EurAsEC insurance inspectorates to discuss formation of common insurance market

The meetings of inter-state structures of the Eurasian Economic Community (EurAsEC) and the Commonwealth of Independent States (CIS) about insurance monitoring will be held on 8-9 June in Minsk, State Insurance Inspectorate of Uzbekistan said.

Before leaving for the capital of Belarus, Deputy Head of the State Insurance Inspectorate under the Ministry of Finance of the Republic of Uzbekistan Miradyl Mirsadykov said that in the course of the fifth meeting of the council of heads of agencies for supervision of insurance markets and regulation of insurance activity of the EurAsEC member-states under the Integration Committee of the Community, to be held on 8 June, parties will decide on the draft of the decision on creation of common insurance market on the territory of EurAsEC.

Along with this, members of the session will analyse the condition of insurance markets, adopt decisions on creation of conditions for fair competition and development of anti-monopolistic legislation in the sphere. They will also consider the recommendations on harmonization of the legislation regulating the licensing of insurance activity.

Meanwhile, for the 9 June participants have planned to conduct the second meeting of the inter-states coordination council of the heads of agencies for insurance supervision of CIS member states, where participants will review the course of the implementation of the insurance policy coordination conception for 2005-2008.

Moreover, they will discuss the course of creation of the single electronic database of CIS insurers, exchange information on insurance fraud and review the process of formation of conditions for fair competition in the insurance market of CIS.