1. The Agency, within five working days from the date of receipt from the bank in respect of which the insured event occurred, publishes the register of the bank’s obligations to depositors on the Agency’s official website on the Internet and sends it to this bank, as well as to the Bank of Russia for posting on its official website on the Internet information and telecommunications network and in a periodical printed publication at the location of this bank for publication of a message about the place, time, form and procedure for accepting applications from depositors for payment of compensation for deposits. Within one month from the date of receipt from the bank of the register of the bank’s obligations to depositors, the Agency also sends a corresponding message to the depositors of the bank in respect of which the insured event occurred.
2. The depositor has the right to receive the information specified in Part 1 of this article directly from the bank in respect of which the insured event occurred, as well as from the Agency.
3. When a depositor (his representative) submits to the Agency the documents provided for in Part 4 of Article 10 of this Federal Law, the Agency, at the depositor’s request, provides the depositor with an extract from the register of the bank’s obligations to depositors indicating the amount of compensation for his deposits.
4. Payment of compensation for deposits is made by the Agency in accordance with the register of the bank’s obligations to depositors, formed by the bank in respect of which the insured event occurred, within three working days from the date the depositor submitted to the Agency the documents provided for in Part 4 of Article 10 of this Federal Law, but no earlier than 14 days from the date of the occurrence of the insured event, unless an earlier period is determined by a decision of the Agency’s board.
5. When paying compensation for deposits, the Agency, at the request of the depositor, provides the depositor with a certificate of the amounts paid and the deposits for which compensation was made.
6. If, through the fault of the Agency, the agreed amount of compensation for deposits is not paid within the time period established by this article, the Agency shall pay the depositor interest on the amount of non-payment, calculated in the amount of the refinancing rate established by the Bank of Russia on the day of the actual payment of compensation for deposits by the Agency.
7. If the depositor disagrees with the amount of compensation for deposits to be paid, the Agency invites the depositor to submit to the Agency additional documents confirming the validity of his claims, and sends them to the bank for consideration. The bank, within 10 working days from the date of receipt of these documents, is obliged to review them and, if the depositor’s demands are justified, make appropriate changes to the register of the bank’s obligations to depositors, and also send to the Agency a message about the results of consideration of the depositor’s claims and about changes made to the register of the bank’s obligations to depositors. by investors.
8. After agreeing with the bank and the depositor on the amount of the bank’s obligations, on the basis of additionally submitted documents, the Agency pays the depositor the amount of compensation for deposits in the prescribed manner.
9. In the event of restoration in the manner prescribed by parts 2 and 3 of Article 10 of this Federal Law, the period for filing a claim for payment of compensation for deposits, the depositor has the right to receive compensation for deposits in an amount corresponding to the amount of the bank’s obligations to him, indicated in the register of bank obligations to investors.
10. In case of disagreement with the amount of compensation to be paid on deposits, the depositor, in accordance with the legislation of the Russian Federation, has the right to apply to the court with a claim to establish the composition and amount of the relevant claims, as well as the compensation to be paid on deposits.
11. Payment of compensation for deposits of an individual (except for deposits of individual entrepreneurs opened for business activities) to a depositor (heir - individual) can be carried out at the request of the depositor (his representative), heir (his representative) both in cash and by transferring funds to the bank account specified by such depositor (his representative), heir (his representative) opened with the bank. Payment of compensation for the deposit of an individual (with the exception of deposits of individual entrepreneurs opened for business activities) to an heir - a small enterprise is made by transferring funds to the bank account of such an heir opened in a bank or other credit organization. Assignment of rights of claim of an individual to the Agency is not permitted.
11.1. Payment of compensation for deposits of individual entrepreneurs opened for business activities to a depositor (heir - an individual or heir - a small enterprise) is made by the Agency by transferring funds to the bank account specified by such depositor (his representative), heir (his representative) opened in bank or other credit organization. If the specified depositor at the time of payment of compensation is an individual entrepreneur, the funds are subject to transfer to his bank account opened with a bank or other credit organization for business activities. Payment of compensation for deposits of small enterprises to the depositor (legal successor) is made by the Agency by transferring funds to the bank account of such a small enterprise (bank account of its legal successor) specified by the depositor (his representative), legal successor (his representative), opened with a bank or other credit organization. Assignment of the rights of claim of an individual entrepreneur or small enterprise to the Agency is not permitted.
