On 12 April 2012, the Federal Service for Financial Markets (the “FSFM”) reviewed a number of matters in respect of insurance. Particular attention was devoted to the system of administrative fines for insurance companies. A board of insurance experts presented draft amendments to the Administrative Offences Code, establishing a system of graded fines, as well as additional sets of offences.

The proposed amendments are currently being developed and discussed. At the same time, unification of punitive sanctions is underway in respect of a central administrative office and regional offices of the FSFM for similar offences. The agenda also included the proposed creation of an on-line system for addressing the FSFM, designed to expedite the exchange of information between the FSFM and companies.

[For more information on this matter in Russian, please see the Federal Service for Financial Markets’ site here]