OREANDA-NEWS. December 21, 2007. At the corporation site Transsib Re in “Publications” you can find the article written by Transsib Re’s barrister (authorised delegate) in the International Bureau of OJSC “Transsiberian Reinsurance Corporation” (Prague, Czech Republik)  JUDr. Erika Macakova. She was graduated LL.M. by Nottingham trend University (Great Britain) and has been successfully cooperating with Transsib Re for several years.

The article is related to the new reinsurance requirements in EU. The author tells in details about latest changes in legislation brought by special Circulars in reinsurance and ratified by Euro Parliament and Council of Europe.

The main idea of the article is that from 2008 in

EU-reinsurance will obtain the rules, that will be new not only for specialized reinsurance companies but for each participants of insurance market.

The innovations concern various sides of reinsurance work: receipt of a license, tighter control by the government supervisor, higher demands to the financial stability of the companies. For example, the minimal warranty fund by reinsurance registration in EU-countries is ? 3 mln.

In fact, the latest changes in EU legislations lead to the shutdown of reinsurance market for the companies from the third-countries. For example, specialized reinsurers from CIS won’t have free access to the single European market and will be obliged to obtain a license according to the EU-Directive. At that, the member-countries have the opportunity to make higher the demands in their domestic legislations.