Date: 9 months ago   Category: Economy

The Central Bank will soften requirements to small insurance companies — Rambler News Service


Photo: Anton Belitsky/Global Look Press the Bank of Russia plans to differentiate requirements to insurance companies depending on their category. The press service of the regulator following the results of public discussion of the concept of proportional regulation has reported about it and risk - the focused supervision of participants of the insurance market. "Requirements to insurance companies will be differentiated proceeding from risk level which is characteristic of the concrete company and the activity which is carried out by it. At this criterion of reference of the company to a certain group (large, average, small) and also the differentiated requirements to the companies from a certain group aren't approved yet and will be discussed with business community and experts", - it is said in the statement of the Central Bank. The Central Bank intends to differentiate requirements to corporate management of insurance companies, including to the systems of internal control of the organizations and risk management. In addition, the regulator intends to reduce frequency of granting various forms of the reporting for small insurance companies which field of activity socially important and obligatory types of insurance don't include. As a result of public discussion of the relevant document the regulator has prepared the road map. Offers of the Bank of Russia have to come into force by 2022.

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