Russia takes a step in the development of Insurtech

In late April 2020, the ban was lifted on the provision of services related to the conclusion of insurance contracts in electronic form by insurance agents and brokers.

It had been possible to conclude insurance contracts in electronic form since 2014 (Article 6.1 of the Law of the Russian Federation “On organisation of insurance business in the Russian Federation”* or “Law”). Until recently, this applied only to online interactions between policyholders and insurers, while insurance agents and brokers were prohibited from providing this type of service.