Russia Insurance Industry – Governance, Risk and Compliance

The Russia insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Russia Insurance Market Dynamics

The Financial Market Access Department (FMAD) of the Central Bank of Russia is the regulatory and supervisory body of the insurance industry in Russia. It is a structural unit established in line with the decision of the Board of Directors of the FMAD dated November 29, 2013. The main functions performed by the FMAD include ensuring that insurers comply with laws and regulations in the interests of policyholders, recommending and imposing disciplinary sanctions in accordance with Article 30 of the Insurance Law 1992, and regulating and supervising insurance brokers and agents.

Russia Insurance Industry License Types

In Russia, insurance companies can obtain a license for life insurance, non-life insurance, and composite insurance. Insurance companies with a life insurance license can underwrite classes of the insurance contract including life insurance in case of death, survival up to a certain period, or the occurrence of an insured event. It also includes pension insurance and insurance with annuities.

Insurance companies with a non-life insurance license can underwrite classes of the insurance contract including accident and sickness insurance, health insurance, motor insurance except for railway, railway rolling stock, aircraft insurance, ship insurance, goods in transit insurance, agriculture insurance, property insurance of legal entities, and property insurance for citizens. Composite insurance is not allowed in Russia, except in cases of accident and health insurance. Composite reinsurance is also not permitted.

Key Bodies Overseeing the Russia Insurance Industry

The key bodies that oversee the Russia insurance industry are the International Association of Insurance Supervisors (IAIS) and the All-Russian Insurance Association (ARIA).

International Association of Insurance Supervisors (IAIS)

The IAIS is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in more than 140 countries. The association also includes 135 observers representing industry associations, professional associations, insurers, reinsurers, consultants, and international financial institutions. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance industry for the benefit and protection of policyholders.

All-Russian Insurance Association (ARIA)

The ARIA is the primary insurance and reinsurance trade organization responsible for developing and improving the insurance industry in Russia. The Civil Code and Federal Law by the voluntary partnership of insurers operating according to the legislation of the Russian Federation created the ARIA. It is generally involved in forming standardized terms and policies for the insurance industry.
ARIA aims to defend the interest of its members and facilitates the development and improvement of the Russian insurance industry.

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Market report overview

Scope

This report provides:

• Details of the insurance regulatory framework in Russia.
• Details of the rules and regulations governing insurance products and insurance entities.
• Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework.
• Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
• Details of taxation imposed on insurance products and insurance companies.
• The latest key changes and changes expected in the country’s insurance regulatory framework.
• Key regulations and market practices related to different types of insurance products in the country.
• Rules and regulations pertaining to key classes of compulsory insurance and the scope of non-admitted insurance in the country.
• Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
• Details of the tax and legal systems in the country.

Reasons to Buy

• Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
• Gain insights into the insurance regulatory framework in Russia.
• Track the latest regulatory changes and expected changes impacting the Russia insurance industry.
• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
• Understand key regulations and market practices pertaining to various types of insurance product.