FAS intends to prohibit banks from imposing insurance on companies of their choice

The Federal Antimonopoly Service (FAS) is developing a draft government decree that will limit the ability of banks to enforce insurance of clients in companies selected by banks, the service told the Izvestia newspaper. According to the draft, lenders will have to accept the policies of any insurance company with a positive credit rating. FAS expects that the draft resolution will be adopted by the end of April 2022. To determine the reliability, according to the FAS project, it is proposed to use data from four Russian rating services: Analytical Credit Rating Agency (ACRA), Expert RA, National Rating Agency (NRA) and agency “National Credit Ratings” (NKR). The insurer must have a positive rating in at least one of them. The FAS also intends to develop minimum standards for insurance services, but details on this issue have not been disclosed. A representative of the Central Bank told the newspaper that the regulator supports the acceptance of insurance companies’ policies with the established….

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