There has been putted into effect the Procedure for formation of insurance reserves for life insurance
Since August
18, 2009, there is putted into effect
the Procedure approved by
the Order of the Ministry of Finance of Russia N 32n of April
9, 2009 (document is in Russian), which regulates formation
of insurance reserves on life insurance provided in the purposes
of evaluation of insurer's obligations in a monetary form on
further insurance payments and servicing of these obligations
on contracts of insurance, co-insurance, re-insurance (in the
part of receipt of an insurance risk) referring to life insurance,
which shall provide protection of property interests in connection
with survivorship of citizens to certain age or period, death,
as well as arising of other events in life of insurers (insured
persons) provided in insurance contract.
Effect of
the Procedure is not applied to mutual insurance companies.
Insurers are obliged to bring provisions about formation of
insurance reserves on life insurance into accordance with
the Procedure before December 31, 2009.
So insurers shall
to form insurance reserves on life insurance in accordance with
the Procedure from January 1, 2010.
