In recent years the Russian insurance market passed through a remarkably dynamic phase measured by the figure of licensed insurers. Nevertheless basic problems for its future development still exist. Consequently the Russian lawmaker sees need to take action. The article therefore inquires on the existing market regulation. The topic of this contribution focuses on insurance supervision law of the Russian Federation.
Implementing the economical analysis of law the analysis chooses an efficiency-based research approach that exceeds positivistic and descriptive legal comparison. Besides a critical evaluation of this approach fundamental theories on market regulation are discussed. The article chooses a positive and normative analysis of Russia’s today’s supervision law and rejects an exclusively efficiency-based approach. Further more the Russian transition has to be taken in consideration. The choice of suitable theories on regulation and the implementation of the chosen research approach must be synchronised with the particularities of Russia’s transition.
After defining the scale and research-method the contribution turns its focus towards the basic institutional framework of the market in order to proceed with a summary of today’s insurance supervision law. This procedure provides the basis for the economical analysis of Russia’s insurance supervision law. The positive analysis outlines why and how market regulation through an insurance supervision authority took place in the Russian Federation. Here, the relevant political and economical background is introduced in detail. The normative analysis necessarily has to select individual aspects of regulation. Following a discussion of the question whether and in which form market failure exists, a further evaluation of the identified and from the functional point of view comparable rules of Russian supervision law takes place. In so far as the identified rules seem to be non-appropriate for a restitution of market-success, specific and alternative rules for market regulation are introduced and discussed for the chosen aspects of regulation.
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Weyer, M. Das Versicherungsaufsichtsrecht der Russischen Föderation. Zeitschr. f. d. ges. Versicherungsw. 89, 1–63 (2000). https://doi.org/10.1007/BF03188216