OREANDA-NEWS. June 11, 2014. The Head of FAS Department for Control over Financial Markets, Olga Sergeeva, took part in the XII International Insurance Conference on “Regulating and Developing Insurance Market. Combined Efforts and the Integrated Programme of the Actions of the State and the Insurers”, organized by the National Insurers Union in Moscow.

Attendees included representatives of the authorities, the Central Bank of the Russian Federation, foreign unions and associations of insurers, the largest insurance and re-insurance companies, as well as international experts and analysts in insurance, economics and finances.

Olga Sergeeva made a presentation on the “Pressing Issues of Applying the Antimonopoly Law in the Insurance Market”; in particular, she outlined the main problems on the market of insurance services, including OSAGO [mandatory third-party civil liability insurance] market and the FAS proposals on the ways to resolve them.

Olga Sergeeva gave statistical data on the number of violations exposed by the antimonopoly bodies on the market of insurance services. She pointed out that in spite of reducing the overall number of violations of the antimonopoly law on the insurance markets, the number of cases investigated by the antimonopoly authorities upon elements of insurance companies violating Article 10 of the Federal Law “On Protection of Competition” (abusing dominance) is increasing with every year.

Olga Sergeeva paid considerable attention to interaction between insurance and credit organizations in borrowers’ insurance, and brought to notice of the Conference participants the novelties in normative legal regulation over this field, such as No. 353-FZ Federal Law “On Consumer Credit (Loan)” of 21.12.2013, as well as extending the validity period of No. 386 Decree of the Government of the Russian Federation “On the Cases of Allowed Agreements between Credit and Insurance Organizations” 30.04.2009 for three years (until 2017).