Insurance Market Department
The Insurance Market Department exercises the authority of the Bank of Russia in the sphere of insurance market development, insurance business regulation, and control and supervision over compliance with the insurance legislation by insurance companies, mutual insurance companies, insurance brokers, and their self-regulatory organisations.
Insurance laws and regulations are constantly developing and improving. The Department is responsible for the preparation of regulatory and legislative initiatives of the Bank of Russia, drafts Bank of Russia regulations, and reviews public authorities’ draft laws and by-laws related to the insurance market.
The primary goal of insurance regulation is to ensure the financial sustainability and solvency of insurers. The Bank of Russia’s supervisory policy is aimed at the early identification of insurance market players’ problems and the elimination of violations that may threaten the legitimate interests of insurance consumers and the stable operation of the Russian insurance market. Whenever violations of the insurance legislation are revealed, the Department applies supervisory response measures against insurance entities and controls the fulfilment thereof.
The Department makes actuary calculations of insurance rates in compulsory insurance, and elaborates minimum requirements for the terms and procedure for individual types of voluntary insurance.
The main objectives of the Department also include control over the implementation of bankruptcy prevention measures by insurers and recovery of their solvency.
Seeking to protect the rights and legitimate interests of insurance consumers, the Department elaborates measures aimed at preventing insurance fraud and curbing unfair practices in the insurance market.