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A new insurance instrument will appear on the Russian market

A new instrument for long-term investment, unit-linked (UL) insurance, will appear on the Russian market. One contract will combine classic life insurance for the client and management of their investments in mutual funds, ASN reports.
A new insurance instrument will appear on the Russian market

This law was adopted by the State Duma of the Russian Federation. The policyholder’s assets will be managed by the management company or insurer itself, if there is the necessary license. The UL agreement will specify what share of funds contributed by the person is invested and what share goes to life insurance. Insurers will be able to offer the new product to clients from January 1, 2025, when the relevant provisions of the law come into force, the press service of the Bank of Russia reports.

The mutual fund units in which the funds are invested under UL agreement will be owned by the client; it will protect them from the possible bankruptcy of both the insurer and the management company. The rights of mutual fund shareholders are protected by the law on investment funds, they added in Central Bank.

Source: https://www.asn-news.ru/news/85099

Photos are from open sources.

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