Russian Federation
This article examines the key challenges associated with integrating a risk-based model into the prudential regulation system of the Russian insurance market in the context of adapting the principles of the European Solvency II standard. Systemic problems hindering the full implementation of risk-based prudential regulation (RBPR) are identified: a methodological gap in risk and liability assessment; the formal nature of risk management in Russian insurance organizations; market fragmentation and a shortage of qualified personnel; institutional constraints and the low readiness of insurers to change. Based on the analysis, recommendations are proposed for the phased implementation of standards, the differentiation of supervisory requirements, and the development of human resources. The conclusion substantiates the need for a comprehensive transformation of the insurance market to successfully implement international standards and ensure the financial stability of the sector
risk-based approach, Solvency II, prudential supervision, insurance market, capital adequacy (SCR), risk management (ORSA), Bank of Russia
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