Bank of Russia lifts ban on certain insurance operations

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On March 18, 2022, the Central Bank of the Russian Federation (“RBC”) has issued a license to players in the insurance market (“Authorisation”) in accordance with paragraph 2 of article 3 of Law No. 55-FZ*. Pursuant to the Authorization, insurance companies and mutual insurance companies may carry out a certain number of operations which were previously prohibited by this law. The authorization was sent to participants of the Russian insurance market through their personal accounts on the CBR website and is valid until December 31, 2022 (inclusive).

In accordance with the authorization, Russian insurers are now authorized to carry out:

  • operations under international motor vehicle liability insurance schemes in accordance with Article 31 of Federal Law No. 40-FZ “On Compulsory Motor Vehicle Liability Insurance” of April 25, 2002, including reinsurance, payment premiums and claims under reinsurance contracts; and
  • operations related to reinsurance and premium and claim payments (for direct policies for contracts of insurance of goods imported into Russia or related financial risks).

In addition, the authorization allows insurance companies and mutual insurance companies to enter into transactions with Russian insurers and insurance brokers controlled by residents of “unfriendly” states and to make payments in in connection with these transactions.

Finally, the authorization allows companies to enter into transactions with and make payments to all insurers and insurance brokers, except for entering into contracts or making payments for insurance purposes. and reinsurance.

Co-authored by Maxim Telushkin, banking and finance paralegal.

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