Stock rush: insurance of money on the AIS was given the green light years later
The system of insurance of funds on individual investment accounts (IIS) is close to launch after eight years of discussions. The State Duma adopted such a bill in the first reading back in 2017, but then the authorities did not agree on how the mechanism would work. Two years ago, the president proposed to launch insurance. In 2025, the system will finally work, Anatoly Aksakov, head of the Duma committee on the financial market, told Izvestia. Investors' investments will be protected from bankruptcy by professional market participants. Whether the innovation will affect the cost of brokerage services is discussed in the Izvestia article.
How does money insurance work on an AIS
The draft law on money insurance in individual investment accounts has been agreed upon and will be adopted in mid-July. This was reported to Izvestia by Anatoly Aksakov, head of the State Duma Committee on the Financial Market. According to him, it will start working only in six months, but by the end of 2025, investors' funds will definitely be protected. First of all, it will be necessary to reform the fund to protect depositors, the deputy added.
The innovation will take effect after eight years of approval. AIS-3 is a brokerage account with tax benefits, for which you need to keep it open for at least five years. The term has been increasing annually since 2026 and will reach 10 years by 2031. Previously, there were IIS-1 and IIS-2, but since 2024 they have been combined into IIS-3. Its main advantage is the combination of two types of tax deductions: for contributions and for the income received from investments. In this account, an investor can hold securities, precious metals, and cash in various currencies.
Investments in the amount of 1.4 million rubles will be insured on the AIS-3. The mechanism does not provide for protection of losses from market risks and a fall in the value of securities.
The system will be similar to the long—standing deposit insurance mechanism, where citizens' funds are also protected from bank bankruptcy in the amount of 1.4 million in each credit institution. It is assumed that brokers and management companies will start making contributions to the general fund in the same way. Then, in case of default of one of the professional participants in the market, it is from him that citizens will be reimbursed.
The system of deductions for brokers will be voluntary, the Ministry of Finance clarified to Izvestia.
Why do I need to insure funds on an AIS
Protecting Russians' money on the AIS has been discussed for many years. The State Duma adopted such a bill in the first reading back in 2017. He established the Deposit Insurance Agency (DIA) as the fund's operator. However, the government did not support the granting of investment insurance functions to the DIA at that time.
In 2023, Russian President Vladimir Putin proposed to extend insurance up to 1.4 million rubles to the IIS-3 by analogy with bank deposits. In the same year, the Bank of Russia and the trade union community returned to finalize the initiative. And only now has the bill reached the finish line.
The launch of the mechanism will help to increase the attractiveness of the IIS-3 for investors, the press service of the Central Bank told Izvestia. They added that, in general, there is still demand — by the end of the first quarter of 2025, 800 thousand such accounts were opened in the Russian Federation, and the amount of assets there reached 183 billion rubles.
However, it is now important to develop long-term investment mechanisms, because this is a source of "long-term money" for the country's economy. That is why such tools are now being expanded and adjusted, the Bank of Russia noted.
This is necessary to attract financing for business and infrastructure projects that have been paying off for years, explained economist Andrei Barkhota. The longer investors hold funds in stocks, bonds, or ICOs, the more stable capital is for companies and the government, which contributes to sustainable economic growth.
A number of Russian banks have noted a steady increase in interest in the AIS-3. For example, at VTB, the volume of assets in such accounts almost tripled in the first quarter of 2025, and increased by more than 44 times compared to the beginning of last year, said Andrey Yatskov, head of the brokerage services department at the credit institution.
At the same time, investor demand for the AIS-3 also depends on the dynamics of the stock market. People are opening accounts less actively against the background of its decline, which began in the second quarter of 2024, said Dmitry Lesnov, Deputy General Director for brokerage Business at Finam.
To make the instrument even more attractive in the eyes of investors in a falling market, an increase in the amount of payments above 1.4 million would allow, says Artem Kirakosyan, Director of Development at the BCS World of Investments. In his opinion, this is especially important given the lack of a limit on replenishment of such accounts.
What are the risks of investing through an AIS?
However, experts also identify a number of difficulties in the insurance of AIS-3. Until now, there have been no institutions in Russia to protect investors' funds in the securities market and other assets, with the exception of bank deposits, said Natalia Milchakova, a leading analyst at Freedom Finance Global.
The protection of funds on the AIS may cause an increase in prices for brokerage services, because companies will have to make contributions to the insurance fund, Andrei Barkhota believes. In his opinion, tariff growth may range from 10 to 20% over the next six months.
In addition, there is a possibility that many brokers will not want to participate in the insurance system in order not to incur additional costs, the expert warned. According to him, the risks of capital loss among the professional participants in this market are minimal. In the case of deposits, insurance is justified, and brokers' activities are generally much more stable and less risky.
The main danger for an investor using AIS is a drop in the value of assets in which the client has invested, rather than the risks of insolvency and bankruptcy of professional participants, agreed Valentina Savenkova, director of the Department of Educational Programs at IC Veles Capital. Users should keep in mind that the new mechanism will not protect against a fall in the stock market.
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