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The President signed the Federal Law On Amendments to the Law On the Insurance Business in the Russian Federation.
The Federal Law On the Insurance Business in the Russian Federation has been augmented by new provisions on the creation of a national reinsurance company.
The reinsurance company will protect the property interests of the Russian Federation and Russian insurers. It will also sharply reduce the outflow of funds for reinsurance purposes, including the reinsurance of state-owned facilities, provide insurance protection irrespective of decisions by foreign state agencies or international organisations and also facilitate the development of the Russian insurance market by increasing the volume of insurance companies’ assets.
The reinsurance company will be incorporated as a joint-stock company fully owned by the Central Bank of Russia.
July 4, 2016