On Aug. 8, 2024, RUS GVT published law 256-FZamending law on mutual insurance and certain legislative acts to improve regulation of mutual insurance companies.
The law is in force on Mar. 1, 2025, except provisions in force on Sep. 1, 2025.
On Aug. 2, RUS PRL discussed bill on mutual insurance companies.
RUS PRL Senators approved bill on amendments to law on mutual insurance and certain legislative acts of Russia to improve regulation of mutual insurance companies.
Proposals
The mutual insurance company is granted the right to carry out compulsory and voluntary property insurance, which, in accordance with the legislation of the Russian Federation is a condition for carrying out professional or entrepreneurial activities.
May engage experts, specialists and other persons who have the necessary knowledge and (or) work experience, including in the field of insurance activities, actuarial activities, accounting and preparation of accounting (financial) statements.
A company may be founded by at least five individuals and/or legal entities.
The list of information that the charter of a mutual insurance company must contain is expanded and the list of information that the company is obliged to post it online.
The bill provides for the maintenance of a register of members of the company.
It establishes information to be included in this register and obligation of a member of the company to provide reliable information necessary for maintaining the register.
Noted the bill will contribute to development of the institution of mutual insurance and will increase the interest of citizens and organizations in insuring their property.
Aug. 2024 Law Issued
On Aug. 8, 2024, RUS GVT published law 256-FZamending law on mutual insurance and certain legislative acts to improve regulation of mutual insurance companies.
The law is in force on Mar. 1, 2025, except provisions in force on Sep. 1, 2025.
Regulators
RUS GVT; RUS PRL
Entity Types
Auditor; CNSM; Ins
Reference
PR, Law 256-FZ, 8/8/2024; PR, 8/2/2024; Bill 1134126-7
Functions
Accounting; Actuarial and Valuation; Compliance; Legal; Operations; Registration/Licensing; Reporting
