An insurance pool is a voluntary association of insurers that is not a legal entity created on the basis of an agreement between them in order to ensure financial stability of insurance operations on the basis of joint liability of its participants for the performance of obligations under insurance contracts concluded on behalf of the pool participants. [1] .
Content
Creation Goals
The purpose of the creation and operation of the insurance pool may be joint activity on insurance and reinsurance of homogeneous objects according to unified rules and tariffs .
When creating insurance pools, insurers pursue the following objectives [2] :
- ensuring financial stability of certain types of insurance ;
- overcoming of insufficient financial capacity;
- realization of the opportunity to participate in large risks ;
- providing insurance payments to customers at major risks
The regulatory framework for the creation and activities
The creation and operation of insurance pools in the Russian Federation is carried out in accordance with the Law of the Russian Federation “On the organization of insurance business in the Russian Federation”. [2]
In accordance with this regulatory act, the creation and operation of insurance and reinsurance pools is permitted. The opportunity is established for conducting activities on the basis of a simple partnership agreement without forming a legal entity.
After signing an agreement on the creation of an insurance pool, participants are required to notify the insurance supervisory authority [2] Quite often, pool agreements become the subject of investigation by antitrust authorities [3] .
Examples
Examples of created insurance pools:
- aerospace insurance pool - created to insure risks in the field of aviation and space ;
- Russian Anti-Terrorism Insurance Pool ( RATSP ) - created in 2001 to insure the risks of terrorism and sabotage ;
- Russian Nuclear Insurance Pool - created to insure risks associated with the operation of nuclear power plants [2] ;
- Sochi insurance pool - was created to insure the construction of the Sochi Olympics in 2014 [4] . At the end of 2010, it ceased to exist, as members of the pool: SOGAZ , Alfa Insurance , Hephaestus, Ingosstrakh , RESO-Garantia , Rosgosstrakh and Soglasie violated antitrust laws regarding or maintaining uniform prices for insurance services, dividing the insurance market and creating obstacles for other insurers to access the insurance market [5] .
Notes
- ↑ R.T. Yuldashev. Pool insurance // Insurance business: Dictionary . - Moscow: Ankil, 2005 .-- S. 562. - 832 p. - ISBN 5-86476-159-1 .
- ↑ 1 2 3 4 Insurance pool // Insurance: textbook / Ed. T.A. Fedorova. - 3rd ed., Revised. and additional .. - M .: Master, 2009. - S. 227-235. - 1006 s. - ISBN 978-5-9776-0032-3 .
- ↑ Insurers and FAS - in search of mutual understanding . "Insurance today" (September 5, 2013). - Interview with Deputy Head of the Federal Antimonopoly Service (FAS) A. Kashevarov Date of treatment September 9, 2013.
- ↑ +. The Olympic Insurance Pool was renamed the Sochi Insurance Pool . Date of treatment May 16, 2010. Archived March 24, 2012.
- ↑ Sochi insurance pool ceased to exist