The Bank of Russia has announced its decision to extend several easing measures initially set to expire at the end of 2024. These measures, aimed at supporting the insurance market amidst sanctions and current economic conditions, will now continue through December 31, 2025.
One key measure that will expire is related to bonds issued by foreign companies for Russian entities. Insurers who purchased these bonds before December 1, 2022, can use the rating assigned to the Russian entity for equity and risk assessments.
The temporary extensions include allowing insurers not to disclose certain sensitive data that could be impacted by sanctions. This includes information about executives, shareholder structures, and reorganization details. Insurers are also granted the right not to disclose sensitive financial data in their accounting statements or actuarial opinions.
Additionally, there are provisions for non-disclosure regarding the transfer of insurance portfolios and data from insurance agents and brokers' registers. The requirements for mandatory reinsurance with Joint Stock Company Russian National Reinsurance Company (JSC RNRC) have also been relaxed under specific conditions involving ownership stakes or group membership within contracts.
Finally, the Bank of Russia has approved a list of offshore zones for assessing those entitled to make decisions regarding insurers' shares.
These measures were integrated into regulations on a permanent basis per Bank of Russia Ordinance No. 6671-U dated January 15, 2024.