11.2. If at the time of payment of insurance compensation the depositor is declared insolvent (bankrupt), such payment is made by the Agency by transferring funds to the debtor’s account used during bankruptcy proceedings (sale of a citizen’s property) in the manner established by the Agency.
12. Acceptance from depositors of applications for payment of compensation for deposits and other necessary documents, including those provided for in Part 4 of Article 10 of this Federal Law and Part 7 of this Article, as well as payment of compensation for deposits can be carried out by the Agency through agent banks acting on its behalf name and at his expense. The procedure for interaction of agent banks with the Agency, including standards for compensation of costs of agent banks, is established by the Board of Directors of the Agency. The procedure for the competitive selection of agent banks is established by the Agency's board of directors in agreement with the federal antimonopoly authority.
13. Payment of compensation for deposits is made in the currency of the Russian Federation.
Judicial practice under Article 12 of the Federal Law of December 23, 2003 No. 177-FZ
Resolution of August 20, 2019 in case No. A15-3075/2018
Arbitration Court of the North Caucasus District (FAS North Caucasus)
N.V., with participation in the court hearing from the defendant - the state corporation "Deposit Insurance Agency" (TIN 7708514824, OGRN 1047796046198) - Minenkova N.N. (power of attorney dated December 27, 2017), in the absence of the plaintiff - individual entrepreneur Shamil Dibirovich Alibekov (TIN 051001085508, OGRNIP 309053303600016), the defendant - limited liability company "Dagenergobank" (TIN 0541019312, OGRN 1020500 000553) and a third party - the company.. .
Resolution of July 12, 2019 in case No. A46-1008/2016
Arbitration Court of the West Siberian District (FAS ZSO) - Bankruptcy
The essence of the dispute: About insolvency (bankruptcy)
ARBITRATION COURT OF THE WEST SIBERIAN DISTRICT DECISION Tyumen Case No. A46-1008/2016 The operative part of the resolution was announced on July 08, 2019. The resolution was made in full on July 12, 2019. Arbitration Court of the West Siberian District composed of: presiding officer N.V. Laptev, judges O.V. Ishutina, O.V. Kadnikova. – when maintaining a protocol using means...
Resolution of July 11, 2019 in case No. A40-31573/2016
Arbitration Court of the Moscow District (FAS MO)
In the dispute, the court established that the transfer of funds from JSC Management Company NIK Razvitie to the account of Shirkovets E.N. did not take place (resolution of the Moscow District Arbitration Court dated December 5, 2017 in case No. A40-31573/16), then in this case the funds remained in the applicant’s account, and he has the legal right to demand them. Duly notified of...
Resolution of July 5, 2019 in case No. A40-31573/2016
Ninth Arbitration Court of Appeal (9 AAC)
... NINTH ARBITRATION COURT OF APPEAL 127994, Moscow, GSP -4, Solomennaya Storozhki proezd, 12 DECISION No. 09AP-29353/2019 Moscow Case No. A40-31573/16 July 05, 2019 The operative part of the resolution was announced on July 04, 2019 The resolution has been made in full...
Decision No. 2-4352/2019 2-4352/2019~M-2886/2019 M-2886/2019 dated June 17, 2019 in case No. 2-4352/2019
Vakhitovsky District Court of Kazan (Republic of Tatarstan) - Civil and administrative
According to the depositor's deposit(s) in the bank at the end of the day the insured event occurred (clauses 1, 5, article 11 of the Federal Law dated... No. 177-FZ). According to Article 12 of the Federal Law dated... No. 177-FZ, payment of compensation for deposits is made by the Agency in accordance with the register of bank obligations to depositors, formed by the bank in respect of which an insured event occurred, ...
Resolution of June 13, 2019 in case No. A13-8121/2018
Arbitration Court of the North-Western District (FAS NWO)
E.S. representative Khudyakov S.V. (power of attorney dated May 22, 2018), from the state corporation “Deposit Insurance Agency” representative Musaelyan M.A. (power of attorney dated December 27, 2017), having considered on June 11, 2019 in open court the cassation appeal of the state corporation “Deposit Insurance Agency” against the decision of the Arbitration Court of the Vologda Region dated November 6, 2018 (...
The fundamentals of regulation of the insurance system in Russian banks must be regulated by law. This article will talk about 177-FZ "On Deposit Insurance", which establishes provisions on the financial, organizational and legal foundations of organizations engaged in compulsory insurance of deposits of individuals.
