Technical assistance project EuropeAid/124436/C/SER/RUS "Development of the Insurance Sector, Russian Federation"
As a result of winning the tender in December 2007 the Polish Financial Supervision Authority (PFSA), acting as the member of the international consortium, joined the technical assistance project for the Russian insurance sector within the external cooperation programmes of the European Community for the Commonwealth of Independent States supporting the democratic and pro-market reforms.
The PFSA participated in the implementation of the project in a position of the junior partner, collaborating with the Austrian lead partner and the Team Leader of the Key Experts in Moscow. The engagement of the PFSA covered i.a. delegation of the short-term experts to prepare and conduct training missions in Moscow.
The beneficiaries of the project were: Ministry of Finance of the Russian Federation and All Russian Insurance Association together with the insurance companies and associated members.
The project implementation assumed the following :
Enhancement of the regulation of the insurance sector by the Ministry of Finance of the Russian Federation.
Enhancement of the supervision of the insurance sector by the Federal Service for Insurance Supervision.
Support to the All-Russian Insurance Association in their effort to develop a competitive insurance sector.
Assistance to the insurance companies in the transition to the International Financial Reporting Standards (IFRS) and in the application of corporate governance best practices.
Improvement of qualifications and knowledge of the Russian insurance supervisory authority employees in the field of the European solutions and international good practices regarding insurance sector.
The implementation of two training modules enabled transferring knowledge and experience of the Polish FSA to the Russian insurance sector in the field of solvency monitoring and modelling in insurance companies, managing insolvency in insurance company and Early Warning Systems.
The PFSA experts discussed issues regarding operation risks of the insurance company; stress tests; dynamic financial analysis; risk management in insurance companies; using internal or simple stochastic models in solvency assessment; monitoring of adequacy of technical-insurance reserves; solvency systems in the world, insurance groups supervision, methods of asset-liability management, as well as actions of supervisory authority in case of contravene of solvency indicators or actions of insurance company in case of worsening or loss of proper financial relations in regard to solvency indicators.
The carried out training session as well as training materials and recommendations developed by the PFSA experts were highly evaluated by the Russian side, including beneficiaries of the project and the EU Delegation to Russia in Moscow.
With the assistance of the PFSA experts all planned project objectives and outputs have been achieved.
The project was implemented between March 2008 and March 2010. The Final Report was approved in the second half 2010.