OREANDA-NEWS. The Bank of Russia has developed new rules for insurers to build up insurance reserves created to ensure fulfillment of insurance contracts. Draft regulations are posted on Bank of Russia website.

The new rules will supersede Finance Ministry orders which have been in force since 2009 as regards life insurance reserve setting, and since 2002 as regards other types of insurance.

While working on the documents, the Bank of Russia took into account vital insurance market requirements and international experience in insurance regulation. In particular, insurers will be far flexible in terms of implementing actuary methods and data consolidation for calculation of insurance reserves. Besides, with the Bank of Russia approval companies will be able to use indicator values which differ from those set by the regulator.