The Bank of Russia is planning to introduce a mechanism for the rehabilitation of insurance companies in the near future, Russian Central Bank Governor Elvira Nabiullina said.
“We have another gap in legislation. Unlike the banking sector, there is no legal mechanism for the rehabilitation of insurers. We plan to introduce it in the near future. We have drafted and are discussing the bill”, she said at the International Financial Congress 2017.
The strategic tasks of developing the insurance market are related to ensuring the long-term sustainability of insurance companies and protecting the rights of policyholders, Nabiullina added.
“Priorities for the future including introducing the principles of Solvency II [an insurance regulatory system in the EU] as part of the implementation of a risk-based approach to regulating the financial stability and solvency of insurers”, she concluded.