ON THE ISSUE OF STATE SUPERVISION OVER THE ACTIVITIES OF CREDIT INSTITUTIONS AND INSURANCE COMPANIES IN RUSSIA

The topic chosen by the author is determined by the research conducted in connection with the analysis of the banking system and the insurance market in Russia. The content of the article is aimed at a substantive assessment of the current state of the banking and insurance markets in Russia, as well as their place in the financial market. The author identifies the following objectives of the work: first, the emergence of possible prospects for the development of banks and insurance companies, and as a result of the regulatory consolidation of such; secondly, the study of trends in the reduction of credit institutions and insurance companies through the revocation of licenses by the Central Bank of the Russian Federation. The study reveals the current situation of banks and insurance companies in the financial market of the country, describes the legal basis for their functioning and presents proposals for the development of the latter. The article also notes the need to attract the attention of the legislator to monitoring the activities of the banking sector, as well as insurance organizations in real time, since on-line monitoring, in our opinion, will contribute to the effective functioning of financial markets, by preventing the financial destabilization of insurance companies, the use of measures by the regulator to restore their financial stability, as well as increasing the confidence of potential policyholders and, as a result,, attracting additional funds to the Russian economy. The article notes that the revocation of the license is used as a health-improving procedure for the banking system and is applied to credit institutions whose activities are illegal. However, there are also negative aspects of such a sanction in the form of a loss of confidence on the part of possible users of banking services. The author presents possible changes in the legislation that will contribute to the development of banking supervision in a positive way. The presented judicial practice on disputes related to the revocation of the bank's license demonstrates the controversial and problematic nature of the interpretation by credit institutions of the legal norms governing the procedure of the latter's activities. The author sees the relevance of the research topic in the fact that today the Bank of Russia continues to actively revoke licenses from credit institutions, so the obvious question is raised about the reasons and consequences of the application of these sanctions by the megaregulator and how to minimize the risks of their application.

Bank of Russia, insurance services market, megaregulator, license, digitalization, banking system, credit organization