Legislative changes for the insurance market

Legislative changes for the insurance market

The State Duma is preparing several legislative initiatives for the insurance market. This was announced by Anatoly Aksakov, Head of the State Duma's Financial Market Committee.

"In December we are planning to adopt in the second and third reading a bill on electronic loss adjustment. As soon as it is adopted, almost all the insureds, especially from a remote regions, will be able to resolve insurance claims electronically. This is a big and very useful innovation,” he shared.

In 2022 the lawmakers plan to return to a draft law on mutual insurance companies that would remove restrictions that hinder the development of this segment. According to Mr Aksakov, the adoption of the document will help to solve many problems, for example, insurance against emergencies in territories where natural abnormalities occur frequently.

"Mutual insurance societies are starting to establish actively, and removing restrictions and expanding opportunities for them to sell insurance products will give a boost to development and increase competition in the insurance market," he has added.

A bill that introduces testing when selling investment life insurance (ILI) and endowment life insurance (ELI) has passed its first reading. "The Bank of Russia will be able to expand the list of products requiring testing before selling,"   said Anatoly Aksakov.

A bill has also been prepared to create a reinsurance pool in motor insurance, which would make MTPL more affordable for residents of troubled regions and sectors. "Next year, together with the insurance community and the Bank of Russia, we plan to actively work on expanding the tariff corridor in CMTPL insurance, so that tariffs can be formed more flexibly, taking into account the risk of insurance events," told the Head of the Committee.

In 2022 the State Duma also plans to increase the compensation for life and health damage from the current 500 thousand to 2 million rubles. According to Mr Aksakov, such a need is long overdue.

"In addition, it is necessary to harmonize payments and the insurance system in the taxi sector, to amend the law on taxis and form the appropriate legal framework to settle this type of transport, and simultaneously amend the law "On MTPL", so that this segment of the market paid appropriate rates to form the fund of compensation for insured events and has been strictly regulated", - he concluded.


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