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News ASN free news
This section features selected material from summaries of ASN's commercial issues of “Insurance News”. For timely receipt of all ASN news (in Russian), as well as all documents, analysis and announcements, please subscribe.
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 Supervising
Licenses resumed for two companies
Decisions on resuming license No. 4826D of IC Tempora Ltd, and license No. 4835D of IC Insurance Deposit Ltd were formalized by FSIS Order No. 580, as of June 8, 2007.
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Insurance laws
Specialization amendments approved in the third reading
The bill was voted for by 373 deputies out of 450.
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Mutual insurance
The second reading of bill on mutual insurance is scheduled for June 13
The Duma Council has decided to schedule the second reading of bill on mutual insurance on June 13. Deputies will consider 32 amendments to the document introduced by deputy Alexander Koval and approved by the Duma credit committee. The committee recommends declining 57 amendments introduced by High Arbitration Court (HAC), deputy Victor Pleskachevskiy and others.
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Ratings
S&P raises Ingosstrakh rating to BBB-/stable
On June 6, Standard & Poor’s said it raised long-term counterparty credit and insurer financial strength ratings on Ingosstrakh to ‘BBB-’ from ‘BB+’ (stable outlook) and affirmed Russia national scale rating at ‘ruAA+’, rating agency’s press release reads.
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CMTPL
Amendments changing CMTPL payment system to go back to authors
Amendments changing payment amounts from absolute values into minimal wages and introducing a single payment in amount of 1,600 minimal wages for each deceased in an accident, need government’s conclusion, recommended the State Duma legal department and credit committee will propose to return the bill to authors.
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Antitrust policy
Government imposes thresholds for antimonopoly control
Government of Russia has imposed Rub 200 mln threshold for antimonopoly control over transactions and activities of insurers, brokers and mutuals. If the sum is exceeded, concerned parties shall receive permit from Federal Antimonopoly Service (FAS) for securities transactions or merger and acquisition (M&A) activities.
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Regulation
Bill on establishing universal financial market regulator introduced to the Duma
Deputy Valeriy Zubov has introduced bill on creating universal regulator for any financial markets players apart from “sectoral” regulation. Government and market might have spent nearly Rub 1.9 bln for this body in 2006.
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Supervising
Licenses cancelled for three and resumed for four companies
Federal Service for Insurance Supervision (FSIS) has cancelled insurance licenses for one, reinsurance licenses for two and resumed for four companies. These decisions are formalized by Orders No. 484, 485, and 486, as of May 25, 2007.
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News archive
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