Registration of an insurance company. Insurance License

How to open an insurance company? The procedure and conditions for the creation of insurance organizations. Registration of an insurance company, insurance license

REGISTRATION OF AN INSURANCE COMPANY

Description

BMG has 10 years of experience in providing services for the creation and registration of an insurance company in Ukraine. BMG has successfully implemented more than 1000 projects, opened more than 100 financial institutions and received more than 300 licenses for financial activities, incl. insurance licenses.

BMG services for setting up a financial company:

You can get a free consultation on registration of an insurance company by phone: +380442211110 or by leaving a request on the website, and we will contact you as soon as possible:

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    Insurance activity

    Insurance activity (insurance) is a type of civil law relations to protect the property interests of individuals and legal entities in the event of the occurrence of certain events (insurance events) determined by an insurance contract or current legislation, at the expense of monetary funds formed from funds paid by individuals and legal entities. persons of insurance payments (insurance contributions, insurance premiums) and income from the placement of funds from these funds.

    Carrying out insurance activities

    Insurance companies that have the right to carry out insurance activities on the territory of Ukraine are:

    • Financial institutions established in the form of joint-stock, full, limited companies or companies with additional liability in accordance with the Law of Ukraine “On business companies”, taking into account that there must be at least three participants in each of such financial institutions, and other requirements for carrying out insurance activities, and also received, in accordance with the established procedure, a license to carry out insurance activities (resident insurance companies).
    • Permanent representative offices registered by the Authorized Body and the legislation of Ukraine in the form of branches of foreign insurance companies, which also received a license to carry out insurance activities in accordance with the established procedure (branch of non-resident insurance companies).

    Steps of Registration of an insurance company

    In order to create, registration of an insurance company, license insurance activities, it is necessary:

    • Registration of a legal entity
    • Bringing to financial company standards
    • Entering the company in the register of financial institutions
    • Bringing the licensing conditions of insurance activities to the standards
    • Obtaining an insurance license

    Registration of an insurance company

    Registration of an insurance company is a responsible and rather complicated procedure. Registration of an insurance company provides for the implementation of all standards of insurance activities, the procedure for creating a legal entity, registering an insurance company as a legal entity, and obtaining an insurance license.

    BMG has experience in providing services for the creation and registration of an insurance company in Ukraine.

    You can get a free consultation on registration of an insurance company by phone: +380442211110 or by leaving a request on the website, and we will contact you as soon as possible.

    Below you can find the conditions for registering an insurance company in Ukraine.

    Requirements for setting up an insurance company

    The state regulator registers an insurance company subject to the following requirements:

    • The insurance company is obliged to own or use the premises, namely the non-residential part of the internal volume of the building, limited by building elements, with the possibility of entry and exit, which is used exclusively by this applicant when carrying out insurance activities, at the location indicated in the unified state register of legal entities, individuals – entrepreneurs.
    • The minimum amount of the authorized capital (guarantee deposit) of an insurance company that plans to engage in insurance activities other than life insurance is set at an amount equivalent to 1 million euros, and for an insurance company that plans to engage in life insurance activities – 10 million euros hryvnia exchange rate. The authorized capital of insurers (reinsurers) must be formed and paid for on the date of filing an application for entering information about the applicant into the Register in the amount and in the manner in accordance with the law.
    • The authorized capital of the Insurance Company must be paid exclusively in cash. It is allowed to form the authorized capital of an insurance company with securities issued by the state, at their nominal value in the manner determined by the authorized body, but not more than 25 percent of the total amount of the authorized capital.
    • It is prohibited to use promissory notes, insurance reserves, budgetary funds, as well as funds received on credit, loans and bail, and to contribute intangible assets to form the authorized capital.
    • An insurance company is created in the organizational and legal form of a joint-stock, full, limited company or a company with additional liability.
    • There must be at least three members of the Insurance Company.
    • Enterprises, institutions and organizations cannot become insurers by amending the statutory documents, provided that they were previously engaged in another type of activity, even if all the requirements of insurance activity are met.

