MOSCOW, March 7 (RIA Novosti) - A draft law was submitted to the State Duma, lower house of Russia's parliament, on Friday which will allow foreign insurance companies to open offices in Russia.

If the bill goes through then Russian businesses and individuals will have a choice of buying insurance from a Russian or foreign company.

However, only "reliable and qualified" foreign insurance companies will be permitted to open offices in Russia, an explanatory letter to the document reads.

The document outlines terms and conditions for foreign insurers while protecting the interests of Russian agents, the government and the national insurance market.

The draft law also details the documentation that a foreign insurance company is required to submit to Russian regulators to achieve certification in Russia, as well as establishing the guidelines for operating on the Russian insurance market, and fixes deadlines for approval and grounds for refusing licenses.

Measures to monitor the activity of foreign insurers in Russia are also included.