The government proposed additional mechanisms to ensure the safety of shareholders of insurance companies during the period of special administration.
The Cabinet at a meeting on Wednesday approved amendments to the Law on Insurance. According to the project, during the period of special management, shareholders and governing bodies of the insurer (reinsurer) should be removed from the management of the company and its assets. With the written consent of the supervisory authority, the special administrator will be able to delegate some of his responsibilities to others. In deviation from the current rules, with the written consent of the authority, the supervisor, the general meeting of shareholders of the insurer (reinsurer) will be able to make decisions that do not contradict the goals of introducing special administration and do not interfere with the implementation of the duties and rights of the special administrator. In this case, the general meeting of shareholders will also be able to make decisions on the appointment of a representative of shareholders during the period of special administration with the right to appeal against the decision of the supervisory authority on the establishment of a special administration. The bill must be approved by the country's parliament.// 09.12.2020 — InfoMarket.
