Life insurance has become a leading type, and this means that such a classic segment certainly becomes the basis for accumulating money for investment in Russia and confirms, that the "internal investor" is not a myth.
We would like to see, that the trend to increase the life insurance fees, that we have seen in the last few years, has been supported by the creation of high quality standards in this form. This is a task for the professional association, the implementation of which will be supervised by the Bank of Russia.
We would like that consumers of life insurance services understand very clearly what is behind this, what are the conditions for concluding and renegotiating the contract, what will happen when paying out. Therefore, the development of this topic will be in the field of attention of the Bank of Russia. There are market growth factors associated with inflation processes, but we would like to see, that insurance life insurance, children, education, etc. are also developed.
Another important point: we have been separating the life insurance block from non-life companies for several years already. We see the specificity of life insurance, imposes certain expectations and forcing us to make special rules, for example - for investment. In addition, the dynamics of the number complaints is monitored: while it is good, but any surge of complaints can be regarded as an alarming symptom, because the feedback from the consumer is extremely important for us.
The Bank of Russia published a report on life insurance, and a "road map" appeared that suggests a fairly broad list of possible measures in the development of this type of insurance. Let's not deceive ourselves, a number of issues related to taxation, with preferences for life insurance companies is not simple - these are the issues of budget formation. Some time ago was held a meeting in the Ministry of Finance, with the participation of the head of the ARIA, an attempt was made to bring these proposals closer to reality. We will soon have to meet with the Association of Life Insurers and ARIA to discuss how we will implement this "road map".
One of the competence of the Bank of Russia is to issue its own regulatory acts. In addition, we want to constantly improve the regulatory regime for investing reserves and available funds so that it is more adequate to the state of the life insurance segment. An important topic - the inclusion in the pension system of life insurers - is also partly related to issues of rulemaking. It should be understood that there are more "heavy" regulatory acts - laws and by-laws related to the pension system, and there are more affordable things related to industry standards.
It would be nice, that life insurance companies to understand that they are in a zone of increased responsibility, and not just in the focus of our increased attention. Along with TPO, FSU, insurance of carriers, tour operators, builders and agricultural farmers with state support, we pay special attention to life insurance. In addition, for the consumer it is important that the market has standards and that they are monitored by associations of insurers and the Bank of Russia. For such control, we need a tight feedback, so it would be good if representatives of consumers of this service would be invited to general meetings of insurers and representatives of government departments. It is important to get information about their needs, about how actively - from their point of view - the assortment of insurance products is expanding in this dynamically growing segment.
Author: Zhuk Igor Nikolaevich, Director of the Insurance Market Department of the Central Bank of Russian Federation, until 03/02/2018.