| Developers: | Deposit Insurance Agency (DIA) |
| Date of the premiere of the system: | October 2023 |
| Branches: | Insurance |
2023: Building the System
On October 16, 2023, it became known about the creation in Russia of a system for guaranteeing the rights of insured persons under voluntary life insurance contracts and combined insurance contracts, which include both life insurance objects and other personal insurance. The corresponding bill was supported by the Government of the Russian Federation.
The operator of this technological system will be the Deposit Insurance Agency (DIA). The guarantee payment will be carried out at the expense of the fund for guaranteeing rights under life insurance contracts, formed, among other things, at the expense of guarantee premiums of Russian and foreign insurance organizations licensed for life insurance. The maximum amount of the guarantee payment is 2.8 million rubles, with the exception of cases of payments on the risk of death: an increased limit of 10 million rubles is applied here. The bill includes the only way to guarantee payment - the transfer of funds to the bank account of the person.
 | The bill should provide for the possibility of receiving a guarantee payment in cash in accordance with paragraph 1 of Article 861 of the Civil Code of the Russian Federation, - noted in the withdrawal of the government. |  |
The document states that the rate of contributions to the guarantee fund for the quarter will be equal to 0.003125% of the insurer's insurance reserves, and if the fund's funds are insufficient for the purpose of warranty payments, it may increase to 0.2%. Membership in the fund is planned to be made mandatory for all life insurers.
It is noted that the creation of a guarantee system will be able to ensure the safety of investments of citizens who have insured their lives, and will increase the level of trust in insurance companies in the formation of long-term savings. The relevant initiative of the Bank of Russia will be discussed with interested ministries, departments and the professional community.[1]
Notes
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