FINANCIAL AND LEGAL ASPECTS OF INSURANCE COMPANIES’ INSOLVENCY (BANKRUPTCY) IN RUSSIA

The article examines the financial and legal aspects of insurance companies’ insolvency (bankruptcy) in Russia. The authors proved that the changes in geopolitical and economic situation in Russia in 2014, the economic and legal problems of insurers accumulated during the post-crisis period from 2010 to 2013 had negative impact on the domestic insurance market development. The main reasons for the rise of insurance companies’ insolvency (bankruptcy) in Russia are presented in article. The critical review of changes in the insurance companies’ bankruptcy legislation in Russia is presented. Several recommendations for introduction of the procedure of early diagnostics of crisis situations for insurance companies are provided. The guidelines for strengthening of insurers’ financial condition in order to prevent their insolvency (bankruptcy) are proposed.

law ‘On insurance business arrangement in the Russian Federation’, insurance market, insolvency, bankruptcy, government control of insurance, insurer’s financial difficulties, financial stability of insurer, solvency of insurer, guarantee fund, financial improvement, development problems, development strategy