Vladimir Ionkin, deputy head of Federal Service for Insurance Supervision
Photo: Grigoriy Sobchenko
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Black Lists of Managers to Be Compiled in Russia
Federal Service for Insurance Supervision (FSIS) will compile black lists of top managers of insurance companies that withdrew from the market without executing liabilities to the clients, RBC Daily reported.
“The lists will include those chiefs of insurance companies that pulled out of the market without executing their liabilities or without transferring portfolios to other companies, i.e. of the companies that left in bad faith, having breached requirements of Clause 32.8 of the RF Act on Insurance, FSIS deputy chief Vladimir Ionkin announced during the 12th All-Russia’s Reinsurance Conference.
According to Ionkin, FSIS is compiling the lists and the required data. “FSIS will be gradually releasing them, during a few weeks,” the official said. “I think all lists will be available at our site already in April.” “More than hundred companies will be added to the lists... Everyone will be there irrespective of time limitation,” Ionkin vowed.
Russian Union of Automobile Insurers set to compiling a similar list a fortnight ago, covering the insurers of OSAGO [mandatory car insurance] that pulled out of the market without meeting liabilities. That list will differ from the lists made out by FSIS and it will be hardly available to public at large, said Andrei Baturkin, vice president of Russia’s Union of Automobile Insurers. “It currently has more than 30 names of general directors and chief accountants,” Baturkin pointed out.
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