Russia to open doors to foreign insurance companies

Weather

A draft law was submitted to the State Duma, lower house of Russia’s parliament, on Friday, which will allow foreign insurance companies to open offices in Russia.

If the bill goes through then Russian businesses and individuals will have a choice of buying insurance from a Russian or foreign company. However, only “reliable and qualified” foreign insurance companies will be permitted to open offices in Russia, an explanatory letter to the document reads. The document outlines terms and conditions for foreign insurers while protecting the interests of Russian agents, the government and the national insurance market. The draft law also details the documentation that a foreign insurance company is required to submit to Russian regulators to achieve certification in Russia, as well as establishing the guidelines for operating on the Russian insurance market, and fixes deadlines for approval and grounds for refusing licenses. Measures to monitor the activity of foreign insurers in Russia are also included. (rian.ru)

ADVERTISEMENT

Business, consumer confidence improves - Századvég Analysis

Business, consumer confidence improves - Századvég

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.