    Insurance License

    The authorized body issues licenses to insurers to carry out specific types of insurance.

    Insurance companies licensed for life insurance are not allowed to engage in other types of insurance. Life insurance licenses are issued without an expiration date.

    The total contribution of the Insurance Company to the authorized capital of other insurers of Ukraine may not exceed 30 percent of its own authorized capital, including the contribution to the authorized capital of an individual insurer may not exceed 10 percent. These requirements do not apply to an Insurance Company that carries out types of insurance other than life insurance, if it makes contributions to the authorized capital of an insurer that carries out life insurance.

    The insurance company is obliged to comply with the conditions for ensuring the solvency of the insurer.

    An insurance company has the right to accept risks for reinsurance only of those types of voluntary and compulsory insurance for which it has received an insurance license.

    The heads of the insurance company (the chairman of the executive body and the chief accountant of the insurer) are capable individuals. The chairman of the executive body of an insurance company or his first deputy must have a higher economic or legal education, and the chief accountant of an insurer must have a higher economic education.

    The insurance company is obliged to develop and approve the insurance rules separately for each type of voluntary insurance for which it receives an insurance license, and register such rules with the National Bank of Ukraine, as well as register with the National Bank of Ukraine new editions of the insurance rules, changes and / or additions to the insurance rules in case their approval by the insurer.

    The insurance rules are internal rules for the provision of financial services by the insurer and must comply with the requirements of the Law of Ukraine "On Insurance", as well as the characteristics and classification features of types of voluntary insurance, determined by the National Bank of Ukraine.

    An insurance company has the right to carry out compulsory insurance only subject to the procedure and rules for its implementation determined by the Cabinet of Ministers of Ukraine, the form of a standard contract, special conditions for licensing insurance activities, the amount of insurance amounts and the maximum insurance rates or actuarial calculation methods, unless otherwise specified by law.

    Reinsurance with an insurer / non-resident reinsurer is carried out in accordance with the requirements of Article 12 of the Law of Ukraine "On Insurance".

    The insurance company is obliged to register reinsurance contracts in the manner approved by the National Bank of Ukraine.

    The insurance company is obliged to form and keep records of insurance reserves in the manner and volumes established by Article 31 of the Law of Ukraine "On Insurance" for every day.

    The insurance company is obliged to ensure the fulfillment of the requirements for the organization and functioning of the risk management system in the insurance company, established by the National Bank of Ukraine.

    The insurance company is obliged to keep records of insurance contracts and claims (applications) of policyholders for the implementation of insurance payments or insurance compensation in a manner that ensures the receipt of information necessary to comply with the requirements of the legislation on the formation of insurance reserves.

    Strakhovyye kompanii, kotoryye predostavlyayut uslugi po strakhovaniyu zhizni, obyazany vesti personifitsirovannyy (individual'nyy) uchet dogovorov strakhovaniya zhizni v poryadke i na usloviyakh, opredelennykh Natsional'nym bankom Ukrainy.
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    Insurance companies that provide life insurance services are required to keep a personalized (individual) record of life insurance contracts in the manner and on the terms determined by the National Bank of Ukraine.

    The value of the net assets of an insurance company formed in the form of a joint-stock company or an additional liability company, at the end of the second and each subsequent financial year from the date of entering information about the insurer in the State Register of Financial Institutions, must be at least the registered amount of the authorized capital of the insurer.

    Insurance companies that are licensed to insure the liability of operators of nuclear installations for harm that may be caused as a result of a nuclear incident are required to create a nuclear insurance pool and / or be members of it.

    Insurance companies that are licensed to insure agricultural products with state support are required to establish an agricultural insurance pool and / or be members of it.

    Insurance companies that have a license for compulsory aviation insurance of civil aviation are required to be registered with the authorized executive body in the field of civil aviation.

