1. Dr. Eduard Grebenshchikov
Eurasian integration project of the three states and insurance co-operation in East Asia
Dr. Eduard Grebenshchikov

2. Euroasian economic commission: instrument of integration in insurance field of the three member states.
A plan: creation of economic union by 2015.
Political will to achieve integration of financial markets declared and expressed but many delays occur.
Russian mega regulator of financial markets created. Like the one in Kazahstan. That will facilitate the process of harmonization and gradual integation.
Still very different approaches prevail, protectionism especially strong in Belarus.
The membership too narrow for Eurasian union to assume all-Asia importance.
Creation of supranational body to regulate financial markets, agreement on the exchange of information in the works.

3. Eurasian integration
Goals pursued: single license, branches in member-states, free access to the markets, ratings, single measurements of solvency and financial strength.
Weaknesses and impediments. Combination of not fully developed markets, with low capitalization, low insurance penetration and low insurance expenses of the population. Plus a weak reinsurance link.
Other regional venues of insurance integration.

4. The Shanghai Cooperative Organisation (SCO) Russia, China +4 other Central Asian states.
Mainly political organization of the states concerned with internal security. Broadly incommensurable potentials of member-states.
Insurance a topic of minor importance for SCO, though some discussions and a couple of conferences took place.
In 2008 creation of the association of insurers of SCO countries proposed.
An idea of common reinsurance pool .
Specific projects in the border area can be implemented, like Green card.
BRICS. Includes India with its fast progressing insurance sector.
Founding of common investment bank means large investment projects that would require insurance protection apart from export credit guaranties.
Large Russian insurance carriers (like Sogaz) may be interested and involved. As direct investors as well.

5. BRICS Includes India with its fast progressing insurance sector.
Founding of common investment bank means large investment projects that would require insurance protection apart from export credit guaranties.
Large Russian insurance carriers (like Sogaz) may be interested and involved. As direct investors as well.

6. Asia Pacific Co-operation (APEC).
Current project: private disaster risk financing tools and financial sector resilience. Growing interest in the implementation of insurance –related projects.
Good model. The Caribbean Catastrophe Risk Insurance Facility – performing well. But with assistance and funding coming from World Bank and major insurance corps.
To supplement government’s efforts and relief budget from part of expenditures in case of payouts to the victims of natural disasters.

7. Bilateral co-operation and cross –border insurance.
No expenses for financing of bureaucratic structures. Global and cross border insurance represented by large insurance corporations.
Some concluding remarks.
Integration is an ambitious and long term aim, though the term is very popular with Russian scientists.
Harmonization is more practical term to assess current stage. Harmonization does not mean unification. But it is necessary to prepare gradually to become ready to transfer part of sovereign powers to the established transnational bodies.

8. Concluding remarks
Integration - the term is popular with Russian scientists, but is an ambitious and long term aim, though.
Harmonization is a more practical at the current stage. Harmonization does not mean unification.
To get prepared gradually to become ready to transfer part of sovereign powers to the established transnational bodies.

9. The task is not to invent “Euroasian” standards and norms, but to adapt to tested global rules promoted by IAIS, WTO and other multilateral bodies.
Companies, organizations and citizens will benefit from the freedom of service provision.
NGO can provide good offices for geographical expansion of insurance businesses, whereas the task of the Government agencies is control and supervision the tasks that assume regional and global dimensions.
Much to be done by insurance companies in the provision of insurance protection and risk management as well with regard to ecological, terrorist, nuclear megarisks and mass risks as well.