Individuals' bank deposits in Russia have long been insured by the Deposit Insurance Agency (ASV) — up to RUB 1.4 million per bank. Savings and investment life insurance policies had no such protection. This is changed by Federal Law No. 477-FZ of 26 December 2024 "On guaranteeing rights under life insurance contracts". The law has been adopted and signed, but the system will start working on 1 January 2027.
Key points of the law
- The operator is the ASV. Payments will be made from the fund guaranteeing rights under life insurance contracts.
- The fund is built from life insurers' guarantee contributions and income from investing them. The first settlement period for contributions will be the first quarter of 2027.
- The participants are policyholders, beneficiaries and their successors, insurers, the ASV and the Bank of Russia.
- Entry into force — 1 January 2027. Until that date no guarantee payments are made under the law.
What a guarantee event is
It is the revocation of an insurance company's licence for voluntary life insurance. The exception is revocation following the insurer's voluntary surrender of its licence: in that case the company must settle with its customers itself or transfer its portfolio.
Which payouts are protected
The law applies to contracts covering life insurance, including those with cover against accidents and illness. The following are guaranteed:
- the insurance payout to the beneficiary;
- the surrender value under the contract;
- the part of the premium refunded when the contract is terminated;
- under unit-linked life insurance contracts — compensation and the value of investment fund units in the cases listed in the law.
The protection also applies where the beneficiary is a bank lending under a consumer or mortgage loan — for example, under a borrower's life insurance policy.
Limits
| Payout | Maximum guarantee payment |
|---|---|
| Sum insured in connection with the death risk | RUB 10,000,000 |
| Other payouts: surrender value, survival benefit, premium refund and others | RUB 2,800,000 |
The limits are calculated in aggregate across all contracts with one insurer. Claims above the limit are not lost — they can be recovered in the manner established by civil law, that is, in the insurer's liquidation or bankruptcy. If a regular contribution under the contract has not been paid, the guarantee payment is reduced by that amount.
The amount of the payment is determined as of the day after the 45th calendar day following revocation of the licence. For savings and investment contracts it is calculated by an actuary in line with Bank of Russia requirements, taking into account investment income accrued up to that date.
How the payment will work
- Within seven working days of the licence revocation, the insurer sends information on the contracts to the ASV.
- The ASV compiles a register of guarantee payments and publishes on its website where, when and how applications are accepted.
- You file an application: on paper, via the agency's website or Gosuslugi (the state services portal) with an electronic signature or biometric identification, or through agent banks and insurers, which accept applications free of charge.
- Payment is made within three working days of filing the application with documents. Individuals receive it in cash or to an account, organisations only to an account.
Applications are accepted until the insurer's liquidation or bankruptcy proceedings are completed. A missed deadline may be restored by the agency's board — for example, in case of force majeure, military call-up, serious illness or while the period for accepting an inheritance is running.
If you disagree with the amount, you can submit additional documents: the agency will pass them to an actuary and decide within five working days. After that the dispute can be taken to court.
How this differs from deposit insurance
| Bank deposits | Life insurance | |
|---|---|---|
| Law | No. 177-FZ | No. 477-FZ |
| In operation | since 2004 | from 1 January 2027 |
| Operator | ASV | ASV |
| Basic limit | RUB 1.4 million per bank | RUB 2.8 million per insurer |
| Higher limit | for certain cases established by law | RUB 10 million for the death risk |
What changes for policyholders
- Until 2027 there is no ASV guarantee for life insurance. If a licence is revoked, customers' claims are satisfied in the company's liquidation or bankruptcy, unless the portfolio has been transferred to another insurer.
- From 2027 individuals will have clear protection within the limits — similar to bank deposits.
- Life insurers will pay guarantee contributions, and the Bank of Russia will pass information on licensed companies to the ASV.
Practical tips
- Check the insurer's licence in the Bank of Russia register — see "How to check an insurance company's licence".
- Spread large savings across several insurers so that your claims against each stay within the limits.
- Keep the policy, insurance rules, contribution schedule and payment documents.
- Ask the insurer for the surrender values by year — they will be the basis for the calculation if the contract ends early.
Other protection mechanisms — RSA compensation payments under OSAGO and payments under OSOPO and OSGOP — are described in "If an insurer leaves the market". Polis Re specialists will help you choose a life insurance programme from a reliable company in the directory of insurers.