    Insurance companies that have a license for compulsory insurance of civil liability of owners of land vehicles are required to:

    • Be members of the Motor (Transport) Insurance Bureau and perform their duties as a member
    • Form and keep records of the insurance reserve for losses that have arisen, but not declared, and the insurance reserve for loss fluctuations without fail
    • Comply with the conditions for ensuring the solvency of the insurer, and also, on any date after obtaining a license, have an excess of the actual solvency margin (net assets) over the estimated regulatory solvency margin by at least 25 percent, but not less than 1 million Euros at the official exchange rate on the date of calculation specified indicators
    • Ensure the possibility of processing claims (settlement of insured events) throughout Ukraine, namely, to ensure the acceptance and accounting of messages from road accident participants around the clock by calling the free multi-channel telephone line of the insurer about their participants and circumstances in order to fix the message and provide participants in road traffic adventures with information about the procedure settlement of losses and taking the necessary measures by the insurer. The telephone message is recorded by the insurer in electronic form and is a confirmation of the message about the insured event and is subject to long-term storage
    • Carry out insurance activities for the conclusion of voluntary civil liability insurance contracts for land transport owners in each reporting quarter that has passed for at least two years (eight reporting quarters), including experience in settling insured events and paying insurance compensation for at least ten such treaties
    • Be members of the Motor (Transport) Insurance Bureau and perform their duties as a member
    • Form and keep records of the insurance reserve for losses that have arisen, but not declared, and the insurance reserve for loss fluctuations without fail
    • Comply with the conditions for ensuring the solvency of the insurer, and also, on any date after obtaining a license, have an excess of the actual solvency margin (net assets) over the estimated regulatory solvency margin by at least 25 percent, but not less than 1 million Euros at the official exchange rate on the date of calculation specified indicators
    • Ensure the possibility of processing claims (settlement of insured events) throughout Ukraine, namely, to ensure the acceptance and accounting of messages from road accident participants around the clock by calling the free multi-channel telephone line of the insurer about their participants and circumstances in order to fix the message and provide participants in road traffic adventures with information about the procedure settlement of losses and taking the necessary measures by the insurer. The telephone message is recorded by the insurer in electronic form and is a confirmation of the message about the insured event and is subject to long-term storage
    • Carry out insurance activities for the conclusion of voluntary civil liability insurance contracts for land transport owners in each reporting quarter that has passed for at least two years (eight reporting quarters), including experience in settling insured events and paying insurance compensation for at least ten such treaties

    To obtain a license for the implementation of compulsory insurance of civil liability of owners of land vehicles, the following certificates are also submitted indicating the date of their compilation:

    • Certificate of the license applicant for insurance confirming that the license applicant has the possibility of processing claims (settlement of insured events) throughout Ukraine.
    • Certificate from the association of insurers of the country of location of the non-resident insurer, membership in which is mandatory for insurers conducting compulsory civil liability insurance of owners of land vehicles (submitted only by the non-resident insurer).

    As of the date of submission of documents for obtaining a license for compulsory liability insurance of operators of nuclear installations for damage that may be caused as a result of a nuclear incident, the applicant for an insurance license must additionally meet the following requirements:

    • Carry out insurance activities for the conclusion of insurance contracts in each reporting quarter that has passed at least three years (12 reporting quarters).
    • Carry out insurance activities for the conclusion of any liability insurance contracts in each reporting quarter that has passed for at least two years (eight reporting quarters).

