According to the President of ARIA, Igor YURGENS, the association proposed to allow insurers settle claims using scanned documentation, and "soften" insurance regulation during the emergency period, as well as other measures to ensure the safety of people and the insurance market until the end of quarantine. YURGENS believes that claim settlement based on electronic documentation will significantly reduce movement of people, allowing them to continue using insurance services at full potential.
ARIA also proposed to postpone entry into force of new regulatory requirements of the law on technical inspection of vehicles, as well as to reduce some regulatory requirements for insurers during the pandemic to maintain the market's performance. The association proposed to evaluate the impact of tax consequences of IFRS 17, temporarily review some requirements for placement of insurance reserves and equity (for example, increase the limit of investments in foreign assets from 30-35% to 60%), to allow insurers not to form equalization funds and other measures.
"We are confident that adoption of these measures will allow insurance companies to participate in preserving health of people, as well as allow entire insurance industry remain operational at this moment of time and recover as quickly as possible after the pandemic period ends", Igor YURGENS, President of ARIA, explained.
Besides, insurers plan to provide consultancy services for citizens on coronavirus infection and expand volunteer activity of employees of medical insurance organizations.
"The domestic health care system, especially given its Soviet stage of development, has rich experience in confronting severe infectious diseases. Smallpox, typhoid, cholera - these diseases are in the past...We can fight off coronavirus too. But to achieve that, insurers will have to work around the clock, combining efforts of all interested parties. The insurance community knows its responsibility area and is ready for cooperation", YURGENS noted.
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