OREANDA-NEWS. June 21, 2013. The Federal Antimonopoly Service (FAS Russia) held a joined meeting of the Section on the market of insurance services and the Section on the market of banking services of FAS Expert Council for protecting competition on the market of financial services.

Representatives of the Federal Financial Markets Service, the Ministry of Finances, the Bank of Russia, the “National Payment Council” and the “National Partnership of Microfinance Market Participants” Non-Commercial Partnerships, insurance and credit organizations and independent experts took part in the Council work.

The Expert Council discussed prolonging the validity period of No.386 Decree of the Government of the Russian Federation “On Approving the General Exceptions for Agreements between Credit and Insurance Organizations” of 30th April 2009 (further on referred to as No.386 Decree), as well as possibility for credit organizations to set requirements for insurance companies aimed at evaluating the level of insurance payments.

Participants unanimously supported prolonging the validity period of No.386 Decree for three years.

The Expert Council also pointed out unfair conduct of insurance organizations, particularly financially stable ones, with regard to insurance payments. It would be expedient to carry out an additional evaluation of insurance companies: evaluating the quality of executing insurers’ obligations under insurance agreements. It would also be useful to add to insurers’ reporting for the above purposes.

The Expert Council supported introducing changes to No.386 Decree in the part of establishing a possibility for credit organizations to evaluate insurance companies in terms of the payment level.

Summing up the meeting, the Expert Council proposed that in the near future participants should forward their opinions on the raised issues to FAS, while FAS must draft a relevant regulatory act.