Russia creates state reinsurer amid competition concerns

The Russian parliament has passed legislation that will allow the
creation of a state reinsurer, which will be known as National
Reinsurance Company (NRC).
The Law on Organisation of the Insurance Industry in the Russian
Federation passed a third reading in the State Duma last week (21
June) following two months of debate.
The move was prompted by Western sanctions introduced in the
wake of Russia's annexation of Crimea in 2014, after foreign
reinsurance companies began to refuse risks associate