MORTGAGE INSURANCE ISSUES AND SOLUTIONS: FAS-AEB
On November 10, 2020, the Federal Antimonopoly Service together with the Association of European Business (AEB) held the first meeting of the Working Group on Mortgage Insurance.
The proposal to create such a Working Group was initiated in June 2020, within the annual briefing of Igor Artemiev, Head of the FAS Russia, with AEB member companies.
During the meeting, the members of the Working Group discussed the position of the FAS Russia on the concept of mortgage insurance, as well as the prospects for development of competition in the banking insurance market.
As a follow-up to the discussions, the participants discussed the experience of international regulation of the mortgage insurance sector.
In conclusion, the participants agreed in the near future to consider alternative solutions to the concept of mortgage insurance, analyze them and discuss them at the next meeting of the Working Group.
The Working Group includes members of the Federal Antimonopoly Service, as well as companies that are part of the AEB - Insurance Company Cardif, Rosbank, Association of Russian Banks (AsRos), Tinkoff Insurance.