OREANDA-NEWS. May 21, 2009. The Chairman of the Expert Council of OJSC Transsiberian Reinsurance Corporation, Sergey Ivanov participated in the seminar of TACIS, dedicated to the professional ethic standards in the insurance sector, which took place on 13 May. The ordinary, XVIII seminar within the framework of TACIS Program “Development of insurance sector in Russian Federation”, was held in Faculty of Economics of Lomonosov Moscow State University by the Attorney of law, Xavier Barre. 

During the seminar there were discussed problems connected with the impact of the on-going financial crisis on principles and methods of corporate management. The problems appeared in the world economy demand the revision of fixed rules and instructions in order to avoid their reoccurrence in the future. One of the best solutions is the development of professional ethic standards in the financial market in whole and insurance market in particular. 

The lecturer expended on recommendations for the development of the Code of professional behavior in the Russian insurance market. On the one hand, there should be taken into account the diverse foreign experience, on the other hand, local specific features cannot be forgotten about. The Code must be clear to all participants of the insurance relations and its efficiency depends on whether the commercial sanctions will be material to violator. 

In lecturer’s opinion, apart from the general Code of professional behavior which comprises all basic problems in the insurance sector and the execution of which is voluntary, there is a need for special ones, for instance for actuaries and auditors. Such documents must be adopted on the state level and must be compulsory. As the practice shows, it is also necessary to adopt special codes for the insurance agents and brokers.

The seminar was concluded with the vivid discussion and exchange of views on professional ethics in the Russian insurance market, in which the Chairman of Transsiberian Re Expert Council, Sergey Ivanov took part.