Ilya Smirnov

Deputy Director, Insurance Market Department, Bank of Russia

He graduated from the Higher School of Economics in 2005 with an INSEAD MBA degree.
In 2004–2014, he worked at the Bank of Russia Financial Market Operations Department.
In 2014, he was transferred to the Collective Investment and Trust Management Department of the Bank of Russia, where he was subsequently appointed Deputy Director of the Department.
During his time at the Department, he represented the Bank of Russia at the Investment Management Committee of the International Organization of Securities Commissions (IOSCO) and the International Organization of Pension Supervisors (IOPS). He participated in the IMF and the World Bank’s Russia Financial Sector Assessment Programme of the current state of the implementation of the IOSCO principles in 2015–2016.
Since 2018, he is Deputy Director of the Insurance Market Department of the Bank of Russia and is in charge of:
• Introduction of international standards, in particular, a risk-based approach to the regulation of the insurance market of the Russian Federation, based on the principles of the EU Solvency II Directive;
• Reviewing the best international practices of insurance supervision;
• Research and analysis of the insurance market of the Russian Federation, including the development of a model of insurers financial stability, analysis and calculation of tariffs, as well as actuarial valuation issues;
• Interaction with foreign authorities and agencies, as well as international organizations.