Russia: Central Bank stopped active cleaning of the insurance sector

First deputy chairman of the Central Bank of Russia Sergey SHVETSOV during XVI International conference of All-Russian Insurance Association announced that the period of active cleaning of the insurance sector was completed and now is mostly voluntary.

"What I want to say is that now we recall much less licenses....in 2016 we recalled licenses every week, but today recalling is mostly voluntary which means the end of active cleaning", noticed SHVETSOV. According to him the main target of the Central Bank is ensuring of competitive environment and high solvency level in the insurance industry.

Based on the annual report of the Bank in 2017 total number of insurance entities in Russia decreased by 15.1% and on January 1, 2018 amounted to 309.





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