The main functions of the Federal Financial Markets Service of insurance supervision are:
issue (as well as a review and suspension) of licenses for insurance activities;
maintaining a unified state register of insurance entities (which include insurance and reinsurance companies, mutual insurance companies, insurance brokers and actuaries) and their associations;
establish in consultation with the Ministry of Finance and the Federal State Statistics Service of accounts and accounting rules, rates and forms of accounting and reporting of insurance operations;
the establishment of the publication of annual balance sheet and profit (loss) insurers;
monitor the adequacy of insurance rates and ensure the solvency of insurers;
establishment of rules of formation and placement of insurance reserves;
development of normative and methodical documents on insurance business within the jurisdiction;
generalization of the insurance practice, presentation of proposals for the improvement of Russian legislation on insurance.
FSIS regulated by law were as follows:
obtain the necessary information to perform the functions of the insurers, businesses, institutions and citizens;
audits of compliance by insurers legislation of the Russian Federation;
limiting the licenses of insurers who violate Russian legislation;
appeal to an arbitration court for liquidation of insurers
Russian President Dmitry Medvedev announced the signing of the decree on the abolition of FISA and the division of oversight responsibilities for financial market participants, and between the Federal Financial Markets Service Bank of Russia at a meeting in Moscow to establish an International Financial Center (IFC). Commenting on the decree, the President noted that the update service will receive "some opportunities", "including the functions of normative legal regulation, control and supervision in the financial market, with the exception of banking and Auditing"
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