diff --git a/platform/configuration-store-impl/src/ProjectStoreImpl.kt b/platform/configuration-store-impl/src/ProjectStoreImpl.kt
index 1dab63cd0dd6..b6442d8b4b9d 100644
--- a/platform/configuration-store-impl/src/ProjectStoreImpl.kt
+++ b/platform/configuration-store-impl/src/ProjectStoreImpl.kt
@@ -461,19 +461,31 @@ fun normalizeDefaultProjectElement(defaultProject: Project, element: Element, pr
   LOG.catchAndLog {
     val iterator = element.getChildren("component").iterator()
     for (component in iterator) {
-      when (component.getAttributeValue("name")) {
-        "InspectionProjectProfileManager" -> convertProfiles(component.getChildren("profile").iterator(), "InspectionProjectProfileManager", projectConfigDir.resolve("inspectionProfiles"))
+      val componentName = component.getAttributeValue("name")
+
+      fun writeProfileSettings(schemeDir: Path) {
+        component.removeAttribute("name")
+        if (!component.isEmpty()) {
+          val wrapper = Element("component").attribute("name", componentName)
+          component.name = "settings"
+          wrapper.addContent(component)
+          JDOMUtil.write(wrapper, schemeDir.resolve("profiles_settings.xml").outputStream(), "\n")
+        }
+      }
+
+      when (componentName) {
+        "InspectionProjectProfileManager" -> {
+          iterator.remove()
+          val schemeDir = projectConfigDir.resolve("inspectionProfiles")
+          convertProfiles(component.getChildren("profile").iterator(), componentName, schemeDir)
+          component.removeChild("version")
+          writeProfileSettings(schemeDir)
+        }
         "CopyrightManager" -> {
           iterator.remove()
           val schemeDir = projectConfigDir.resolve("copyright")
-          convertProfiles(component.getChildren("copyright").iterator(), "CopyrightManager", schemeDir)
-          component.removeAttribute("name")
-          if (!component.isEmpty()) {
-            val wrapper = Element("component").attribute("name", "CopyrightManager")
-            component.name = "settings"
-            wrapper.addContent(component)
-            JDOMUtil.write(wrapper, schemeDir.resolve("profiles_settings.xml").outputStream(), "\n")
-          }
+          convertProfiles(component.getChildren("copyright").iterator(), componentName, schemeDir)
+          writeProfileSettings(schemeDir)
         }
       }
     }
diff --git a/platform/configuration-store-impl/testSrc/DefaultProjectStoreTest.kt b/platform/configuration-store-impl/testSrc/DefaultProjectStoreTest.kt
index 1d80d35ff8c5..3928ad697b9b 100644
--- a/platform/configuration-store-impl/testSrc/DefaultProjectStoreTest.kt
+++ b/platform/configuration-store-impl/testSrc/DefaultProjectStoreTest.kt
@@ -117,6 +117,21 @@ internal class DefaultProjectStoreTest {
           <option name="notice" value="where" />
         </copyright>
       </component>
+      <component name="InspectionProjectProfileManager">
+        <profile version="1.0">
+          <option name="myName" value="Project Default" />
+          <inspection_tool class="AntDuplicateTargetsInspection" enabled="false" level="ERROR" enabled_by_default="false" />
+          <inspection_tool class="AntMissingPropertiesFileInspection" enabled="false" level="ERROR" enabled_by_default="false" />
+          <inspection_tool class="AntResolveInspection" enabled="false" level="ERROR" enabled_by_default="false" />
+          <inspection_tool class="ArgNamesErrorsInspection" enabled="false" level="ERROR" enabled_by_default="false" />
+          <inspection_tool class="ArgNamesWarningsInspection" enabled="false" level="WARNING" enabled_by_default="false" />
+          <inspection_tool class="AroundAdviceStyleInspection" enabled="false" level="WARNING" enabled_by_default="false" />
+          <inspection_tool class="DeclareParentsInspection" enabled="false" level="ERROR" enabled_by_default="false" />
+          <inspection_tool class="EmptyEventHandler" enabled="false" level="WARNING" enabled_by_default="false" />
+          <inspection_tool class="PointcutMethodStyleInspection" enabled="false" level="WARNING" enabled_by_default="false" />
+        </profile>
+        <version value="1.0" />
+      </component>
       <component name="ProjectLevelVcsManager" settingsEditedManually="false" />
       <component name="masterDetails">
         <states>
@@ -162,6 +177,23 @@ internal class DefaultProjectStoreTest {
         <option name="myName" value="Foo" />
         <option name="notice" value="where" />
       </copyright>
+    </component>
+
+      ├──inspectionProfiles/
+        ├──Project_Default.xml
+    <component name="InspectionProjectProfileManager">
+      <profile version="1.0">
+        <option name="myName" value="Project Default" />
+        <inspection_tool class="AntDuplicateTargetsInspection" enabled="false" level="ERROR" enabled_by_default="false" />
+        <inspection_tool class="AntMissingPropertiesFileInspection" enabled="false" level="ERROR" enabled_by_default="false" />
+        <inspection_tool class="AntResolveInspection" enabled="false" level="ERROR" enabled_by_default="false" />
+        <inspection_tool class="ArgNamesErrorsInspection" enabled="false" level="ERROR" enabled_by_default="false" />
+        <inspection_tool class="ArgNamesWarningsInspection" enabled="false" level="WARNING" enabled_by_default="false" />
+        <inspection_tool class="AroundAdviceStyleInspection" enabled="false" level="WARNING" enabled_by_default="false" />
+        <inspection_tool class="DeclareParentsInspection" enabled="false" level="ERROR" enabled_by_default="false" />
+        <inspection_tool class="EmptyEventHandler" enabled="false" level="WARNING" enabled_by_default="false" />
+        <inspection_tool class="PointcutMethodStyleInspection" enabled="false" level="WARNING" enabled_by_default="false" />
+      </profile>
     </component>""".trimIndent())
   }
 }
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