Exar Russian export center. State export insurance. Basic insurance conditions
One of the factors in the slow recovery of our country’s national economy in the post-crisis period is the lack of full and effective support for national exporters, while, for example, China has such a system and functions properly, contributing to the rapid development of the country’s economy.
There are several state-owned companies in China that provide support to national exporters: the Export-Import Bank of China (Eximbank) and the State Export Credit Insurance Corporation (China Export & Credit Corporation (Sinosure)).
Eximbank was founded in 1994 and is wholly owned by the central government of the People's Republic of China. Eximbank of China is a conductor of state banking policy under the direct leadership of the State Council of the People's Republic of China. The Export-Import Bank of China carries out the following activities:
1) preferential lending to domestic producers;
2) preferential lending to foreign buyers;
3) provision of international guarantees.
China Export & Credit Corporation (Sinosure) specializes in export credit insurance and promotes the development of Chinese exports and investments. Priority is given to high-tech products. Sinosure provides export credit insurance against non-payment risks, financial, information and management services accounts receivable. Since its founding, Sinosure has supported more than US$250 billion in exports and facilitated more than RMB 450 billion in loans from 110 different banks.
In Russia, the situation with state export insurance is radically different from the situation in China. Today, the Government of the Russian Federation declares the need to create State Agency for Export Credit Insurance, and market experts make proposals for changes to legislation that need to be adopted so that the agency can fully function and perform its direct functions.
For these purposes, a special draft federal law “On Amendments to Certain legislative acts Russian Federation in order to improve the mechanism for insuring export loans and investments against commercial and political risks." This project was developed in accordance with the action plan of the Government of the Russian Federation for the implementation in 2009 - 2012 of the main directions of the foreign economic policy of the Russian Federation until 2020.
The bill is aimed at resolving issues of organizing activities in the Russian Federation to insure export loans and investments against commercial and political risks.
In accordance with the Federal Law "On the Development Bank", Vnesheconombank is a state corporation, the activities of which are aimed, among other things, at supporting the export of Russian goods and services, including providing insurance for export loans and investments in the manner established by the Government of the Russian Federation.
The bill provides that in order to organize insurance of export loans and investments against commercial and political risks, Vnesheconombank will create an open joint-stock company.
The organization by Vnesheconombank (VEB) of insurance of export loans and investments by creating a specialized subsidiary and establishing a special regulatory procedure for its activities will make it possible to create the necessary legal and organizational conditions for the functioning of a foreign economic institution in accordance with international practice.
In order to form a holistic and effective system state financial support for exports in Russia On July 28, 2010, at a meeting of the VEB Supervisory Board, a decision was made to create a Russian state agency for insurance of export credits and investments in the form of an open joint stock company with 100% participation of Vnesheconombank in its authorized capital.
Taking into account the international experience in the functioning of national export credit agencies (SACE (Italy), Coface (France), etc.), this organizational and legal form will provide the most optimal and open model for the management and development of an organization operating in the public interest.
Currently, commercial financial institutions are not ready to take on a significant part of the risks associated with supporting national exports of goods and foreign investments in individual countries, due to high level such risks and the difficulties of managing them, as well as the costly implementation mechanism and the low level of profitability of this activity, the lack of state guarantee of their obligations (Karyakin M.Yu. Insurance of political risks of foreign trade operations and international investments (issues of theory and methodology). M.: "Avoir Consulting", 2002).
As can be seen from the table above, government activities in insuring export credits and investments carried out by the agency will not create competition for existing commercial insurance organizations. Government activities agency will be aimed at providing a range of financial services for exporters and investors, for which Russian commercial insurance organizations will not be ready to offer insurance products (in particular, insurance of short-term export loans (up to 3 years) against political risks, export loans for a period of 3 years to 15 years, short-term risks for operations in countries that do not have an investment rating, risks of developing foreign markets, investments of Russian companies abroad from political risks).