General characteristics of the federal law
177-FZ aims to protect the interests and rights of Russian depositors, strengthen public confidence in the national banking system and qualitatively stimulate people's savings in this system. If we talk about what kind of relations are regulated by the presented normative act, then it is worth highlighting the formation and use of a deposit insurance system, the payment of compensation for deposits, as well as the relations that arise in connection with the implementation of state control and supervisory functions in the system under consideration.
What exactly is a contribution? According to 177-FZ, these are financial assets denominated in national or foreign currency and placed in a Russian bank with the consent of an individual under a special agreement. Deposit compensation is the amount that is payable to the depositor.
On the functioning of the deposit insurance system
According to the law, the Agency is a state corporation created on the territory of the Russian Federation and has its own charter, coat of arms, purpose and powers. The agency has a number of accounts with the Bank of Russia. The powers of the represented organization include opening bank accounts and concluding contracts within the scope of its powers.
It is easy to guess that the main purpose of the Agency’s functioning is to ensure the system. If we talk about the specific functions of the organization, then it is worth mentioning:
- organization of a bank register;
- collection of insurance premiums;
- implementation of a number of measures to take into account the requirements of depositors to the banking enterprise, payment of refunds on deposits;
- control over the receipt of insurance contributions to the relevant fund, etc.
It is also worth noting that the Agency can act as a liquidator of bankrupt credit institutions.
System organization
Article 27 of Federal Law No. 177-FZ “On Deposit Insurance” reveals in a little more detail the principle of operation of the entire deposit insurance system. The law describes the interaction of the Agency with the Russian Bank (BR). Thus, the Agency’s responsibilities include timely informing the BR about the following phenomena:
- replacement of the BR license;
- formation of a moratorium on satisfying certain demands made by the bank’s creditors;
- revocation of the BR license;
- issuance of permission to any bank from the BR;
- appointment of a temporary administration to manage a credit institution, etc.
The Bank of Russia is also obliged to inform the Agency about similar cases. It is also worth noting that subsequent articles talk about registering a bank, the procedure for action in the event of an insured event, as well as the control and supervisory functions of the Agency when inspecting banking enterprises.
About changes to 177-FZ in 2017
The latest edition of the regulatory act in question came into force on July 31, 2017. Minor changes were made to the law. In particular, Part 1 of Article 8 (about an insured event) indicates the implementation of a participation plan for the settlement of bank obligations either by the Agency or the Bank of Russia. Before the changes, the article only referred to the Agency.
Article 18 talks about the Agency's Board of Directors. According to the new edition, the headquarters of such a Council was replenished with two more representatives from the Bank of Russia (previously there were five).
The described Russian federal law was initially intended to establish state (financial) control over the area of reimbursement of previously placed deposits of individuals. The main legal function was aimed at ensuring that even after the cessation of work (functioning) of a financial organization, the population (in particular, each depositor) could count on the payment of a certain amount. That is why this law is considered so necessary. We will describe in more detail the main dispositions of this federal law below.
Law on insurance of deposits of individuals in banks of the Russian Federation
Before the adoption of this Russian law, no deposit insurance existed (which also complicated the procedure). Individuals had the opportunity to independently arrange for this service by contacting the designated insurance company. Those. When placing a deposit in absolutely any bank, individuals had to independently take care of its further safety. Of course, this could not continue, so a new mandatory organizational order was required in this regard.
Before that, Russian banks did not have any independent insurance system, so if an organization ceased its activities for any reason, deposits were not returned to all individuals. A new Russian federal (with direct competence) executive body was needed. In accordance with this, much-needed mandatory amendments were made to the law on banks (and now returns are carried out without delay, regardless of the organization; deposits are returned by Sberbank and all other banks). Next we will describe how this Russian federal act works in practice.
When did Federal Law 177 come into force?
When the Federal Law on Insurance of Individuals' Deposits in Banks of the Russian Federation came into force, there is quite comprehensive data on this. This Russian federal law was originally developed back in 1998. At that time, in Russian banks, any activity was carried out on the basis of the main relevant act.
Deposit insurance was already designated in legislation within the Russian Federation on December 23, 2003. But the Russian Duma began to adopt it back in November. As a result, it was adopted only a month later, and from that time on, a whole system of open deposit insurance began to operate in the Russian Federation - i.e. a mandatory federal order was developed.
From that moment on, the agency also began to operate - the formation of this agency in the Russian Federation was aimed specifically at protecting all individuals in case any negative circumstances occurred in banks. The specified agency is listed as the regulator of the deposit insurance process in most banking structures. Those. This mandatory procedure does not apply to all organizations in the Russian Federation today.
