Russia - national reinsurer may start by mid-2017
Thursday, 06 09 2016, Category: Insurance and Reinsurance, Country: Russia
National Reinsurance Company (NRC), which is presently under establishment, could commence operations by the middle of 2017, CBR deputy chairman Vladimir Chistyukhin was quoted as saying.
Back in late May 2015 Russian President Vladimir Putin gave the Finance Ministry an order to explore the possibility of setting up a state-controlled reinsurer, citing difficulties faced by insurers when it comes to reinsurance coverage. At the end of this May the State Duma's Financial Market Committee recommended that the parliament's lower chamber approve a bill on NRC, which was submitted by a group of Duma members, in the first reading.