The overall project objective is to contribute to the development of the Russian insurance sector according to international standards, and in line with current and future agreements on the Common Economic Space between the EU and Russia. Furthermore, it will help reform the financial sector, while improving the business and investment climate. The project will address the following key issues:
• The enhancement of the regulation of the insurance sector by the Ministry of Finance (MOF);
• Enhancing supervision of the insurance sector by the Federal Service for Insurance Supervision;
• Supporting the All Russian Insurance Association in their efforts to develop a competitive insurance sector;
• Assisting insurance companies in the transition to the International Financial Reporting Standards and in the application of corporate governance best practice.