The Problem of Defining Insurance of Business and Financial Risks in Russian Legislation

Abstract

The development of Russian insurance legislation is associated with the presence of certain differences in the legal regulation of the insurance business; in particular, there is the problem of classifying certain types of insurance: business insurance and financial risk insurance. The purpose of the study is to consider sequentially the main stages of the development of insurance legislation in terms of insurance of business and financial risks, which would allow us to identify, on the one hand, the reasons for changes in insurance legislation, and, on the other hand, to form the authors’ own standpoints on this issue and draw appropriate conclusions. The article examines the changes made to national insurance legislation over the course of a quarter of a century, and identifies contradictions and differences in the definitions of insurance of business and financial risks. The authors have drawn the conclusion that there is a global cause of the observed phenomena, which is the absence in our country of a single codified normative legal act regulating insurance relationships — the Insurance Code. According to the authors, the development and adoption of such a systematic set of insurance legislation would be the most important step towards solving the problem of classifying types of insurance, in particular business risk insurance and financial risk insurance.