RUSSIA: Bank of Russia increased requirements to credit ratings of foreign reinsurers

Bank of Russia decided to increase requirements to international credit ratings of the foreign reinsurers, whose obligations under insurance contracts are accepted to cover insurance reserves, according to the press release of the Central Bank.

Requirements to minimal reinsurer's rating by S&P will increase from "B-" to "B+", by Moody's - from "B3" to "a1", by FITCH - from "B-" to "B", by A.M. Best - from "B-" to "B+". The decision will come into force on November 17, 2018.

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