9.6. Is There a Future for D&O Insurance in Russia?

Tuesday, May 18
15:00 - 16:00

Channel 3

Live Stream

Track: 9. Private Law
Discussion session


«Gazprombank» (Joint – stock Company)is one of the largest multi-faceted financial institutions in Russia, providing a wide range of banking, financial, investment products and services to corporate and private customers, financial institutions, institutional and private investors. The Bank is one of the three largest banks in Russia by all major indicators and ranks third in the list of banks in Central and Eastern Europe in terms of equity.

The bank provides services to key sectors of the Russian economy – gas, oil, nuclear, chemical and petrochemical, ferrous and nonferrous metallurgy, electric power industry, engineering and metalworking, transport, construction, communications, agriculture, trade and other industries.

Retail business is also a strategically important activity of the Bank, and its scale is consistently increasing. Private customers are offered a full range of services: credit programs, deposits, payment transactions, electronic bank cards, etc.

Gazprombank has a strong position on national and global financial markets, holding Russian leadership in arranging and underwriting corporate bond issues, asset management, private banking, corporate financing, and other areas of investment banking.

The Bank’s customers number about 5 mln individuals and about 45,000 legal entities.


Directors and officers liability insurance (D&O liability insurance) is an important tool for protecting the interests of companies and their shareholders, as well as for stimulating business activity through the distribution of business risks by insuring and re-insuring them.

In the context of increasing application of norms on responsibility of directors and officers (Article 53.1 of the Civil Code of the Russian Federation, subsidiary responsibility in bankruptcy, etc.), it is most relevant to discuss the question of complexities and further ways of development of D&O liability institution in Russian law. 

Regulation in this area is based on the provisions of Chapter 48 of the Civil Code, which has not undergone any conceptual changes since the adoption of Part II of the Civil Code in 1995 and contains a number of restrictive imperative norms, including the division of property insurance into the following types:

- liability insurance for the infliction of harm (possible only in favour of persons who may be harmed, according to para. 3, Article 931 of the Civil Code of the RF);

- insurance of contractual liability (possible only in cases expressly specified in the law, according to para. 1, Article 932 of the Civil Code of the RF; only insurance of the liability risk of the insurant himself is admissible, according to para. 2, Article 932 of the Civil Code of the RF).

Points for discussion:

  • Court practice approaches to the application of these imperative norms.
  • Issues of the legal nature of D&O liability and the possibility of covering specific types of risks with D&O liability insurance. What is to be considered as an unlawful interest, the insurance of which is inadmissible? Are there possible exceptions to this principle?
  • Admissibility of subsidiary liability insurance in bankruptcy and liability for commission of offense (e.g., administrative and tax offence).

It is planned to have a separate discussion on the issues of reinsurance, including through foreign insurance companies.


Tatyana Kuzmina

First Vice President – Head of Legal Department, Gazprombank JSC


Vladimir Chistyukhin

Deputy Governor, Bank of Russia

Olga Glazkova

Vice President – Head of the Department of Financial, Professional and Cyber Risk Insurance, Marsh JLT Specialty

Tamara Merebashvili

Deputy Director General, Head of the Corporate and Property Relations Unit, Corporate Secretary, PJSC Inter RAO

Lidia Mikheeva

Chairman of the Board, Private Law Research Centre under the President of the Russian Federation named after S.S. Alexeev

* The Programme may be subject to change