Russia Insurance Industry – Governance, Risk and Compliance
All the vital news, analysis, and commentary curated by our industry experts.
Russia Insurance Industry Regulation Overview
The Central Bank of Russia (CBR) acts as the regulator of the Russia insurance industry while the International Association of Insurance Supervisors (IAIS) and All-Russian Union of Insurers (BCC) act as the other supervisors. The Russia Insurance Industry governance regulation 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 establishing and operating 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 country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
|Key Regulators||· Central Bank of Russia (CBR)
· International Association of Insurance Supervisors (IAIS)
· All-Russian Union of Insurers (BCC)
|Compulsory Insurances||· Motor Third-Party Liability Insurance
· Aviation Liability Insurance
· Marine Liability Insurance
· Professional Indemnity Insurance
|Key Taxes||· Tax on Insurance Premium
· Corporate Income Tax
· Corporate Capital Gains Tax
· Value Added Tax
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Russia Insurance Industry – Key Regulators and Legislation
Central Bank of Russia: 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, and regulating and supervising insurance brokers and agents.
International Association of Insurance Supervisors: The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The key piece of legislation governing the Russian insurance industry is:
- Civil Code of Russian Federation, Insurance Law 1992
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Russia Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Russian insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
Russia Insurance Industry Analysis by Compulsory Insurances
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Russia Insurance Industry - Company Registration and Operation
Insurance companies, mutual insurance companies, and insurance brokers require mandatory prior authorization to carry out insurance activities in the country. Foreign reinsurers are not allowed to open branches in Russia and are not subjected to any registration requirements. The Civil Code allows limited liability company, joint-stock company, and mutual insurance company to operate insurance or reinsurance business in Russia.
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Russia Insurance Industry – Taxation
Tax is imposed upon insurance premium within the insurance industry in Russia. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: A company is considered a resident if it is incorporated in Russia, its principal place of management is in the country, or it is considered as a resident under an applicable tax treaty. In addition, a foreign company that operates through a branch or subsidiary in Russia may opt to be treated as a resident company by submitting a notification to the Russian tax authorities. Corporate tax in Russia applies to both resident and non-resident legal entities. Resident companies are taxed on their global income, whereas non-resident companies are taxed only on income sourced from Russia and other passive income generated within Russia.
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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 the taxation imposed on insurance products and insurance companies
- The Russian insurance industry is governed by the Financial Market Access Department of the Central Bank of Russia.
- Composite insurance is prohibited in the Russian insurance industry.
- Non-admitted insurance is not permitted in the country, with a few exceptions.
- Solvency II was implemented across the EU effective from January 1, 2016.
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 Russian 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.
Table of Contents
Supervision and Control
Non-Admitted Insurance Regulations
Company Registration and Operation
Foreign Direct Investment / Ownership
Minimum Capital Requirements
Statutory Return Requirements
Tax on Insurance Premium
Corporate Income Tax
Corporate Capital Gains Tax
Value Added Tax
Frequently asked questions
Which is the key regulator of the Russia insurance industry?
The Central Bank of Russia (CBR) is the key regulator of the Russia insurance industry.
Which are the other bodies overseeing operations in the Russian insurance industry?
The International Association of Insurance Supervisors (IAIS) and the All-Russian Union of Insurers (BCC) oversee the Russian insurance industry.
Which are the compulsory insurances required within the Russian insurance industry?
Some of the key compulsory insurances required within the Russian insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, and professional indemnity insurance.
What are the types of taxes imposed upon the Russian insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Russia. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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