OBS_VALUE: Insurance companies could engage in investment activities with exceptions provided by the law. With regard to the assets formed from the insurance premiums received from customers for investment purposes, insurance companies should manage them on the basis of the license for managing investment portfolio on securities market. Such license is issued only to companies engaged in life insurance. Foreign branches are not eligible to obtain this license and is prohibited from carrying out transactions and conducting operations as entrepreneurial activities that are not related to insurance (reinsurance) activities. Insurance (reinsurance) companies are also prohibited from acquiring more than 10% of the shares (stakes) in the capital of legal entities. Aggregate value of such acquired shares (stakes) should not exceed 50% of the share capital of the insurance company. A number of derogations from this rule is provided by the law, including foreign insurance companies with more than 25% stake in shareholding that have an A-rating and attestation from its home state regulator, as well as resident financial organisations with more than 25% stake in shareholding. Insurance (reinsurance) companies can acquire financial instruments/bonds the list of which is approved by the regulating authority. Also, insurance (reinsurance) company cannot issue golden share. Since establishment of foreign branches has been allowed in 2020, the law has been updated to provide for a special regime of the transfer of assets formed from the insurance premiums received from customers for investment purposes, and income received from their investment, into the investment management of its parent foreign insurance organization.