Russia's State Duma is working on legislative amendments that will introduce basic and universal licenses for local insurers, Vedomosti reported March 22, citing Anatoly Aksakov, the head of Duma's financial market committee.
Insurers with a basic license will be exempt from having to increase their authorized capital to 300 million Russian rubles, a new regulatory minimum the Duma wants to introduce for the insurance sector, but they will face certain restrictions in terms of business activities, the report said.
The amendments could be passed during the Duma's spring session. A similar solution was already approved in Russia for local lenders.
As of March 22, US$1 was equivalent to 57.12 Russian rubles.