Russian Government has elaborated a draft law that allows foreign insurance companies to work in Russia.
Russia is the member of the World Trade Organization (WTO). In accordance with WTO requirements Russia shall admit insurance companies from WTO countries to the Russian market.
To enter the Russian market, a foreign insurance company shall establish a branch, receive a Russian license, and provide a deposit that may be used to pay the indemnities in case a foreign insurance company loses its license.
A foreign company will be allowed to sell voluntary insurances, reinsurances, as well as third party liability vehicle insurances.
The draft law provides requirements to a foreign insurance company, its assets, audit and disclosure procedures, management, and experience.