General requirements for insurance companies
Insurance companies that intend to cooperate with Bank concerning insurance must be satisfied to the next requirements.
— Absence of past-due indebtedness in settlements with State and local budgets and other mandatory payments.
— Practical work experience on insurance market no less than one (1) year.
List of documents for accreditation of the insurance company
Insurance companies which would like to cooperate with Bank, submit to Key Account Management Department the letter of intent (LOI) about future cooperation with attached following documents:
General information about insurance company.
— Licenses for the implementation of insurance.
— Auditor's report for the last reporting date.
— Letter from The National Commission for State Regulation of Financial Services Markets about absence of violations duiring last year on the date of documents submission or the presence of such violations and their implementation in full.
— statement of income and expenses of the insurance company (with all sections and explanations).
- Project description of obligatory reinsurance programs, if any (reinsurers, type of contract, quota, amount of cash loss, warning about loss adjustment more over than in cash, etc.).
— Confirmation letters about availability of obligatory reinsurance contracts or other document confirming the availability of such agreements.
— Report of insurance company which submitted to the National Commission for State Regulation of Financial Services Markets (Annexes 1-7) on last reporting date and for the previous year.
— General information about founders, partners and clients of the insurance company.
— Information about availability of branches and representative offices.
— Information about company's insurance products.
— Cash flow statement on last reporting date.
— Report about equity capital on the last reporting date.
— Current operating insurance regulations.
— Information about experience in insurance payments.
— Other documents by request of the Key Account Management Department.
Afore-referenced documents must be certified by seal and signature by authorized person of insurance company.