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In what seems to be in direct response to a number of insurers and reinsurers taking steps to cut ties with Russia, the Russian Parliament has enacted a new law prohibiting insurers in the country from completing transactions with insurers, reinsurers, and brokers, from what it calls “unfriendly states”. The legislative amendment was signed by President Vladimir Putin, and is in effect until December 31, 2022.

The “unfriendly states” include the EU, UK, Ukraine, Montenegro, the U.S., Canada, Japan, Switzerland, Albania, Andorra, Iceland, Liechtenstein, Monaco, Norway, San Marino, North Macedonia, and also Japan, South Korea, Australia, Micronesia, New Zealand, Singapore and Taiwan. No risks in Russia may be ceded to carriers in any of these countries. Also, the Bank of Russia Directors have the authority to determine the obligations that are not subject to transfer by a cedent to a national reinsurer for reinsurance protection.

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