Russia has handed laws enabling international insurance coverage corporations from the member states of the World Commerce Group (WTO) to create branches and perform insurance coverage enterprise within the nation.
The brand new regulation will come into drive on Sunday.
To work in Russia, international insurers should present proof of property value a minimum of $ 5 billion and procure permits from the Financial institution of Russia, which is able to supervise their operations in Russian territory.
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The businesses can be allowed to function in third-party legal responsibility insurance coverage, voluntary insurance coverage and reinsurance by their branches. The circumstances for his or her work can be similar to these established for Russian insurers. As an illustration, corporations looking for to enter the Russian insurance coverage market can be obliged to supply a safety deposit not decrease than the minimal worth set for Russian insurance coverage corporations.
The laws additionally permits authorities to disclaim corporations the best to open a department in Russia if the share of international corporations within the nation’s insurance coverage market exceeds 50%.
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