Russia to Raise Foreign Share in Insurance Companies to 50%

The Russian government will consider a bill raising the share of foreign participation in the statutory capital of Russian insurance companies to 50 percent from the current 25 percent, the government said on Wednesday.

The Finance Ministry first proposed the increase in the spring of 2011 to boost the capitalization of insurers.

At the time the proposal was rejected by the Economic Development Ministry arguing that it was premature before Russia’s admission to the WTO.