Bank of Russia to extend measure for insurers set to expire before 1 July 2023

With regard to the stabilisation measures established by the decision of the Bank of Russia Board of Directors, dated 23 December 2022, ‘On Temporary Requirements for Activities of Insurance Companies and Mutual Insurance Companies’, which expire before 1 July 2023, we inform you of the following:

1) The Bank of Russia intends to extend until 31 December 2023 the measure, which increased to 20 business days the deadline for determining the debt of insurance agents and insurance (reinsurance) brokers to an insurance company in order to calculate their equity capital. This measure will apply to all insurance organisations, regardless of whether or not they paid dividends (distributed profit).

2) The remaining measures, which expire before 1 July 2023, will not be extended.

The Board of Directors of the Bank of Russia is expected to make a corresponding decision before 1 July 2023.

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