18 Jul 2023 17:08

Kyrgyzstan ratifies agreement to establish Eurasian Reinsurance Company

BISHKEK. July 18 (Interfax) - Kyrgyzstan has ratified the agreement on establishing the Eurasian Reinsurance Company, the press service of Kyrgyz President Sadyr Japarov said on Tuesday.

Japarov has signed the document, and the Kyrgyz parliament adopted the law on June 14.

The parties to the agreement on establishing the Eurasian Reinsurance Company signed the corresponding document in Yerevan on October 20, 2022, following a meeting of the Eurasian Intergovernmental Council.

The Eurasian Reinsurance Company's main purpose will be to insure export deliveries and risks that cannot be reinsured in developed countries. The national regulators of the insurance market will not oversee the operations of the Eurasian Reinsurance Company.

The goal of the agreement is to increase investment attractiveness and to expand trade and economic relations with third-party countries by implementing activities in reinsurance of export credits, including all financial instruments to support exports, as well as export-oriented financing and investments from entrepreneurial and/or political risks in the member countries and third-party countries.