OREANDA-NEWS. May 12, 2014. The Government of the Russian Federation adopted No. 394 Decree “On Introducing Changes to No. 386 Decree of the Government of the Russian Federation of 30.04.2009”. The Decree prolongs for three years (until 2017) validity of the General exceptions for agreements between credit and insurance companies approved by No. 386 Decree of the Government of the Russian Federation.

The General exceptions determine the procedures for collaboration between credit and insurance companies in insuring the borrowers’ risks in the absence of a sufficient number of mandatory standards on financial stability and solvency of insurance companies.

The necessity to prolong validity of the General exceptions was discussed at a joint meeting of the sections on the markets of banking and insurance services at FAS Expert Council for protecting competition in the market of financial services and was supported by members of the Expert Council.

No. 394 Decree of the Government of the Russian Federation “On Introducing Changes to No. 386 Decree of the Government of the Russian Federation” of 29th April 2014 comes into force 7 days after the date of its official publication.