Basic differences in the operating methods of public and private structures for export credit insurance
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Government agency |
Private insurers |
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Activities are subordinated |
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The main goal of the activity is |
The main goal of the activity is |
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Trade loans are insured for a period |
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Insurance primarily |
Insurance primarily |
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The validity period of the policies reaches |
The validity of the policies does not exceed |
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Risk analysis based on the country-by-country principle |
Portfolio risk analysis |
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Liabilities are covered by capital |
Liabilities are covered by capital |
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Policyholders - national |
Possibility of insurance as |
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Insurance coverages are uniform |
Individual insurance coverages |
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Premium rates are calculated |
Tariffing for each contract |
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Unified methods of foreclosure |
Customized programs |
The creation and operation of a state agency for export credit insurance should provide competitive financing conditions for domestic companies engaged in international commercial activities.
Insurance support from an agency that takes on a significant portion of commercial and political risks will significantly facilitate Russian exporters’ access to bank lending, as well as facilitate obtaining financing for more favorable conditions In addition, it will increase the effectiveness of their participation in international tenders, provide protection against non-repayment of the loan provided, and at the same time stimulate the development of the export financing mechanism.
In accordance with international practice and to ensure the competitiveness of the company's services, the agency may be provided with financial support from VEB in the form of guarantees and/or in other forms, as well as state support in accordance with budget legislation in the form of budget investments and state guarantees.
In order to stimulate participants in foreign economic activity to insure export loans and investments, as well as ensure the correct functioning of state activities. agency, the bill provides for amendments to the Tax Code of the Russian Federation. Changes are planned in terms of establishing a preferential tax regime for the provision of services for insurance, co-insurance and reinsurance of loans and investments against commercial and political risks when calculating value added tax and income tax, as well as in terms of reducing the tax base of participants in foreign economic activity when calculating tax on profit.
As a result of the adoption of amendments to the legislation, a specialized institute for insuring export loans and investments will be created, which will create conditions not only for restoring, but also strengthening the position of Russian high-tech exports of goods and services both in foreign markets and in the markets of partners.
At first, the state export insurance agency will be a 100% subsidiary of Vnesheconombank with a capital level of 30 billion rubles. Taking into account decision taken ensuring the company's capitalization in the specified amount will allow it to insure export loans in the amount of up to $1.05 billion in 2011 without additional financial support.
As the company develops and the volume of risks it insures increases, it is assumed that its activities will be carried out with the provision of financial support from VEB (in the form of guarantees and/or other forms), as well as state support in accordance with the budgetary legislation of Russia (budgetary investments, state guarantees) .
In 2012 - 2013 Maybe provision of state guarantees of the Russian Federation for the obligations of Vnesheconombank under its bank guarantees, issued under government obligations. agency within the framework of insurance contracts, which will allow him to receive investment in the medium term credit rating international agencies at a level not lower than the sovereign. At the same time, insurance policies of the export credit insurance agency will be used as collateral when receiving loans by exporters or their foreign counterparties in Russian and foreign countries. credit organizations on competitive terms with a minimum tariff rate.
It is expected that by 2013 the agency will insure export loans totaling more than $14 billion, which will provide insurance support for over 15% of all Russian exports of machinery, equipment and Vehicle, construction and engineering services during the specified period.
The company's activities will be carried out in accordance with the standards of the World Trade Organization and the Organization for Economic Cooperation and Development. The fundamental international document in the field of public financing and insurance of foreign trade is Agreement on Official Support for Export Credits(“Arrangement on officially supported export credits”), which defines as measures of official export support the provision of export credit guarantees and insurance of export credits by specialized financial institutions created and operating with state support. Regulations of this document In particular, the classification of countries by risk categories, country and industry insurance limits, maximum coverage periods and minimum premium rates are established.
The proposed introduction of preferential taxation in relation to the company’s activities, including in terms of reducing the tax base of participants in foreign economic activity, will not lead to a reduction in revenue federal budget, due to the fact that insurance of export credits and investments with financial support was not carried out and tax benefits were not provided previously.
