Bank of Russia unveils framework for insurance industry regulation
‘Institute of curators’ established to set risk management standards
Russia's central bank will intensify its scrutiny of the country's insurance sector, it announced on March 16.
The Bank of Russia will start monitoring insurance companies' internal finances and has established an organisation to develop firms' self-regulation. Insurance companies will have to adhere to financial ratios set out in a central bank ordinance published in Russian on January 18.
The bank would calculate the ratios that firms should meet "at least on a quarterly basis", it said
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