On Insurance of New Account Types (Nominal Accounts and Escrow Accounts) and on Premiums Grading Differentiation

    We would like to inform you that since Federal Law No. 432-FZ dated December 22, 2014, “On Introducing Changes into Certain Legislative Acts of the Russian Federation and on Repeal and Invalidation of Certain Legislative Acts (Legislative Act Provisions) of the Russian Federation” (hereinafter referred to as Federal Law No. 432-FZ) came into force, a number of new legislative provisions were introduced into deposit insurance legislation, namely:

    Since January 1, 2015, new insurance instruments are to be introduced to provide for the insurance coverage of nominal accounts opened by caregivers for persons under their care (Paragraph 4, Article 7 of Federal Law “On Insuring Natural Persons' Deposits with the Banks of the Russian Federation”);

    Since April 1, 2015, new insurance instruments are to be introduced to provide for the insurance coverage of escrow accounts opened to make settlements related to real estate transactions, with the compensation amount up to RUB 10 000 000 for a transaction registration period.

    Besides, the abovementioned Federal Law establishes the mechanism for premiums grading differentiation to grade statutory deposit insurance fund premiums. This mechanism will be applied:

    Since July 1, 2015, where the matter concerns premiums grading depending on the maximum interest rates on deposits, and

    Since January 1, 2016, where the matter concerns the maximum rates on deposits and bank financial strength ratings (Articles 71-78 of Federal Law “On Insuring Natural Persons' Deposits with the Banks of the Russian Federation”). The non-abbreviated version of Federal Law No. 432-FZ can be found on the website of the Agency.