MOSCOW - National Settlement Depository (NSD), Russia's only settlement depository servicing the full range of debt and equity securities of Russian issuers, and Ingosstrakh Insurance Company, one of Russia's leading insurers, report that they have concluded an agreement for complex insurance covering criminal and professional liability of NSD. The policy liability limit was fixed at US$50 million for all claims for the duration of the policy, and potentially for any single claim during the period. Including internal funds allocated for the purposes, the total amount of liability cover is over USD303 million (as of 1 December, 2010). The re-insurers behind the policy include Lloyd’s syndicates (UK).
The new policy covers activities carried out in accordance with NSD’s securities market and bank operations licenses, and also the company's charter and client contracts.
Under the contract, an insured event is considered as a situation, in which damage is inflicted upon the policy-holder and third parties (including, but not limited to NSD's clients), as a result of improper activity by third parties or employees of the policy-holder, including electronic and computer crimes, operations with forged documents, securities and monetary funds, as well as damage as a result of unintentional mistakes and errors, made by the policy-holder’s employees and executives while carrying out their professional duties.
About Ingosstrakh Insurance Company
Ingosstrakh Insurance Company (www.ingos.ru) has operated in the domestic and international market since 1947. The Company is the leader among Russian insurers in terms of the size of insurance premiums in voluntary insurance, other than life insurance.
Ingosstrakh is authorized to render all types of insurance services (with a view to underwriting specialization) provided in Article 32.9 of the Russian Federation’s Law “About Insurance in the Russian Federation,” and reinsurance services. The company operates in 220 Russian cities. Ingosstrakh Insurance Company’s representative offices and subsidiary companies operate in the CIS and other countries.
For further information about Ingosstrakh Insurance Company: +7 495 234 6003, +7 499 978 8092,
About NSD
National Settlement Depository (NSD) is the largest settlement depository in Russia, servicing on-exchange and OTC transactions with all types of debt and equity securities of Russian issuers and providing settlement services to participants in financial markets of the Russian Federation.
NSD provides storage of global certificates and depository accounting for 99% of corporate bond issues, sub-federal and municipal bond issues. It services 100% of transactions conducted in the federal bond and the Bank of Russia bond markets, more than 99% of transactions conducted in the corporate and regional bond markets, the majority of transactions with equities and also services UIT units and securities of foreign issuers.
In accordance with agreements concluded between NSD and the Bank of Russia, NSD acts as a settlement center for the organized securities market.
NSD is Russia's national numbering agency and the substitute numbering agency for the CIS, authorized to assign the international ISIN and CFI codes.
For further information about NSD: www.nsd.ru , or NSD Public Affairs Division: +7 495 232 0910,