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Bank of Russia, Finance Ministry to appraise insurance companies in 2014

November 12, 2013, 14:40 UTC+3 MOSCOW
The Bank of Russia stepped up supervision over commercial banks and will now check the reliability of private pension’s funds
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MOSCOW, November 12, 11:25 /ITAR-TASS/. Russia's Finance Ministry jointly with the Bank of Russia are drawing amendments to the insurance legislation, and plan to hold appraisal of insurance companies in 2014, First Deputy Prime Minister Igor Shuvalov said at a session of the Russian part of the intergovernmental Russian-British committee on trade and investment on Tuesday.

"The Bank of Russia and the Ministry of Finance are preparing certain amendments to legislation," Shuvalov said. "We shouldn't do anything to provoke a fuss on the market or cause unnecessary expectations."

He added that the state would deal with private pension funds in the first place.

The Bank of Russia stepped up supervision over commercial banks and will now check the reliability of private pension’s funds, the first deputy prime minister went on. Measures will be taken against those that have no real assets. In this connection, Shuvalov underlined that in 2014, the Bank of Russia will handle the insurance market together with the Finance ministry, but that it "will be doing it calmly.

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