In the association, it was noted that the concept proposed by the government contradicts the goals of developing the insurance sector. The business community believes that the document creates a model of excessive centralization of functions within a single state structure.
According to the IBC, the implementation of this project could lead to a decrease in competition and an increase in the industry's dependence on the decisions of a single player, which in turn could drive private insurance companies out of the market.
Moreover, experts express concern about the potential consequences of the reform for key sectors of the economy, such as energy, transport, and mining. They emphasized that a reliable reinsurance system is critically important for the stable functioning of these industries.
“Disruptions in insurance and reinsurance in these sectors could lead to project stoppages, reduced access to financing, and increased systemic risks for the economy,” they added.
The likelihood of a conflict of interest was also noted: the project proposes a combination of functions of a state insurer and a national reinsurer, which would give the government access to confidential commercial information of competitors.
As a result of the discussion, the IBC proposed to withdraw the draft resolution for a complete revision. The business community also plans to initiate changes to the presidential decree signed on March 20, 2024, with the aim of creating a balanced market model instead of an administrative monopoly.
It should be noted that the government has put forward for public discussion a draft resolution on the creation of a national reinsurer, with the "State Insurance Organization" (SIO) proposed as the operator. This project was developed in accordance with the presidential decree of March 20, 2024, No. 79, concerning the development of the insurance market.
According to the proposal, insurance companies will be required to transfer at least 10% of their risks for reinsurance to the SIO, with a possible increase of this share to 50%. The justification for the initiative states that in 2024, approximately 85% of risks are reinsured abroad. The authorities are convinced that centralizing operations will help reduce the outflow of insurance premiums and strengthen the national insurance market.
Reinsurance is a mechanism that allows insurance companies to delegate part of their responsibility to other insurers, including foreign ones. This allows for coverage of large and complex risks associated with energy, transport, mining activities, and infrastructure.
