UDC 657.631
Authors
Malinina E.A.
Abstract
. In 2017, the Bank of Russia published the concept of introducing risk-based supervision of insurance organizations, based on the Solvency II directive and drawing on international experience. At the moment, the regulator is conducting the first quantitative study aimed at studying the readiness of companies to implement the concept, as well as the impact of its application on the financial situation of insurers. This concept provides for a reformation as a company management system, requires companies to expand their staff and improve staff skills, expand the functions of accounting, internal control and risk management, the actuarial unit, IT using advanced scientific approaches and developments, including in the field of software for needs accounting, control, actuarial calculations and risk analysis. The concept also provides advanced training and hiring additional employees for the Bank of Russia itself. This will lead to an increase in the financial burden in the period of 2-3 years, however, it will increase the stability of the insurance industry and its financial attractiveness over the long term.
Keywords
Solvency II, risk-based supervision, insurance companies.
