Protocol on creation of the total insurance market of state members of Eurasian economic community
of December 12, 2008
The state members of Eurasian economic community (далееЕврАзЭС) which are hereinafter referred to as with the Parties
being guided by the Constitutive treaty of Eurasian economic community of October 10, 2000,
in development of the provisions provided in the Agreement on cooperation in insurance field within Eurasian economic community of April 27, 2003 (further - the Agreement),
recognizing feasibility of creation of the total insurance market of the Parties for deepening of mutually beneficial economic cooperation and development,
proceeding from common interests of insurance supervision and regulation of insurance activity,
considering necessary to take measures for reduction of national legal systems of the Parties regulating insurance activity in compliance with international standards,
agreed as follows:
The purposes of the this Protocol are creation of the total insurance market of the Parties, development and acceptance within EurAsEC of measures for protection of the rights and interests of participants of the total insurance market.
The concepts used in the this Protocol mean the following:
"the total insurance market" - the part of economic space limited to the territories of the Parties where national legal systems of the Parties guarantee observance and protection of the rights and interests of all participants of the insurance markets of the Parties;
"participants of the total insurance market" - the insurance (reinsurance) organizations, insurance agents and brokers, actuaries, insurers, and also the other persons determined according to the national legal system of each of the Parties;
"the consumer of insurance service" - the insurer, insured, the beneficiary which insurance interest acts as subject to insurance protection.
The parties take agreed measures on creation of the total insurance market.
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