    Documents for an insurance license

    To obtain a license, a resident insurer submits an application to the Authorized Body, to which are attached:

    • Copies of constituent documents
    • Certificates from banks or conclusions of audit firms (auditors) confirming the amount of paid authorized capital
    • Certificate of the financial condition of the founders of the insurer, confirmed by the auditor (audit firm), if the insurer is established in the form of a full or limited company or an additional liability company
    • Rules (conditions) of insurance
    • Economic justification for the planned insurance (reinsurance) activities
    • Information about the participants of the insurer, the chairman of the executive body and his deputies, a copy of the diploma of the chairman of the executive body of the insurer or his first deputy on higher economic or legal education, a copy of the diploma of the chief accountant of the insurer on higher economic education, information on the availability of relevant certificates in cases provided for by the Authorized BodyCopies of constituent documents
    • Certificates from banks or conclusions of audit firms (auditors) confirming the amount of paid authorized capital
    • Certificate of the financial condition of the founders of the insurer, confirmed by the auditor (audit firm), if the insurer is established in the form of a full or limited company or an additional liability company
    • Rules (conditions) of insurance
    • Economic justification for the planned insurance (reinsurance) activities
    • Information about the participants of the insurer, the chairman of the executive body and his deputies, a copy of the diploma of the chairman of the executive body of the insurer or his first deputy on higher economic or legal education, a copy of the diploma of the chief accountant of the insurer on higher economic education, information on the availability of relevant certificates in cases provided for by the Authorized Body

    The authorized body is obliged to consider the insurer's application for issuing a license to it within a period not exceeding 30 calendar days from the date of receipt of all the documents provided for in this article.

    The insurance company is obliged to notify the Authorized Body about making changes to the documents within ten days from the date of registration of these changes in the prescribed manner.

    The authorized body establishes a separate procedure for issuing licenses for insurance, a list of documents attached to an application for obtaining a license by a branch of a non-resident insurer, the terms for consideration of an application by a branch of a non-resident insurer, based on the rules of equal access to financial services markets.

    Refusal to issue an insurance license

    The basis for refusal to issue a license to a legal entity to carry out insurance activities may be the non-compliance of the documents attached to the application with the requirements of the current legislation of Ukraine.

    The Authorized Body informs the legal entity of the refusal to issue a license in writing, indicating the reason for the refusal.

    Disputes on refusal to issue or revocation of a license are considered in court.

    Voluntary insurance

    Voluntary insurance is insurance that is carried out on the basis of an agreement between the insured and the insurer. The general conditions and procedure for the implementation of voluntary insurance are determined by the rules of insurance, which are established by the insurer independently in accordance with the requirements of this Law. Specific conditions of insurance are determined when concluding an insurance contract in accordance with the law.

    Voluntary insurance with a particular insurer cannot be a prerequisite for the implementation of other legal relations.

    Types of voluntary insurance can be:

    Types of voluntary insurance for which an insurance license is issued are determined in accordance with the insurance rules (conditions) adopted by the insurer and registered by the Authorized Body.

    • Voluntary life insurance
    • Voluntary accident insurance
    • Voluntary health insurance (continuous health insurance)
    • Voluntary health insurance in case of illness
    • Voluntary insurance of railway transport
    • Voluntary insurance of land transport (except for railway)
    • Voluntary air transport insurance
    • Voluntary insurance of water transport (marine inland and other types of water transport)
    • Voluntary insurance of cargo and luggage (cargo luggage)
    • Voluntary insurance against fire risks and risks of natural disasters
    • Voluntary property insurance
    • Voluntary insurance of civil liability of land transport owners (including carrier’s liability)
    • Voluntary liability insurance for air transport owners (including carrier liability)
    • Voluntary liability insurance of water transport owners (including carrier’s liability)
    • Voluntary third party liability insurance
    • Voluntary insurance of loans (including the borrower’s liability for non-repayment of the loan)
    • Voluntary investment insurance
    • Voluntary insurance of financial risks
    • Voluntary insurance of court expenses
    • Voluntary insurance of issued guarantees (sureties) and accepted guarantees;
    • Voluntary medical expenses insurance
    • Voluntary civil liability insurance of an arbitration manager (property manager, rehabilitation manager, liquidator) for damage that may be caused in connection with the performance of his duties
    • Voluntary insurance of life and health of volunteers for the period of their provision of volunteer assistance
    • Voluntary insurance of agricultural products
    • Other types of voluntary insurance

