Russia to introduce compulsory reinsurance
Thursday, 06 30 2016, Category: Insurance and Reinsurance, Country: Russia
The provisions amending the Law on Organisation of the Insurance Industry in the Russian Federation to create a national reinsurance company (the “NRC”) were passed by the State Duma of the Russian Federation in the third and final reading on 21 June 2016. It took the legislators about two months to adopt the bill.
The idea of incorporating a state reinsurance company is not new and did not originate in Russia. After lying dormant for years, the topic became hot again after several foreign governments put various restrictions on certain Russian entities and persons (together “Persons”) as well as sectors.