Changes in requirements for VHI

Based on the Order of Bank of Russia No. 5974-U dated 11.10.2021 that came into force, the requirements for issuing VHI policies for labor migrants have changed, especially:

• VHI can be issued electronically. In this case, the requirements and conditions for the manufacture of counterfeit-proof printing products approved by the Order of the Ministry of Finance of the Russian Federation do not apply to it (see the attachment to the letter for a link to the order);
• assurer are now obliged to post information about issued VHI, with the ability to check them by series and number, on their official website;
• starting from January 04, 2021, the VHI issued for labor migrants must be valid throughout the whole territory of the Russian Federation.

We also remind you of the basic requirements for VHI for labor migrants:

• VHI must cover at least 100,000 rubles for each insured person during the term of the contract;
• the validity period of the VHI is determined based on the validity period of the work permit / patent;
• the form of the VHI must comply with the requirements of the printing documentation and be produced on paper with a watermark or with a watermark of limited distribution;
• the VHI policy for labor migrants must contain, among other things, the following information:

          a) information about the insured;

          b) information about the insured person;

          c) information about the assurer;

          d) the series and number of the VHI of labor migrants;

          e) the date of filling out the VHI policy for labor migrants;

          f) the term of the contract of VHI for labor migrants.

          g) the territory of validity of the VHI agreement;

          h) the amount of the insured amount;

          i) the signature of the policyholder.

If you have additional questions, as well as seeking for help in arranging VHI, please contact the specialists of Confidence Group!

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