It should be noted that failure to provide tax benefits state agencies will result in taxation of the amount of insurance premiums paid by its clients (policyholders) with value added tax. According to calculations of basic indicators of government activity. agencies in 2011 - 2013 the amount of insurance premiums in the specified period will be USD 459.6 million.
Failure to provide tax benefits for income tax to companies that will use government services. agency, will lead to the need for policyholders to attribute the amounts of insurance premiums to profit. It should be noted that failure to accept the proposed taxation regime for the company makes its insurance products economically unprofitable for enterprises and will not allow them to achieve their goals, which will have an impact on the reduction in insurance volumes, since participants in foreign economic activity will have no incentive to insure export loans and investments from commercial and political risks.
In general, we note that the state mechanism for providing insurance coverage for supplies using an export credit instrument is one of the main methods of risk management when conducting foreign trade operations. Export credit insurance is a necessary financial mechanism that is aimed at providing greater financial protection to national exporters, which ultimately has a beneficial effect on the development of national exports, therefore actions to create a state export insurance agency in Russia are justified and necessary on the path to diversification of Russian trade and economic modernization.
Insurance support for exporters is provided by JSC Russian Agency for Insurance of Export Credits and Investments (EXIAR) www.exiar.ru.
EXIAR JSC products are designed to protect Russian exporters
(as well as the banks financing them) from the risk of non-payment by a foreign counterparty for:
Export credits;
Export deliveries carried out on deferred payment terms;
Confirmed letters of credit.
Basic insurance conditions:
For each transaction, up to 95% of losses in the event of political risk and up to 90% in the case of commercial risk are covered.
Advantages of insurance at EXIAR JSC:
An insurance contract can act as collateral for a loan that the exporter attracts to implement an export contract;
Competitive financial conditions export transactions;
Removal of administrative liability and sanctions provided for by the Code of Administrative Offenses and currency control for non-receipt of foreign currency earnings into the Russian Federation;
Attribution of the cost of the EXIAR insurance premium to the organization's expenses (VAT is not assessed).
Procedure for reviewing an export project and concluding an insurance contract:
1. Conducting initial negotiations; sending information to analyze the possibility of providing insurance coverage to EXIAR (information about the exporter, buyers, terms of the export contract, terms of financing the transaction).
2. Conducting a preliminary risk assessment for the project - a preliminary conclusion on the possibility of providing EXIAR insurance coverage.
3. If there is an export contract, as well as all the necessary information on the project, structuring the transaction, underwriting and risk assessment (taking into account country risks and the results of studying the project and the financial condition of the buyer).
4. Formation of a conclusion (determining the conditions and cost of insurance).
5. Preparation and submission of a commercial proposal to the policyholder.
6. Preparation and approval of a draft insurance contract.
7. Signing an insurance contract.
Documents required for consideration of an export project:
Application for insurance with a description of the export project;
Information about the foreign counterparty, including financial statements(balance sheet, profit and loss account);
Export contract or its draft;
Credit agreement (letter of credit) or its draft;
The amount of the insurance premium is determined based on the following factors:
Financial condition of the debtor;
The level of risk associated with the foreign country;
Amount and term of export credit;
The share of the insured's own risk retention;
Sum insured (limit of insurance liability), insured value and their ratio;
Other factors established by insurance rules for individual products.
To simplify the procedure for preliminary consideration of export projects in need of support, EXIAR OJSC is ready to accept documents by e-mail for preliminary consideration:
Aksenov Konstantin Alexandrovich - Head of Client Relations Department
Products and services of EXIAR JSC:
Buyer's credit insurance
The product is designed to protect a Russian or foreign bank from the risk of loan non-repayment.
Coverage applies to a loan provided to a foreign borrower to fulfill obligations under an export contract concluded with a Russian exporter.
