At the end of last year Russian insurance law celebrated its 30th birthday. The Law on the Organisation of the Insurance Industry (the “Law on Insurance”) was adopted in November 1992, and has since been subject to numerous amendments and modifications. Some of them caused dramatic changes in the market place, such as the November 1999 amendments that allowed foreign investment from EU countries into Russian insurance companies, or the November 2007 amendments that introduced the split between life and non-life companies.
Certainly, the April 2010 amendments, which quadrupled the statutory minimum capital requirements and led to market consolidation, are worth mentioning too. More recently, over the past ten to twelve months, this evolutionary process has peaked. In full accordance with the theory of evolution, this should enrich the Russian insurance market with new qualities. Moreover, in a few years, the events of the first six months of 2013 may well be regarded as a revolution in the Russian insurance market, or at least a turning point and very important milestone. Let us go back on the latest developments.
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