The Bank of Russia has established the procedure for insurance companies to obtain a management company license for providing voluntary life insurance services. This measure aims to facilitate unit-linked life insurance, a new investment product in the Russian market.
The regulator has also prepared informational materials, including step-by-step instructions on obtaining such a license and templates for an officer’s application and questionnaire.
Unit-linked life insurance is designed to promote long-term investments in the Russian economy. The agreement will merge classic life insurance with the management of customer investments in units of a unit investment fund. According to the law 'On Investment Funds,' from January 2025, insurance companies will have the authority to act as management companies associated with unit-linked life insurance.
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