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Liability insurance for management companies

Companies managing pension funds of citizens are obliged to insure their liability for breaching the contract to the Pension Fund in accordance with the requirements established by federal law «On investment funds to finance the funded part of pensions in the Russian Federation» № 111-FL of July 24, 2002.

In accordance with Article 25 of Federal Law, the insured amount should be 5% of the amount of pension savings transferred to the management company (if this amount is does not exceed 6 billion rubles), or 300 million (if the amount of pension savings transferred to the management company exceeds 6 billion rubles).

To insure liability of management companies, the insurance company (in accordance with paragraph 7 of Article 25) must have:

  • the license for compulsory liability insurance of subjects investing pension funds, issued by the federal executive authority responsible for supervision of insurance activities in accordance with the laws of the Russian Federation;
  • own funds of at least 3 billion rubles (or carry out specified compulsory insurance in cooperation with other insurance companies, thus having specified amount in the aggregate);
  • experience of risk insurance activity, corresponding to those specified in paragraphs 1 and 2 of Article 25, for a period of not less than three years.

The amount of the funds of AlfaStrahovanie Group is 2 500 million rubles.

AlfaStrahovanie has all necessary experience in the insurance of such risks.

Our license for liability insurance of the specialized depositary and management company was issued on November 26, 2003.

Starting from 2004, AlfaStrahovanie insures liability of the specialized depositary to the amount of 300 million rubles, and also insures liability of management companies which handle the funds of state and private pension funds.

The insurance contract has the form of coinsurance contract, according to which, AlfaStrakhovanie Group will act as the insurer, as well as one or more insurance companies, agreed with the insured to meet those provisions of the specified article of the Federal law (paragraph 7, subparagraph 2). Under this agreement the parties undertake joint and several liability.

AlfaStrakhovanie is

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