Russia’s NSD seals $65M insurance agreement with Ingosstrakh

Russia’s National Settlement Depository (NSD), part of Moskovskaya Birzha MMVB-RTS PAO (MCX:MOEX), have sealed a one-year complex insurance agreement with Ingosstrakh OJSIC.

The policy liability limit is set at $65 million for all claims for the duration of the policy. The main re-insurers behind the policy include Lloyd’s syndicates (UK).

The policy covers the company’s operations within the framework of NSD’s licenses of a professional securities market participant, including clearing and depository operations along with the banking license.

The insurance policy covers damage inflicted upon the policy-holder and third parties as a result of the third parties’ willful activity, as well as a result of unintentional mistakes and errors made by the policy-holder’s employees and executives while carrying out their professional duties. The insurance policy also covers damage inflicted by the company as a result of electronic and computer crimes, technical errors, computer or telecommunications failures led to the partial or full loss of information related to the clients’ accounts.

You can view the official announcement from the NSD by clicking here.

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