Insurers have threatened unemployment

The draft amendments to the Law on Insurance in the Russian Federation and Federal Law "On Insolvency (Bankruptcy), Ministry of Finance published the day before. Among other innovations in the document authors propose to introduce a three-year ban on the profession for executives of insurers who have remained without a license. "The post of director and chief accountant of the insurer can not be assigned to a person who: as the sole executive body, the chief accountant or a member of the collegial executive body of the financial institution at the time of the organization of violations for which it had withdrawn the license for the corresponding activities, if the date of such withdrawal is less than three years has not been removed or outstanding criminal record "- the bill states. Currently, the complexity of the employment experience only the bankers who led credit institutions with revoked license or sanitized. In the CBR is now 2,6 thousand people, who for the past five years, held high positions in troubled banks. Most of them will not go through the procedure of approval (banks are required to approve the nomination by the Central Bank director, chief accountant and his deputies, as well as head, deputy, chief accountant and deputy chief accountant credit institution's branch), promises to the regulator. The ban in positions of responsibility for acts of unfair bankers within five years. Exceptions may be made in cases where a banker will prove innocence to the problems of the organization. Market participants say that the requirements of the Central Bank not only deprive the offending banker chance good job, but also regarded as a warning to more faithfully perform their duties. Federal Service for Insurance Supervision, recall from last year is a "black list" of insurers. In April 2008, at the site office there the first 13 names of executives of insurance companies with revoked licenses, are not complied with the requirements of the Insurance Act. Currently, the list of FSIS nearly 130 names. In June, the head of the service, Alexander Koval also proposed to publish a list of insurance companies whose work receives the highest number of complaints. In addition, following the increasing number of unscrupulous companies in the market Rosstrakhnadzor in July suggested a return to the administrative procedure instead of notifying the licensing of insurers and the Ministry of Economic Development has offered to give FSIS the right to initiate bankruptcy procedures of insurers to protect the interests of the client companies.