Media: the Central Bank of the Russian Federation can allocate for the creation of a National reinsurance company is 71 billion rubles.

MOSCOW, March 4. The Central Bank of the Russian Federation at the meeting on the creation of National reinsurance company (NPC) formally revived large-scale project to launch in Russia, insurance against natural disasters.

It is expected that the establishment of such “daughters” the Central Bank will be allocated 71 billion rubles in the Charter capital, the newspaper “Kommersant” with reference to own sources.

Sphere of activity of NPC – placing sanctions risk clients, the reinsurance obligations under the contract, retention of risks in insurance of immovable property of citizens from disasters and emergencies and other difficult risks placed.

The idea of the Central Bank on the establishment of CDD more than six months, but still the introduction of the bill into the state Duma stopped the desire of the Central Bank to include the requirement for mandatory cession – transfer in CPP 10% of contracts of reinsurance from the commercial market.

This initiative was opposed by the insurers, a negative opinion on the project was prepared by the MAYOR, FAS, spoke against the Ministry of Finance, rejected the draft and the presidential Council for codification and enhancement of civil legislation.

On the eve of the Central Bank gathered representatives of the Ministry of Finance, the MAYOR, FAS and insurers. At the meeting, representatives of the Central Bank reported about intention to return to the draft provision on compulsory transfer of 10% from the market risks in NPK – and it already there was no objection to neither the ministries nor the FAS. In exchange, the insurers promised that the CPP will not interfere in the rates of reinsurance and will apply the same conditions that are already specified in contracts on the market. In addition, CDD undertakes not to complicate payout decisions.

Calculations of market participants

By calculations of participants of the market, because of sanctions without reinsurance protection there are about 1.4 thousand projects in the amount of 1.35 trillion rubles of Reinsurance premium on them is estimated at 8 billion rubles – it should be addressed to the CPP. Each year, insurers send for reinsurance to more than 150 billion rubles, most of it goes to foreign reinsurers.

Insurers were also promised that the CPP will take risks on the government’s draft on insurance of property of citizens from emergencies.

As stated at the meeting the first Deputy Chairman of Bank of Russia Sergey Shvetsov, the insurers on the draft CDD has the obligation to reinsure risks in it – but at the CDD obligation to take is not fixed. This, in turn, can lead to a selection of contracts of reinsurance when placed in the “daughter” of the Central Bank.