On united association of insurers in agricultural insurance market with state support

The Bank of Russia took a decision to agree on obtaining from 1 January 2016 the status of the united all-Russian association of insurers to carry out agricultural insurance with state support by the Integrated Union of Insurers in the Agricultural Complex — National Association of Agricultural Insurers.

Such decision is based on the evaluation results of two associations of insurers operating in this market — United Association of Agricultural Insurers Agropromstrakh and the Integrated Union of Insurers in the Agricultural Complex — National Association of Agricultural Insurers.

The evaluation revealed the readiness of both entities to operate as an integrated professional partnership in four directions: the quality of filling the compensation fund, supervisory powers of the insurers’ association, the assessment of the association performance through evaluation of its members and the requirements to the management of the association.

Pursuant to Federal Law No. 424-FZ, dated 22 December 2014, ‘On State Support in Agricultural Insurance and on Amending the Federal Law ‘On the Development of Agriculture’, from 1 January 2016 the integrated professional partnership should launch its operations in the agricultural insurance market with state support. According to the law, such status can be obtained by either association by Bank of Russia agreement.

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18.09.2015 00.00.00