The government allowed insurers not to disclose information about sanctioned shareholders

The Russian government has allowed insurance companies not to disclose information about their shareholders and persons controlling the organization or exercising significant influence over it if they are under the sanctions of foreign states. The decision was published on the government website and dated November 3.

According to the document, if a shareholder or controlling persons of an insurance company are under sanctions, the insurer can independently decide whether to disclose information about the composition of shareholders and their structure and to what extent to do so.

Similar measures also apply to special depositories (securities market participants who store their certificates and take into account the transfer of rights to securities in transactions - approx. ) insurance companies.

Moreover, if special depositories or insurers decide to limit or completely hide information about shareholders or controlling persons, they will have to report their decision to the Central Bank (CB).

Previously, the Russian government allowed management companies not to disclose information about shareholders and controlling persons if foreign sanctions were imposed on them. If a decision is made to conceal data about shareholders and their structure, the management company must also report this to the Central Bank.