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Nonbank Insurance Mulled

The government is discussing introducing insurance for investments in nonbank financial institutions similar to the insurance offered for bank deposits, Finance Minister Anton Siluanov said, Interfax reported.

"The security of investments in various financial institutions should be evened out," Siluanov said at the Gaidar Forum on Wednesday.

He said retail investors who deposit money in banks understand that they have a guarantee of the security of their investment. In the case of private pension funds, insurance companies and so on, there are no such guarantees, Siluanov said.

The government is also working on evening out taxation in various segments of the financial sector, the minister said.

Central Bank First Deputy Chairman Alexei Ulyukayev, however, said quality oversight must be put in place before there is any introduction of such an insurance plan.

(MT)

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