Other revenues                    |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Total revenues                    |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Expenses (payments)               |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Insurance compensation            |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Insurance reserves, including     |    |    |    |    |    |    |

|technical reserves                |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Commission fee for placement of    |    |    |    |    |    |

|insurance policies                |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Rent of premises maintenance      |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Transport and communication       |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Service (services)                |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Settlements with banks            |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Advertising                       |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Salaries                          |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Charge on payroll                 |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Taxes                             |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Dividends                         |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Equipment acquisition or leasing  |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Total expenses                    |    |    |    |    |    |    |

|----------------------------------+----+----+----+----+----+----|

|Balance (+\-)                     |    |    |    |    |    |    |

------------------------------------------------------------------

 

     10. Strategy of attraction of financial resources (new capital and

loans).

 

 

 

 

                                      Annex 7

                                      to the License Conditions

                                      of carrying out

                                      insurance activities

 

 

                              APPLICATION

             about entering information about insurer’s

                      separate divisions

 

 

Applicant

_________________________________________________________________,

                       (full name)

_________________________________________________________________,

                        (location)

_________________________________________________________________,

                 (identification code under EDRPOU)

_________________________________________________________________,

               (bank details: name of the bank)

_________________________________________________________________,

                          (bank address)

_________________________________________________________________,

                     (MFO, current account)

_________________________________________________________________,

 

type(s) of insurance, for which the license have been issued

________________________________________________________________________________

series and number of the license _______________________________________________,

date of taking and number of the decision about granting license _______________,

date of license issuance  ______________________________________________________,

the license if valid from ___________ to _______________________________________,

 

asks the Commission to enter information about insurer’s separate divisions in connection with creation of a new separate division and/or expansion of the list of the existing ones:

 

------------------------------------------------------------------

|Name of              |Location of        |Name of type(s) of    |

|separate             |separate           |insurance, which      |

divisions of applicant| divisions          |division carries out  |

|                     |                   |                      |

|---------------------+-------------------+----------------------|

|                     |                   |                      |

|---------------------+-------------------+----------------------|

|                     |                   |                      |

------------------------------------------------------------------

 

Two copies of description (list) of documents are attached.

 

"__"_________ 200__  No. ____  Signature of the insurer’s head _______

                                                          (full name)

                         Stamp here


 

 

                                      Annex 8

                                      to the License Conditions

                                      of carrying out Insurance

                                      Activities

 

 

                              APPLICATION

                  about reissue of the license for

                 carrying out insurance activities

 

 

Applicant

________________________________________________________________________________,

                          (name)

________________________________________________________________________________,

                        (location)

________________________________________________________________________________,

                 (identification code under EDRPOU)

________________________________________________________________________________,

               (bank details: name of the bank)

________________________________________________________________________________,

                          (bank address)

 

(MFO, current account)  ________________________________________________________,

type(s) of insurance, for which the license have been issued ___________________,

date of taking and number of the decision about granting license _______________,

series and number of the license _______________________________________________,

date of license issuance  ______________________________________________________,

the license if valid from ___________ to _______________________________________,

 

asks to reissue the license because of

________________________________________________________________________________

                       (indicate a reason)

 

------------------------------------------------------------------

|Name of              |Location of        |Name of type(s) of    |

|separate             |separate          |insurance, which      |

divisions of applicant|divisions           |division carries out  |

|                     |                   |                      |

|---------------------+-------------------+----------------------|

|                     |                   |                      |

|---------------------+-------------------+----------------------|

|                     |                   |                      |

------------------------------------------------------------------

 

Two copies of description (list) of documents are attached.

 

"__"_________ 200__  No. ____  Signature of the insurer’s head _______

                                                          (full name)

                         Stamp here


 

 

                                      Annex 9

                                      to the License Conditions

                                      of carrying out Insurance

                                      Activities

 

 

                              APPLICATION

                  for issuance of duplicate of the license

               for carrying out insurance activities

 

 

Applicant

_________________________________________________________________,

                          (name)

_________________________________________________________________,

                        (location)

_________________________________________________________________,

                 (identification code under EDRPOU)

_________________________________________________________________,

               (bank details: name of the bank)

_________________________________________________________________,

                          (bank address)

(MFO, current account)  _________________________________________,

type(s) of insurance, for which the license have been issued ___________,

date of taking and number of the decision about granting license _______________,

series and number of the license ________________________________,

date of license issuance  ______________________________________________________,

the license if valid from ___________ to _______________________________________,

 

list of applicant’s separate divisions, which have authority to

carry out insurance activities, with indication of their

location

_________________________________________________________________,

 

asks to issue the license duplicate because of

__________________________________________________________________

                       (indicate a reason)

 

Two copies of description (list) of documents are attached.

 

"__"_________ 200__  No. ____  Signature of the insurer’s head _______

                                                          (full name)

                         Stamp here

 

 

 

 

                                      Annex 10

                                      to the License Conditions

                                      of carrying out Insurance

                                      Activities

 

 

                              APPLICATION

                     for cancellation of the license

               for carrying out insurance activities

 

 

Applicant

_________________________________________________________________,

                          (name)

_________________________________________________________________,

                        (location)

_________________________________________________________________,

                 (identification code under EDRPOU)

_________________________________________________________________,

               (bank details: name of the bank)

_________________________________________________________________,

                          (bank address)

_________________________________________________________________,

type(s) of insurance, for which the license have been issued

_________________________________________________________________,

 

series and number of the license ________________________________,

date of taking and number of the decision about granting license

_________________________________________________________________,

date of license issuance  _______________________________________,

the license if valid from ___________ to ________________________,

 

------------------------------------------------------------------

|Name of              |Location of        |Name of type(s) of    |

|separate             |separate          |insurance, which      |

divisions of applicant|divisions           |separate division     |

|                     |                   |carries out           |

|---------------------+-------------------+----------------------|

|                     |                   |                      |

|---------------------+-------------------+----------------------|

|                     |                   |                      |

------------------------------------------------------------------

 

 

asks to cancel the license because of

__________________________________________________________________

                       (indicate a reason)

 

Two copies of description (list) of documents are attached.

 

"__"_________ 200__  No. ____  Signature of the insurer’s head _______

                                                          (full name)

                         Stamp here

 

 

 

 



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