The national Bank plans to work with insurance companies in the sphere of insurance of agricultural producers. This was at the briefing on the functions of market regulation of non-Bank financial institutions, said the first Deputy Chairman of the National Bank Ekaterina Rozhkova.
“If we’re talking about some mandatory types of insurance or public insurance programs to support agricultural producers, we here how the regulator will operate within our competence.
If to speak in General on insurance of the agricultural sector, given that this is one of the most powerful industries in our country, we plan to work with insurance companies regarding what products they can offer farmers, to support further development of this industry,” said Rozhkov.
She also added, if government programs to support agricultural producers will provide for the involvement of insurance companies, the task of the national Bank will ensure that the insurance company that will be able to participate in the program, operated in a transparent and sustainable, to provide additional incentive for agricultural producers.
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As reported, from 1 July 2020, the national Bank became the regulator of the overwhelming part of the nonbank financial sector.
As of September 30, 2019 in the State register of financial institutions was 234 insurance companies, of which 23 provided services of life insurance.