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Protocol on the creation of a common insurance market of the EurAsEC member states submitted to the State Duma for ratification

February 15, 2014

Vladimir Putin submitted to the State Duma for ratification the Protocol on the Creation of a Common Insurance Market of the Eurasian Economic Community member states, which was signed in Minsk on November 27, 2009.

The Protocol was signed at a summit meeting of the Intergovernmental Council of the EurAsEC in Minsk on November 27, 2009.

The purpose of the Protocol is the creation of a common insurance market and the development and adoption within the EurAsEC framework of measures to protect the rights and interests of the participants of such common insurance market.

The Protocol establishes the main areas of activity of the Eurasian Economic Community member states, among them the harmonisation of respective legislations of EurAsEC member states and the creation of a common system of insurance coverage for investors. Besides, the Protocol speaks of the need to bring the insurance legislations of the EurAsEC member states in compliance with the requirements of international standards and practices of insurance supervision.

February 15, 2014