On Federal Standard 'Actuarial Valuation of Insurance Activities. Insurance Reserves under Life Insurance Agreements'

The Board for Actuarial Activities has developed and approved the Federal Standard for actuarial operations, titled ’Actuarial Valuation of Insurance Activities. Insurance Reserves under Life Insurance Agreements’ (further referred to as the Federal Standard).

The Federal Standard has been developed with a view to implementing Article 10 of Federal Law No. 293-FZ, dated 2 November 2013, ‘On Actuarial Activities in the Russian Federation’, with due regard to international standards for actuarial operations as adopted by the International Actuarial Association. The Standard sets forth requirements for the procedure for actuarial calculation of insurance reserves and that for confirming that they meet the obligations under life insurance agreements.

The Federal Standard, concurred by the Bank of Russia, becomes effective ten days after its publication in the Bank of Russia Bulletin.

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