Changes and amendments to the law today
There will not be any significant changes in the designated system for direct deposit insurance in the near future, because This mandatory procedure is subordinate. Those. In the Russian Federation, legislation on banks changes quite often, especially with regard to the system in question.
Amendments and changes to the law on insurance of deposits of individuals in banks of the Russian Federation before their adoption are usually published on specialized resources, where they can be downloaded. You can find out exactly when it will come into effect on the Central Bank of Russia resource or on the agency’s portal. Next, we will tell you exactly how insurance works.
What deposits are insured in accordance with the law on insurance of deposits of individuals in Russian banks
Problems associated with the return of bank deposits are relevant not only for Russia, but also for the entire world community. As in all civilized countries, its decision is entrusted to the Deposit Insurance Agency, created on the basis of Federal Law of the Russian Federation No. 177.
The organization's activities are aimed at protecting the interests of investors who have transferred their own funds as deposits or placed them in their bank accounts from the risks associated with the bankruptcy of financial institutions.
Features of the procedure
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The duty is to send to the mass media outlet located within the bank's location a message about the timing, place, forms and procedure for accepting applications from depositors to pay compensation for their deposits. Information is subject to mandatory publication in the “Bulletin of the Bank of Russia”.
Another copy of the message about accepting applications from depositors is sent by the Agency to the bank.
Such an obligation arises for the Agency from the moment it receives the register of obligations of the banking institution, which became the subject of the insured event, to its depositors.
Within one month, the Agency is obliged to notify bank depositors about the occurrence of an insured event, which is done by sending written notifications.
Highlights
The essence of the law
Insurance refers to this type of economic relationship, the purpose of which is to ensure the protection of subjects from various dangers.
Relations arising in the field of insurance of bank investments are regulated by Federal Law 177 on deposit insurance. It regulates the procedure for insuring deposits carried out by an individual.
The Deposit Insurance Law has a specific structure, which includes provisions on:
- the purposes of the document;
- insurance industry principles;
- system participants;
- types of deposits subject to insurance;
- the procedure and conditions for payments made in the event of an insurance situation;
- the rights of persons who made the contribution;
- the process of mutual cooperation between the Agency, the Bank of Russia, as well as a number of government bodies;
- the basics of the work system in the insurance process;
- the procedure for calculating payments and making them.
Depositor's rights
The structure of Federal Law No. 177 includes provisions on the rights of persons who have made a deposit in a banking institution.
The legislator has vested investors with rights, including the right to:
- to receive refunds;
- to notify the Agency of information about delays in the fulfillment of banking obligations related to the return of deposits;
- to receive information on the issue of the bank’s participation in the insurance system regarding investments of individuals.
Receipt by the depositor of the amount of insurance compensation is not grounds for termination of the right to claim the difference between the deposit amount and the amount of remuneration. Such claims can be presented exclusively to the bank.
The right of claim, if there is a registered deposit in relation to a third party, arises with the person in respect of whom the agreement was concluded.
Claims regarding funds from nominal accounts may be made by the beneficiary of such an account.
The registration of an insured event is the moment when investors have rights to receive compensation.
Those persons who acquired the right to claim when the insured event actually existed cannot demand compensation for the deposit. An exception to this rule is the provision of the right to receive insurance payments to persons who are heirs of the original investor.
In cases where the right to a deposit passes to several heirs, payment is made in proportion to the size of the acquired rights.
Requirements
The law establishes a certain range of requirements that apply to banks.
So, all of them must be mandatory participants in the insurance program, which includes a number of obligations:
- on timely payment of contributions to the Compulsory Insurance Fund;
- to inform clients about the status of a program participant and the amount of payments that are due in the event of an insured event;
- on posting information regulating the rules of compensation, which must be done in a place accessible to the client;
- on keeping records of the total amount of obligations owed to the total amount of clients and constantly updating this information.
When it works
The latest version of the law determined the amount of insurance compensation at the level 1.4 million rubles. This means that deposits within these limits will be returned in full if an insured event occurs.
Those who have a larger deposit may attempt to return it in court, but the order of compensation may never reach the depositor. This is precisely why the advent of advice to place particularly large savings in different banking institutions is connected, by dividing the total amount into parts.
The insurance program applies to deposits, current accounts and deposits that are open on demand.
The depositor must remember that accrued interest on the deposit increases its amount. Thus, after a certain period of time, deposits bordering on the maximum reimbursement amount may cross such a limit.
