How can this be accounted for? Possibly, do they fear inflation or is their economy just not ready for such a step? And do you see Russia as a member of the EU? There is the view that our country should more lean towards Asia. What do you think about that?
In this respect it is noteworthy that supervision on the insurance sector was formalised even further back in time and exists almost 80 years now. But, of course, in the decades that have passed since then the financial environment has kept on changing, and with it the challenges that supervisors face. Two trends have been particularly prominent in the past decades.