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A life insurance guarantee system is being created in Russia

On October 16, 2023, it came to light that the system of right guarantee of insured persons under voluntary life insurance contracts and combined insurance contracts, including both life insurance items and other personal insurance, was created in Russia. The corresponding bill is supported by the Russian Government.
A life insurance guarantee system is being created in Russia

The operator of this technological system will be the Deposit Insurance Agency (DIA). The guarantee payment will be made from the fund for guaranteeing rights under life insurance contracts, formed, among other things, from guarantee contributions from Russian and foreign insurance organizations licensed for life insurance. The maximum size of guarantee payment is 2.8 million rubles (13.7 million tenge), with the exception of cases of death risk payments: an increased limit of 10 million rubles (48.9 million tenge) is applied here. The bill includes the only method of guarantee payment - transfer of funds to the person's bank account.

The document states that the rate of contributions to the guarantee fund for the quarter will be equal to 0.003125% of the insurance reserves, and if the fund’s resources are insufficient, it may increase to 0.2% for the purpose of guarantee payments. Fund membership is planned to be made mandatory for all life insurers.

Source: https://www.tadviser.ru/index.php/%D0%9F%D1%80%D0%BE%D0%B4%D1%83%D0%BA%D1%82:%D0%A1%D0%B8%D1%81%D1%82%D0%B5%D0%BC%D0%B0_%D0%B3%D0%B0%D1%80%D0%B0%D0%BD%D1%82%D0%B8%D1%80%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D1%8F_%D0%BF%D1%80%D0%B0%D0%B2_%D0%BF%D0%BE_%D0%B4%D0%BE%D0%B3%D0%BE%D0%B2%D0%BE%D1%80%D0%B0%D0%BC_%D1%81%D1%82%D1%80%D0%B0%D1%85%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D1%8F_%D0%B6%D0%B8%D0%B7%D0%BD%D0%B8

Photos are from open sources.

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