The Bank of Russia has established a procedure for insurance organizations, authorized to engage in voluntary life insurance, to obtain a license for a management company for shared life insurance.
The regulator has also prepared informational materials containing a step-by-step guide for obtaining such a license, application samples, and a form for officials.
Shared life insurance is a new investment product for the Russian insurance market that will help attract long-term investments into the country’s economy. One contract will combine classic life insurance for the client and the management of their investments in mutual fund shares. The ability of insurance organizations to carry out management company activities for shared life insurance starting January 2025 is provided for by the law «On Investment Funds».
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