Russia has imposed higher minimum capital requirements in its overcrowded insurance market which is marred by undercapitalization, hefty taxes and a lack of public awareness of the need to insure.Interfax said Tuesday the Federal Service on Surveillance of Insurance Activity raised the minimum capital for a life insurance license to 150 million rubles ($76,600) and to 250 million rubles for financial risk insurance. Previously, the minimum paid-in capital requirement for insurers was 2 million rubles.The minimum capital must be the equivalent of at least 15 percent of total premiums foreseen for the first year of operation for firms seeking a life insurance license and 30 percent for financial risk insurers, Interfax said.