    Compulsory insurance

    The following types of compulsory insurance are carried out in Ukraine:

    • Compulsory health insurance
    • Compulsory personal insurance of medical and pharmaceutical workers (except for those who work in institutions and organizations financed from the State Budget of Ukraine) in case of infection with the human immunodeficiency virus in the performance of their official duties
    • Compulsory personal insurance of employees of departmental (except for those who work in institutions and organizations financed from the State Budget of Ukraine) and rural fire protection and members of voluntary fire brigades (teams)
    • Compulsory insurance for athletes of the highest categories
    • Compulsory life and health insurance for veterinary medicine specialists
    • Transport accident insurance
    • Compulsory civil aviation insurance
    • Compulsory liability insurance of the maritime carrier and the performer of works related to the maintenance of maritime transport, regarding compensation for losses caused to passengers, baggage, mail, cargo, other users of maritime transport and third parties
    • Compulsory insurance of civil liability of owners of land vehicles
    • Compulsory third party liability insurance for an enterprise that provides transportation and / or storage of vehicles in the event of temporary detention of vehicles for damage that may be caused to the vehicle during its transportation and / or storage
    • Compulsory insurance of water transport
    • Compulsory insurance of civil liability of the operator of a nuclear installation for nuclear damage that may be caused as a result of a nuclear incident
    • Compulsory insurance of employees (except for those who work in institutions and organizations financed from the State Budget of Ukraine) who are involved in the provision of psychiatric care, including caring for persons suffering from mental disorders
    • Compulsory insurance of civil liability of business entities for damage that may be caused by fires and accidents at high-risk facilities, including fire hazardous facilities and facilities where economic activity can lead to environmental and sanitary-epidemiological accidents
    • Compulsory insurance of the investor’s civil liability, including for damage caused to the environment, human health, under a production sharing agreement, unless otherwise provided by such an agreement
    • Compulsory insurance of property risks under a production sharing agreement in cases provided for by the Law of Ukraine “On Production Sharing Agreements”
    • Compulsory insurance of financial liability, life and health of a temporary administrator, liquidator of a financial institution and employees of the central executive body implementing the state financial policy, which are determined by it to resolve issues regarding the participation of the state in the capitalization of the bank
    • Compulsory insurance of property risks in the industrial development of oil and gas fields in cases provided for by the Law of Ukraine “On Oil and Gas”
    • Compulsory insurance of medical and other employees of state and communal health care institutions and state scientific institutions (except for those who work in institutions and organizations financed from the State Budget of Ukraine) in case of contracting infectious diseases associated with the performance of their professional duties in conditions of increased risk of infection causative agents of infectious diseases
    • Compulsory insurance of the liability of the exporter and the person responsible for the disposal (disposal) of hazardous waste regarding compensation for harm that may be caused to human health, property and the environment during transboundary transportation and disposal (disposal) of hazardous waste
    • Compulsory insurance of objects of space activities (ground-based infrastructure), the list of which is approved by the Cabinet of Ministers of Ukraine on the proposal of the central executive body, which ensures the formation of state policy in the field of space activities
    • Compulsory insurance of civil liability of subjects of space activities
    • Compulsory insurance of space objects (space infrastructure), which are the property of Ukraine, regarding the risks associated with the preparation for the launch of space technology at the cosmodrome, its launch and operation in outer space
    • Compulsory liability insurance against risks associated with the preparation for the launch of space technology at the cosmodrome, its launch and operation in outer space
    • Compulsory liability insurance of the subjects of transportation of dangerous goods in case of negative consequences during the transportation of dangerous goods
    • Compulsory insurance of professional liability of persons whose activities may cause harm to third parties, according to the list established by the Cabinet of Ministers of Ukraine
    • Compulsory liability insurance for dog owners for damage that may be caused to third parties
    • Compulsory insurance of civil liability of citizens of Ukraine who own or have other legal possession of weapons for damage that may be caused to a third party or his property as a result of possession, storage or use of these weapons;
    • Compulsory animal insurance
    • Compulsory liability insurance of subjects of tourism activities for harm caused to the life or health of a tourist or his property
    • Compulsory liability insurance of the maritime shipowner
    • Compulsory insurance of power lines and converting equipment of power transmitters against damage due to the influence of natural disasters or man-made disasters and against illegal actions of third parties
    • Compulsory liability insurance of manufacturers (suppliers) of products of animal origin, veterinary drugs, substances for harm caused to third parties
    • Compulsory insurance of the subject of mortgage against the risks of accidental destruction, accidental damage or damage
    • Compulsory insurance of property transferred under concession
    • Compulsory insurance of civil liability of business entities for harm that may be caused to the environment or human health during the storage and use of pesticides and agrochemicals
    • Compulsory insurance of civil liability of a business entity for damage that may be caused to third parties as a result of blasting
    • Compulsory insurance of property risks of a subsoil user during pilot and industrial production and use of gas (methane) from coal deposits
    • Compulsory insurance of civil liability of a private notary
    • Compulsory insurance against the risk of non-payment of prizes to players in the event of insolvency and / or bankruptcy of the operator of state lotteries
    • Compulsory professional liability insurance of designated conformity assessment bodies and recognized independent organizations for damage that may be caused to third parties
    • Compulsory insurance of life and health of specialists in the field of mine action;
    • Compulsory insurance of civil liability of a business entity for harm that may be caused to the environment and (or) health and property of third parties in the course of humanitarian demining

