EurAsEC not set concrete term to create single insurance market

Eurasian Economic Community (EurAsEC) member states refused to set concrete terms on creation of single insurance market within organization.

Prime-TASS of Russia reported that the fifth session of heads of insurance inspection and regulation bodies under Integration Committee of EurAsEC said on Thursday in Minsk, Belarus.

Alexander Kurlypo, Deputy Finance Minister of Belarus, said the terms of creation of single insurance market were too tough. It is envisaged to the first phase of creation of market will end on 1 January 2008 and the second stage will complete on 1 January 2011, he said. He added that this is not real.

He said the creation of single insurance market postponed to undefined term. Kurlypo added that the member states are holding negotiations on accession to World Trade Organisation (WTO) along with creation of single insurance market.

Belarusian official added that the EurAsEC states do not refuse from idea on creation of single market. He said the EurAsEC target is to form single market of goods, works and services and naturally insurance market is part of single market. He added the member states will have to solve this issue.