Health, accident and agricultural insurance among Russian Central Bank's top priorities for the market development in 2019-2021

A bill on insurance for accidental death from emergency situations, mandatory medical insurance reform, and improvement of agricultural insurance products, including state-supported coverage are the top legislative priorities for the Russian insurance market, Central Bank Deputy Governor Vladimir CHISTYUKHIN said.

As reported by Interfax, the Central Bank is counting also on the further development of the bill on the "price of admission" to the sector, which stipulates a phased increase in the minimum capital requirement for insurers. The same piece of legislation will enable the market authority to discuss business plans with the companies entering the market on a consultative basis before granting the necessary approval.

CHISTYUKHIN also said that the Central Bank of Russia has formulated its main strategic approaches to development of the financial market in 2019-2021 and plans to publish this document soon. The market's authority vision will be synchronized as much as possible with the insurance community proposals on the same topic. The main lines of the ARIA's near-term insurance market development strategy were presented on the occasion of the All-Russia Insurance Association's Russian Insurance Summit. Among priorities are the development of online insurance, introduction of a risk component in mandatory medical insurance, improvement of the procedures for exchanging information with state bodies and development of a dialog with the regulator. In the legislative area, ARIA's priorities largely coincide with the Central Bank's.

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