Supplier credit insurance
Coverage applies to select shipments made on a deferred payment basis.
Comprehensive export credit insurance
The product is designed to protect Russian exporters (as well as the banks financing them) from the risk of non-payment by a foreign buyer.
Coverage applies to regular deliveries of similar goods made on deferred payment terms.
Confirmed letter of credit insurance
The product is designed to protect the bank confirming the letter of credit from the risk of non-receipt of reimbursement under it.
Coverage applies to letters of credit issued by foreign banks to pay for the export of Russian goods (works, services).
Warranty insurance
The product is intended to protect Russian exporters who have provided a guarantee from the risk of its execution for reasons not related to the violation of obligations on the part of the exporter.
Date of entry of the operator into the register: 31.12.2019
Grounds for entering the operator into the register (order number): 234
Operator location address: 123610, Moscow, emb. Krasnopresnenskaya, 12
Start date of personal data processing: 01.01.2020
Subjects of the Russian Federation on whose territory personal data is processed: Moscow
Purpose of processing personal data: In order to carry out insurance activities in accordance with Russian legislation and the Charter of EXIAR JSC,
Description of the measures provided for in Art. 18.1 and 19 of the Law: 1. Differentiation of access rights for Bank employees to the personal data information system, automated workstations and local computer network. 2. Perform identification and authentication of users when logging into the system using a conditionally permanent password of at least eight alphanumeric characters. 3. The use of software and hardware-software tools for protecting personal data that have undergone the compliance assessment procedure in accordance with the established procedure (anti-virus programs, firewalls, cryptographic protection tools). 4. Use of a certified operating system at automated workstations involved in the processing of personal data. 5. Use of the secure software package “1C: Enterprise, version 8.3.z”, in which personal data is processed. 6. Using security analysis tools operating systems and applied software. 7. Use of electronic digital signature. 8.Usage centralized system Reserve copy and data recovery. 9. Registration of the beginning and end of work in the personal data information system indicating the user data. 10. The transfer of personal data through open communication channels is carried out using software, hardware and software systems and cryptographic protection means. 11. Storage of information on paper and (or) electronic media is carried out in specially equipped cabinets or safes, while: the premises are equipped with fire and burglar alarm, access to the building and premises of EXIAR JSC is carried out using magnetic passes using an access control and management system; after the end of the working day, the premises are handed over to security. 12. Publication of administrative documents defining the Bank’s policy regarding the processing of personal data. 14. Appointment of persons responsible for organizing the processing of personal data.
Categories of personal data: surname, first name, patronymic, year of birth, month of birth, date of birth, place of birth, address, marital status, education, profession, income, INN, SNILS, information about the document confirming the right of a foreign citizen or stateless person to stay (residence) in the Russian Federation (number, where, by whom, when and for what period was issued), information about the migration card (card number, mark of the border control authority), information about military duty and military service
Categories of subjects whose personal data is processed: Owned by employees of EXIAR JSC who were or are in an employment relationship with EXIAR JSC, close relatives of EXIAR JSC employees, affiliated persons, individuals who performed or are performing work or providing services on the basis of civil contracts concluded with EXIAR JSC, individuals who are authorized representatives of counterparties to whom EXIAR JSC provides services on the basis of relevant agreements, visitors of EXIAR JSC.
List of actions with personal data: By collecting, recording, systematizing, accumulating, storing, clarifying (updating, changing), extracting, using, transferring (providing, accessing), depersonalizing, blocking, deleting, destroying
Processing of personal data: with transmission by internal network legal entity, without transmission over the Internet, mixed
Legal basis for processing personal data: Guided by Art. Art. 86-90 Labor Code of the Russian Federation, the Charter of EXIAR JSC, approved by the decision of the sole shareholder, protocol No. 57 of July 25, 2017, Federal Law of July 27, 2006 No. 152-FZ “On Personal Data”,
Availability of cross-border transmission: No
Database location information: Russia
