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SOLUTION OF COMMONWEALTH OF INDEPENDENT STATES ECONOMIC COUNCIL

of December 19, 2003

About the Concept of coordination of insurance policy of the State Parties of the Commonwealth

Economic council of the Commonwealth of Independent States on behalf of Council of CIS Heads of Government

solved:

1. Approve the Concept of coordination of insurance policy of the State Parties of the Commonwealth (further - the Concept, is applied) developed by Public council on insurance activity under Executive committee of the CIS together with Executive committee of the CIS.

2. To state bodies on insurance supervision with participation of national associations of insurance companies of the State Parties of the CIS to carry out the analysis and assessment of actions for the stages provided in the Concept and to develop the plan of implementation of the specified Concept.

3. To public council on insurance activity under Executive committee of the CIS to develop offers on accomplishment, if necessary, in the State Parties of the CIS of provisions of the Concept.

It is made in the city of Moscow on December 19, 2003 in one authentic copy in Russian. The authentic copy is stored in Executive committee of the Commonwealth of Independent States which will send to each state which signed this decision, its verified copy.

 

For the Government

Azerbaijan Republic

For the Government

Republic of Moldova

For the Government

Republic of Armenia

For the Government

Russian Federation

For the Government

Republic of Belarus

For the Government

Republic of Tajikistan

For the Government

Georgia

For the Government

Turkmenistan

For the Government

Republic of Kazakhstan

For the Government

Republic of Uzbekistan

For the Government

Kyrgyz Republic

For the Government

Ukraine

Approved by the decision of Economic council of the Commonwealth of Independent States on behalf of Council of Heads of Government of the Commonwealth of Independent States (according to the Decision of September 18, 2003 on authority delegation to CIS Economic Council on acceptance of the final decisions under separate draft documents on behalf of Council of Heads of Government of the Commonwealth of Independent States) of December 19, 2003

Concept of coordination of insurance policy of the State Parties of the commonwealth

Assessment of the present stage and reasons for need of coordination of insurance policy

Effective functioning of the large-scale free trade area is impossible without the fulfilled system of the payment and settlement relations which are turning on the insurance mechanism. It requires further coordinated actions on coordination of policy in insurance field.

So far, when the regulatory base of the free trade area was generally created, opportunities both for cooperation, and for carrying out coordinated actions in the field of insurance policy improved. The level of reforming of economies reached by the majority of the CIS countries allows in coordination with work on creation of the mechanisms stimulating development of trade and economic relations between business entities of the CIS countries on the basis of the market relations, development of general approaches in the economic relations with the third countries to begin to activate policy in the insurance sphere.

The approved insurance policy assumes ensuring consistency of approaches and methods in the field of insurance regulation, mutual advantage of the performed measures and non-admission of damage to economic interests of each of the State Parties of the Commonwealth, search of ways of gradual mutual rapprochement of their insurance systems.

Now, despite activation of commercial and other commercial ties between the Commonwealth countries, their insurance markets develop enough separately from each other. The insurance legislation of the countries considerably differs. Insurance conditions in the countries are dissimilar, different also requirements to participants of the insurance market. In a number of the CIS countries the admission of foreign insurers is limited.

Owing to the stated reasons transactions of insurance in interstate trade and other economic relations have high costs which are determined not only by the current environment of the insurance markets of these countries, but also the available barriers. Transactions of reinsurance between the insurance and reinsurance companies of the different countries have small amount. Level of accumulation of insurance payments in the CIS countries in GDP on average does not exceed 2% against 7-8% in industrially developed states.

In this regard the Concept is aimed, first of all, at elimination or leveling of the obstacles of different nature connected with lack of insurance protection or low-quality insurance of trading and investment activities between the countries.

Transition to coordination of insurance policy, increase in efficiency of insurance will promote building-up of trade and economic cooperation, expansion of investment cooperation, the balanced growth of interstate trade, maintenance of sustained economic growth.

 

Principles of carrying out coordination of insurance policy

Carrying out the coordinated insurance policy is based on the following principles:

- equality and mutual benefit;

- observance of the regulations of national and international law including operating within the WTO of legal acts in the insurance sphere;

- voluntariness of participation in joint operations according to specific projects of insurance;

- transparency (transparency);

- respect for the decisions in the insurance sphere made in the CIS countries;

- coordination of joint activities in the insurance sphere.

Main objectives of coordination of insurance policy

Main objectives of the coordinated insurance policy are:

- assistance to forming of the Common Economic Space, to stable functioning of commodity market, services, capitals and labor power;

- ensuring insurance protection of citizens and legal entities of the CIS countries, use of mechanisms of insurance for forming of the stable market relations;

- creation of conditions for insurance of export-import transactions, increase in cumulative share of insurance services when servicing mutual goods turnover of the states of the Commonwealth;

- rapprochement, complementarity and increase in coordination in the insurance markets of the states of the Commonwealth;

- development of infrastructure of the insurance markets, including organization-legal conditions, training, other conditions providing provision of high-quality insurance services;

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