Amendments with new requirements for charter capital of insurers in the law on organization of insurance business entered into force in 2018 and envisaged three phases of increasing the minimal charter capital of insurers. The first phase took place on January 1, 2020, the next two were postponed for a year due to the difficult economic situation in the financial market and insurance industry caused by the pandemic.
The third increase of the minimal charter capital will begin on January 1, 2023 - according to the law, non-life companies will need to have minimal charter capital of RUB 300 million, life insurers - RUB 450 million, reinsurers - RUB 600 million.
According to the regulator, an increase in capitalization will help to improve financial stability and solvency of insurance market participants, while significant transition period will allow insurance companies to carry out additional capitalization, considering their own plans for business development.
* 1 EUR = 84.0695 RUB (01.01.2022)