Russian insurers ask Central Bank to ease market regulation amid pandemic
The All-Russian Union of Insurers has addressed the Bank of Russia with a request to temporarily ease the requirements for insurance market players amid the coronavirus pandemic and offered a number of measures to support the market, according to a letter to the Central Bank Chief Elvira Nabiullina obtained by TASS.
Among the suggested measures to support the sustainability of Russia’s insurance market is easing of the regulator’s requirements to creditworthiness and financial solvency of insurers, as well as postponement of the date of providing financial and other reports for the first quarter and March 2020.
The Bank of Russia decided to keep its key rate at 6% per annum on March 20 after lowering it several times in a row. The regulator also announced measures to support banks, businesses and households. They are aimed at preserving the ability of the financial sector to provide required resources to the economy, protect interests of those affected by the coronavirus infection and help the financial sector adjust to restrictions targeted at tackling the virus spread.
The COVID-19 coronavirus outbreak that occurred in late 2019 in Central China has spread to over 150 countries and territories and has been recognized as a pandemic by the World Health Organization.
Source
Among the suggested measures to support the sustainability of Russia’s insurance market is easing of the regulator’s requirements to creditworthiness and financial solvency of insurers, as well as postponement of the date of providing financial and other reports for the first quarter and March 2020.
The Bank of Russia decided to keep its key rate at 6% per annum on March 20 after lowering it several times in a row. The regulator also announced measures to support banks, businesses and households. They are aimed at preserving the ability of the financial sector to provide required resources to the economy, protect interests of those affected by the coronavirus infection and help the financial sector adjust to restrictions targeted at tackling the virus spread.
The COVID-19 coronavirus outbreak that occurred in late 2019 in Central China has spread to over 150 countries and territories and has been recognized as a pandemic by the World Health Organization.
Source