You can protect yourself:
- by placing a deposit with the condition of monthly withdrawal of interest;
- by calculating the accrual of interest and placing such an amount that at the end of the investment period will be up to 1,400,000 rubles;
- by concluding an agreement on placing a deposit, on the terms of partial withdrawal of funds.
Agency Clause
The creation of the Agency was prompted by the need for compulsory deposit insurance by the state. This institution is a corporation operating within the framework of Federal Law No. 177.
Mandatory attributes of the Agency are a seal containing an image of the Russian coat of arms. Funds belonging to the Agency, formed from obligatory payments of banking institutions, are placed in an account opened with the Bank of Russia.
The organization has the right to open accounts in other financial institutions. The central authority is located in Moscow.
Other clauses about the law on deposit insurance
System advantages
The practice of many countries shows that insurance of funds in the form of deposits is an effective tool for solving problems of a macroeconomic and social nature.
The system allows depositors to have confidence in the return of the invested amounts, which completely eliminates the possibility of panic if there are economic problems in the banking industry.
Depositors feel complete state protection of their own funds, as a result of which they show a high level of trust in financial institutions participating in the insurance program.
Edits and new conditions
Recent amendments to the legislation regulating deposit insurance have led to a doubling of the amount of compensation. The reason for this was the desire of citizens to secure their own institutions.
Thus, since the creation of the Agency, the amount of mandatory compensation has been increased 14 times.
Participants
The law defines a limited circle of participants to whom the provisions on deposit insurance apply.
They are represented by:
- persons who made the contribution who receive the status of beneficiaries;
- banking institutions acting as policyholders;
- An agency that is an insurer;
- Bank of Russia.
Facilitation and supervision
The main role of the Agency is to provide insurance for deposits placed in banking institutions.
This organization carries out regular accounting of depositors and funds that are placed as deposits and are also in bank accounts. For this purpose, financial institutions are required to provide the necessary data upon the Agency’s first request.
The Agency is managed by the Board of Directors, which includes 7 representatives from the Government of the Russian Federation, 5 representatives from the Bank of Russia and the General Director himself.
State support for insurance consists of the formation of a legislative framework regulating the entire procedure of insurance and reimbursement of deposits.
The legislator granted the Agency the right to conduct audits of financial institutions, which allow identifying possible negative trends in functioning that require immediate prevention
Frequently Asked Questions
What is covered and what is not
The Federal Law establishes a list of funds that, when placed in banking institutions, are subject to compensation upon the occurrence of an insured event:
- deposits (time and on demand);
- nominal accounts;
- bank payment accounts;
- individual entrepreneur accounts;
- escrow accounts that are opened for real estate transactions.
Funds that are: placed by persons for the purpose of carrying out professional activities cannot be reimbursed; are held in trust; placed as bearer deposits; are not located in banking institutions of the Russian Federation; presented in the form of electronic money.
Determining the amount
The latest legislative changes regarding the indemnity cap occurred in 2020. From this moment, the amount of insurance payments is set at the level 1.4 million rubles.
Funds placed in escrow accounts are reimbursed in full, but within the amount of 10 million rubles.
Foreign currency deposits are reimbursed in national currency, based on the exchange rate determined by the Bank of Russia on the date of recording the insured event.
The presence of credit obligations in the same banking institution where the person has a deposit entails an individual calculation of the insurance payment, which is presented in the form of the difference between the person’s obligations to the bank and the amount of funds that must be returned to the depositor.
Application procedure
The recipient of the deposit compensation may be the depositor or the person representing him, as well as the heir or his representative, for which these persons must contact the Agency before the bank is declared bankrupt.
If there are valid reasons, the missed deadline may be restored by the Agency's board.
The heirs receive the right to appeal from the date of receipt of the certificate certifying the rights to the inheritance.
Individuals who have the right to apply for compensation submit to the Agency an application in the prescribed form and documents that confirm their identity, as well as their rights to the deposit. When submitting an application as a representative, you will need to attach a power of attorney certifying your authority to the document.
Sequence of payments
The basis for making payments is the bank's register of obligations. Payments are made throughout 3 days, from the date of submission by the depositor or his authorized person of the application and relevant documents.
As a general rule, payments cannot begin earlier than after 14 days, from the moment of recording the insured event.
Reimbursement can be made either as a result of transferring funds to bank details, or as a result of transferring cash to the depositor.
