On Dec. 15, RUS CB proposed ordinance on reporting by insurers.
RUS CB proposed ordinance on the forms, deadlines, and procedure for compiling and submitting reports to RUS CB by insurers.
Consultation documents are only available on RUS CB website until comment deadline.
Summary
The proposed ordinance addresses RUS CB's authority to regulate reporting by foreign insurance organizations operating in Russia and outlines the XBRL format for reporting.
Modifications are introduced for reporting forms, considering changes in regulations and the transition to IFRS 17 on insurance standards effective from Jan. 1, 2023.
The ord applies to insurance firms, mutual insurance societies, foreign insurance firms.
Effectiveness
Ordinance will enter into force on Jan. 1, 2025; feedback expected by Jan. 10, 2024.
Jul. 2024 Ordinance Issued
On Jul. 26, 2024, RUS CB issued ord 6805-U on the forms, terms and procedure for compiling and submitting to RUS CB reports by insurers, on the procedure for insurers to notify RUS CB a of information on persons who have been entrusted with conducting identification, simplified identification, updating information on clients, representatives of clients, beneficiaries and beneficial owners, on the procedure for insurers to notify RUS CB of information on the publication of the annual accounting statements of the insurer, as well as on the procedure and terms for insurers to submit to RUS CB information and documents regarding their branches, representative offices and other separate divisions.
The ordinance enter into force on Jan. 1, 2025 and from the date of entry into force invalidates ord 6370-U on foreign insurance organizations must report to RUS CB the individuals responsible for customer identification and information updates, #160265.
Additionally ord 6315-U on forms, terms and procedure for compiling and submitting reports of insurers to RUS CB is invalidated from Jan. 1, 2025, see rule #128406.
Regulators
RUS CB
Entity Types
Ins
Reference
PR 6/26/2024; Ord 6805-U, 7/15/2024; CP, 12/15/2023
