Foreign insurance companies will be allowed to conduct insurance activities in Russia through their accredited branches. The Russian government has prepared a number of bills aimed at fulfilling the obligations of the Russian Federation regarding the admission to the local market of branches of foreign insurance companies incorporated in the WTO member states.
In particular, the bills set the following requirements to a foreign insurance company interested in carrying out business activities in Russia: to be incorporated and effectively present on the territory of the same WTO member country, to have the right to carry out insurance activities, to have a certain level of experience of insurance activities, to have a certain amount of its assets, to meet the requirements for licensing the activities of a foreign insurer. Once the bills are enacted, foreign insurance companies should be able to apply for a license and branch accreditation through a "one window" system.
Not all types of insurance will be open to foreign companies. Indeed, only voluntary types of insurance, reinsurance and OSAGO can be allowed.
|
NAZALI TAX & LEGAL |