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      REGULATIONS REGULATING ACTIVITIES

      Legal Framework

      01.  Law of Ukraine: On financial services and state regulation of financial services markets

      02.  Regulations: On the State Register of Financial Institutions

      03.  Law of Ukraine: On Insurance

      04.  Licensing conditions for carrying out economic activities for the provision of financial services (except for professional activities in the securities market)

      PROCEDURE FOR CREATING AN INSURANCE COMPANY

      Stages of creating an insurance company

      01.  Company registration

      Preparation of statutory documents, coordination of the position of director, registration of a legal entity

      02.  Bringing to the standards

      Formation of authorized capital, staff training, audit, development of rules and regulations

      03.  Entry into the Register

      Preparation of a package of documents, submission to the Commission, consideration of documents, entry into the Register

      04.  Obtaining a license

      Development of rules and contracts, audit, preparation of documents for a license, filing for a commission, issuance of a license

      WHAT CONDITIONS MUST BE FULFILLED

      Requirements for setting up a Financial Company

      регистрация финансовой компании

      ORGANIZATIONAL AND LEGAL FINANCIAL COMPANY

      An insurance company is created in the organizational and legal form of a joint-stock, full, limited company or a company with additional liability.

      SIZE OF AUTHORIZED CAPITAL

      The minimum amount of the authorized capital (guarantee deposit) of an insurance company that plans to engage in insurance activities other than life insurance is set at an amount equivalent to 1 million euros, and for an insurance company that plans to engage in life insurance activities – 10 million euros hryvnia exchange rate. The authorized capital of insurers (reinsurers) must be formed and paid for on the date of filing an application for entering information about the applicant into the Register in the amount and in the manner in accordance with the law.

      The authorized capital of the Insurance Company must be paid exclusively in cash. It is allowed to form the authorized capital of an insurance company with securities issued by the state, at their nominal value in the manner determined by the authorized body, but not more than 25 percent of the total amount of the authorized capital.

      INSURANCE COMPANY ROOM

      The insurance company is obliged to own or use the premises, namely the non-residential part of the internal volume of the building, limited by building elements, with the possibility of entry and exit, which is used exclusively by this applicant when carrying out insurance activities, at the location indicated in the unified state register of legal entities, individual entrepreneurs.

