Problems of insurance legal regulation in modern Russia

In the article the author dwells on creation of an effective mechanism for state regulation of insurance and characterizes the development of the insurance market in Russia and states some negative consequences as including unstable legislation, competition of new financial institutions, crisis in the interbank market, substantially eroded publics confidence in financial and banking systems. In conclusion the author marks an increasing importance of the insurance system and offers a package of legal measures that might positively effect its development in Russia.