OREANDA-NEWS. May 20, 2014. No. 394 Decree of the Government of the Russian Federation “On Introducing Changes to No. 386 Decree of the Government of the Russian Federation” came into force.

The Decree extends for three years (till 2017) the period of validity of the General exceptions for agreements between credit and insurance organizations, approved by No.386 Decree of the Government of the Russian Federation of 30th April 2009.

The General exceptions determine the procedures for interaction between credit and insurance organizations in insuring borrowers’ risks under the conditions of the absence of sufficient number of mandatory standards for insurance companies, characterizing their financial stability and solvency.

The necessity to extend the validity period for the General exceptions was discussed at a joint session of the sections for the market of banking and insurance services of FAS Expert Council for protecting competition on the market of financial services and was supported by the members of the Expert Council.

No. 394 Decree of the Government of the Russian Federation “On Introducing Changes to No. 386 Decree of the Government of the Russian Federation of 30th April 2009” of 29th April 2014 was published on 7th May 2014 at the official Internet-portal for legal information http://www.pravo.gov.ru.