      PERSONNEL OF THE FINANCIAL COMPANY

      There are the following professional requirements for financial companies:

      1. Requirements for the manager and chief accountant
      2. Professional requirements for specialists (for the securities market)
      3. Requirements for the person responsible for financial monitoring

      The head of a financial company that provides the following financial services: lending, leasing, factoring, insurance, currency exchange, money transfer, construction financing, guarantees and sureties, are subject to the following requirements:

      1. have a higher education master’s degree or equivalent;
      2. undergo advanced training and pass an examination for the compliance of knowledge with professional requirements according to the standard training program for managers;
      3. have at least five years of general work experience, of which at least two years of work as a manager, in particular, at least one year as a manager in the financial services markets (for the chairman of the board of a credit union and a pawnshop manager – at least one year of work as a manager)
      4. have an impeccable business reputation.

      The chief accountant of a financial company that provides the following financial services: lending, leasing, factoring, insurance, currency exchange, money transfer, construction financing, guarantees and sureties, are subject to the following requirements:

      1. have a higher education at least a bachelor’s degree;
      2. undergo advanced training and pass an examination for the compliance of knowledge with professional requirements according to a standard training program for chief accountants;
      3. have at least three years of work experience as a manager in the field of financial and / or accounting activities or work experience in the financial services markets in positions related to financial or accounting activities;
      4. have an impeccable business reputation.

      Banks, participants in the securities market are set their own requirements.

      Financial companies are subjects of primary financial monitoring, for this purpose the following requirements are set for the position of the person responsible for financial monitoring: have an impeccable business reputation, have a higher education, at least a year’s work experience in the field of preventing and combating the legalization (laundering) of proceeds from crime, take refresher courses and pass an exam according to the standard refresher training program for the subjects of primary monitoring.

      For financial companies, participants in the stock and securities market, additional professional requirements may be set. So for an asset management company, in order to obtain a license for asset management, it is necessary to have at least 3 certified asset management specialists.

      REGULATORY FOR REGISTRATION OF A FINANCIAL COMPANY

      Financial companies providing the following financial services: lending, leasing, factoring, insurance, currency exchange, money transfer, construction financing, guarantees and sureties, impose the following requirements:

      1. The constituent documents must contain an exhaustive list of types of financial services that the financial company will provide as an exclusive type of its activity, including taking into account the restrictions on the combination of certain types of financial services. The constituent documents of a financial institution – must meet the requirements of a special regulatory legal act, according to which such a legal entity was created.
      2. A financial company has an internal document governing the procedure for the provision of financial services and model contracts with consumers of financial services must comply with the requirements of the law.
      3. Availability of an accounting system that meets legal requirements.
      4. Availability of accounting and recording systems (software and special technical equipment), which must comply with the requirements established by law, and provide for the maintenance of accounting transactions for the provision of financial services to consumers and reporting.
      5. Formation of the financial company of the authorized capital in cash, as well as the compliance of its size with the requirements of the legislation.
      6. Compliance of the manager and chief accountant with the Professional requirements for managers and chief accountants of financial institutions.
      7. The presence of the conditions necessary for the provision of financial services to consumers, namely: own or rented premises at the location of the applicant, indicated in the Unified State Register; appropriate computer technology, which makes it possible to ensure compliance with the requirements for the presentation of information established by the legislation governing the provision of financial services, and communication facilities (telephone, Internet, e-mail).

      WHAT IS NECESSARY TO START REGISTRATION OF A FINANCIAL COMPANY

      To get started, you must provide:

      1. Information about the Founders and ultimate beneficiaries.
      2. Data about the Premises (physical address where the company will be located).
      3. Information about the Manager, Chief Accountant, Responsible for financial monitoring (may be the person of the Director / Chief Accountant): passport, code, diploma, work book.
      4. The planned name of the Company.

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