August 9, 2018 / 11:54 AM / 8 months ago

Russian proposes limiting investments made by insurance firms

MOSCOW, Aug 9 (Reuters) - Russia’s central bank said on Thursday it was proposing to limit investments made by insurance companies into securities that were issued by a single entity.

The central bank said in a statement on Thursday that it proposed to cap such investments by an insurance company to 10 percent of that company’s total reserves.

The regulator said the proposals were made to increase the financial stability and solvency of insurance companies. The central bank said that there would be a transition period of three years to meet the requirements.

Reporting by Tatiana Voronova Writing by Tom Balmforth Editing by Katya Golubkova

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