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. Last Updated: 07/27/2016

Insuring Insurers

MOSCOW -- President Boris Yeltsin has told the government to draft, in cooperation with the Chamber of Industry and Commerce and the All-Russian Union of Insurers, steps to protect Russian insurance companies in anticipation of the time when foreign insurers are allowed onto the Russian market, presidential press secretary Sergei Yastrzhembsky said at a briefing Tuesday.

This order was Yeltsin's response to a letter from TPP President Stanislav Smirnov and VSS President Vladimir Kruglyak, Yastrzhembsky said. The two men said insurance had a specific role to play in a market economy. The liberalization of the Russian insurance market, in particular letting foreign insurance companies onto it, needed a balanced and careful approach, they said.