National Association of Agricultural Insurers (NAAI)
National Association of Agricultural Insurers (NAAI) is a non-commercial professional association of Russian insurers providing state-supported crop and animal insurance. From 1 January 2015 NAAI is acting as a united association of all Russian agriculture insurers. According to the Law N260-FZ on State-Supported Agricuture Insurance in Russia (modified in 2014), from 2016 all insurers providing state-supported crop and livestock insurance to farmers in Russia are obliged to be members of NAAI and to comply with standard rules.
NAAI was formed in 2007 by a group of insurance companies to assist the promotion of modern agricultural insurance in Russian Federation. During 2007-2010, the association actively participated in the process of legal reform related to Russian national system of agricultural insurance, which resulted in the new Federal Law on State-Supported Agricultural Insurance in Russia ¹260-FZ, entered into force in January 1, 2012.
From this date onwards NAAI is acting as a professional insurance association authorized by the Law ¹260-FZ to implement state-supported insurance system for farmers. In 2012, NAAI established guarantee fund required by the law with the aim to protect the insured’s interests in the case of bankruptcy of any of its members.
In 2016 NAAI comprises 24 insurance companies.