bank may not exit within three years after incorporation.
Candidates for the following positions in a credit institution must comply with certain special requirements to qualification established by law and the Central Bank's regulations:
· a member of the board of directors;
· a chief executive and a deputy chief executive;
· a chief accountant and a deputy chief accountant;
· a head, a chief accountant and their deputies of branches.
A credit institution must notify the Central Bank in writing regarding a prospective appointment to the above mentioned positions in advance. The Central Bank is entitled to prohibit such appointment upon grounds established by law. A credit institution must also notify the Central Bank about each dismissal from these positions.
Insurance
Control over insurance is provided by the Federal Service of Insurance Supervision of the Ministry of Finance (FSIS). The principal legal act is the federal law on the organisation of insurance in the Russian Federation of 27 November 1992. Insurance companies are formed as limited liability or joint stock companies or in other forms of commercial organisations. Insurance companies must be authorised by the FSIS and be included in the register of insurers.
The name of an insurance company must identify the company's activity and include words like «insurance», «reinsurance», «mutual insurance» or «insurance broker». The head and the chief accountant of the insurer must have an economics or financial education and two years work experience in insurance. The actuary must have mathematical or economics education and an actuarial diploma in actuary. The head and the chief accountant of an insurance company must be citizens of the Russian Federation.
Insurance companies of which more than 49% of shareholders are foreign entities or individuals and subsidiaries of foreign insurance companies may not provide the following insurances:
· life insurance;
· obligatory state insurance (e. g. mandatory health insurance);
· property insurance, related to supply goods and services for the state needs;
· property insurance for state and municipal organisations.
The minimal charter capital of an insurance company depends on the kind of insurance the company is involved in and is between RUR 60 million (€600,700) and RUR 480 million (€4,700,600).
Insurers must comply with the solvency requirement established by law as related to reserves, an assets structure, reinsurance quotas, obligations against own capital ratio, etc.
Also, in some cases (e. g. life insurance, health insurance) insurance company activities shall be limited to only one type of insurance.
Currently, insurance services are provided for more than 100 types of insurance, the most popular of which are compulsory motor third party liability insurance (MTPL), accident and illness insurance, and personal property insurance.
Regulation, control and supervision of the activities of insurance entities: insurance organizations, insurance brokers and mutual insurance societies is carried out by the Bank of Russia.
The main tasks of the Bank of Russia are to prevent and suppress violations of insurance legislation and unfair practices, ensure the protection of the rights and legitimate interests of consumers of insurance services and the effective development of the insurance business.
The focus of insurance supervision is aimed at creating a reliable insurance environment, increasing the responsibility of the insurance business and consumer confidence in the insurance service. One of the key focuses of the Bank of Russia concerns the improvement of mechanisms for protecting the rights and legitimate interests of consumers of insurance services, as well as the development of behavioral supervision practices.
Taxation
Individuals
Personal income tax is imposed on the income of Russian residents and individuals who have sources of income in Russia. Individuals are deemed residents of Russia, for tax purposes, if they are present within the Russian Federation for at least 183 days in the calendar year (which is from January 1–December 31). In this case they are subject to Russian tax on their worldwide income. Non-residents pay tax on the Russian-source income only, at a rate of 30%, as against a flat rate of 13% for residents. Residents pay tax at the rate of 13% (against 15% for non-residents) on dividends received. However, from 1 January 2021, a progressive taxation scale will be used (so-called «wealth tax»), so resident individuals whose total personal income exceeds RUR 5 million (€54,555) subject to income tax of RUR 650,000 (€7,092) plus 15% of their income.
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