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Common insurance market moves closer for six states of Eurasia block

February 07, 2014, 14:31 UTC+3 MOSCOW
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MOSCOW, February 07. /ITAR-TASS/. Proposals to develop a common insurance market are moving closer to fruition among the six-state Eurasian Economic Community (EurAsEC).

Russian Prime Minister Dmitry Medvedev has signed a government resolution asking for presidential ratification of a protocol signed four years ago to align institutions and procedures across Russia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.

The protocol, signed in Minsk, Belarus, in November 2009, aims to ensure greater access to market services for member nations of EurAsEC, the government website says.

Its provisions stipulate an international legal basis for creation of an integrated market, procedural and institutional conditions and measures to protect rights and interests of the insurance market members, the announcement says.

Adopting the new standard will enable insurance legislation to be brought in line with international standards and practice, co-ordination of member-state activities and establishing general licensing principles for insurance organizations.

It will determine uniform requirements for authorized capital formation procedure, solvency and financial stability, risk-sharing with non-resident reinsurers and protection of rights and interests of insurance consumers, the statement adds.

The Eurasian Economic Community is an international organization that ensures multilateral economic co-operation among its member states. EurAsEC originated from the Commonwealth of Independent States (CIS) Customs Union of Belarus, Russia and Kazakhstan in March 1996. The treaty establishing the community was signed in October 2000.

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