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Foreign Insurers To Open Affiliates in Russia
A bill has been submitted to the State Duma, authorizing non-resident insurers to launch the affiliates in Russia, RIA-Novosti reported Mar 7.
The document spells out the terms and procedures for launching in Russia the affiliates of foreign insurers (re-insurers), specifies their legal status and clarifies the terms for conducting insurance business by non-resident insurers, their representative offices in the country and by non-resident insurance brokers.
The bill that amends the Act on the RF Insurance was initiated by Alexander Koval, the member of State Duma Financial Market Committee. Providing conditions for the business presence of foreign insurers here is required for Russia’s joining the WTO.
“In other words, contrary to the current insurance laws, not only the companies of Russia but also affiliates of nonresident insurance and re-insurance companies will be authorized for insurance operations in Russia,” says the explanatory note to the bill.
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