BAIKAL - BURYATIA: tourism and recreation

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Validity of financial security


Validity of financial security

 

In accordance with article 17.3 of the Federal law from November 24, 1996 № 132-FZ "About bases of tourist activity in the Russian Federation" (hereinafter – the Law), the validity of the financial security specified in the contract of insurance of responsibility of tour operator or a Bank guarantee and can not be less than one year. Financial support for a new term must be received by operator not later than three months before the expiration of the current financial security.

Concluded for a new term insurance contract liability of the tour operator or by the new term of the Bank guarantee shall enter into force on the day following the day of expiry of the contract of insurance of responsibility of tour operator or a Bank guarantee, subject to payment by the tour operator the cost of financial security within the time stipulated in the insurance contract liability of the tour operator or the agreement on granting Bank guarantees. Statement (proforma given in the Appendix) with information about the presence of the tour operator financial support for a new term together with the original document on financial support or a notarized copy of this document sent to the Federal Agency for tourism (by registered mail with return receipt requested) not later than three months before the expiration of the current financial security.

In case of failure after a set by article 17.3 of the Law the deadline for the submission of information about the availability of financial support for a new term, the Federal tourism Agency eliminates the data on tour operator from the uniform Federal register of tour operators (article 4.1. Of the act).