Insurance companies to be licensed as management companies
The Bank of Russia has established the procedure for insurance companies allowed to provide voluntary life insurance services to obtain the licence of a management company for the purposes of unit-linked life insurance.
The regulator has also prepared information materials containing a step-by-step instruction on how to obtain such a licence as well as templates of an officer’s application and questionnaire.
Unit-linked life insurance is a new investment product in the Russian insurance market. It will encourage long-term investments in the Russian economy. An agreement will combine classic life insurance and the management of the customer’s investments in the units of a unit investment fund. The powers of insurance companies to perform the activity of management companies associated with unit-linked life insurance from January 2025 are stipulated by the law ‘On Investment Funds’.