PRESS RELEASE^*

At the session of the Government of the Russian Federation on February 28, 2008 the following decisions were made on questions under consideration.

1. On Draft Strategy of Insurance Activity Development in the Russian Federation for 2008-2012.

The Government of the Russian Federation took into consideration the report of Ministry of Finance on the subject.

At the meeting, the Government of the Russian Federation approved in substance the draft strategy of insurance development in the Russian Federation for 2008-2012 with consideration of the need to refine its title.

Ministry of Finance of Russia with participation of interested federal executive bodies and organizations needs to refine the suggested draft strategy and the action plan for its implementation, with particular attention paid to:

• Refining priorities of insurance activity development concerning, among others, protection from risks of damage to life, health and property rights of citizens, with consideration of the developing Concept of Long-Term Social and Economic Development of the Russian Federation until 2020;
• analysis of implementation of the Concept of Insurance Development in the Russian Federation approved by the Government of the Russian Federation and analysis of insurance development experience of other countries;
• supplementation of the draft strategy by factors characterizing the achievement (implementation) of goals, and also the place and role of insurance activity in the economy of the Russian Federation;
• formation of a multilevel system of liability and recovery of damage to those affected with the use of resources of the insurer, insurance (reinsurance) pools and the state;
• increased capitalization of insurance service market;
• encouraged development of voluntary insurance;
• guaranteed insurance protection for parties in relationships emerging within the field of transit of goods;
• additional development of the question of formation of a risk insurance system for creation of arms and military hardware;
• ensuring the insurance of social objects;
• improved procedures for investing the resources of insurance institutions, in the part of unification of requirements concerning allocation of insurance reserves and investing of resources by other institutional investors;
• need for reduced administrative restrictions provided that insurance of corresponding kinds of liabilities is performed;
• expedience of creation of a specialized body (commission) to review disputes within the field of insurance activity and formation of insurance guarantee funds;
• improved effectiveness of insurance inspection activity;
• system of specialist training for the insurance market;
• refined terms for the preparation of documents and materials provided in the action plan for implementation of the strategy, with primary measures planned for 2008-2009.

A refined draft strategy and an action plan for its implementation should be submitted to the Government of the Russian Federation by May 20, 2008.

2. On Signing of an Agreement on the Loan for Funding of the Reconstruction Project for of the Water Supply System and Environmental Protection System of Kaliningrad (component of district heating) between the Russian Federation and the European Bank for Reconstruction and Development

The Government of the Russian Federation took into consideration the report of the Ministry of Finance of Russia on the subject.

Ministry of Finance of Russia, Ministry of Economic Development of Russia, Ministry of External Affairs of Russia with participation of interested federal executive bodies and the administration of Kaliningrad Region, with due consideration of the discussions which had taken place, should additionally develop the question of funding of measures for implementation of the reconstruction project of the water supply system and environmental protection in the city of Kaliningrad (component of district heating) from the treasury, resources of development institutes and other sources.

The corresponding recommendations should be submitted to the Government of the Russian Federation.

3. On Creation of the Managerial Committee for the Preparation and Holding of the 175^th Anniversary of D. I. Mendeleev’s Birthday.

At the meeting, the Government of the Russian Federation approved the draft regulation on the subject.

February 29, 2008
Moscow

* Decisions on the questions on the agenda are made with consideration of remarks and suggestions expressed at the government meeting. The decisions made are to be formatted as official documents issued by the Government of the Russian Federation.