Legislation amendments

According to the Central Bank of the Russian Federation as at October 12, 2021, there were registered 225 organizations in the Unified State Register of Insurance Entities. As at October 1, 2016 there were 390 of that kind of organizations.

According to the Central bank of the Russian Federation Decree No. 5885-U dated 16.08.2021 the list of information contained in the Register was expanded. Now, there must be information on:

• insurance companies, mutual insurance companies, insurance brokers;
• members of the mutual insurance companies;
• directors, chief accountants, internal auditors, auditors, actuaries;;
• founders, shareholders and participants who own more than 1% of the votes of the total number of voting shares or equities;
• persons who control or have significant influence over organization;
• branches representative offices and other separate business units;
• foreign insurance organization.

The direction set the time limit for including information in the Register:

• within five business days from the decision date of granting a license;
• no later than one business day from the decision date of granting a license to the foreign insurance organization;
• no later than one business day from the decision date of license reissuance, license exchange, license copy issue, license restriction, license suspension, license renewal, license revocation, provisional administration appointment or its termination.

Information in the Register is to be amended no later than five business days from the date when confirmation of the amendments in the license documents were received.

The Central Bank of the Russian Federation must on a daily basis post on its website on the Internet the information contained in the Register as at the previous business day:

• full corporate name,
• surname, name and patronym (for individual entrepreneurs),
• insurance entity address contained in the Unified State Register of Legal Entities or in the Unified State Register of Individual Entrepreneurs,
• license, is it active, suspended or restricted.

The Central Bank of the Russian Federation is obligated to keep the Register in the electronic form.

The Decree was officially published 28.09.2021 and came into force.