The agreement on cooperation in insurance field within Eurasian economic community

The government of the Republic of Belarus, National Bank of the Republic of Kazakhstan, the Government of the Kyrgyz Republic, the Government of the Russian Federation, the Government of the Republic of Tajikistan which are hereinafter referred to as by the Parties

being guided by the Constitutive treaty of Eurasian economic community of October 10, 2000 and other acts of Eurasian economic community,

proceeding from mutual interest in market development of services of insurance, increase in social and economic role of insurance in creation of the mechanism of compensation of losses and accumulation of financial resources,

recognizing need of protection of social and economic interests of physical persons and legal entities,

attaching great value to development of cooperation in the field of harmonization of the legislation of the Parties on insurance,

agreed as follows:

Article 1

The concepts used in this agreement mean the following:

"insurance" - the relations on protection of valuable interests of physical persons and legal entities in case of approach of certain events (insured events) at the expense of cash funds (insurance reserves) created by insurers of the insurance premiums (insurance premiums) paid to them;

"bodies of insurance supervision and regulation of insurance activity" - the ministries and departments of the Parties performing regulation of insurance activity and the state supervision of it according to the legislation of the state;

"insurance organizations" - the legal entities of the Parties created for implementation of insurance activity, who obtained the license for implementation of insurance activity, and also meeting other requirements imposed by the legislation of the Parties;

"joint insurance" - the relations on distribution of risk between two and more insurers within one insurance contract determining the rights and obligations of each insurer;

"reinsurance" - the relations on redistribution of risk between insurers under the agreement of reinsurance.

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