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Moscow
— IFC, a member of the World Bank Group, in collaboration with GenRe, a leading Russian reinsurance company, has developed a mortgage insurance glossary. This document provides the industry with standard definitions of insurance terminology used in residential mortgage lending in Russia. It was developed in response to a request by the Russian Federal Insurance Supervision Service and was presented to key stakeholders last week.
Over the past few months, IFC and a technical working group of leading Russian insurance industry players drafted more than 90 terms, many of which were not consistently used in regulation or legislation documents. By providing standard terminology and definitions that are approved by all industry stakeholders, the new glossary will help create efficiencies in how insurance and mortgage lending industries operate and how they communicate with the public.
“Standardizing insurance terminology, especially for residential mortgage lending, is vital in light of processes in international financial markets,” said Ilya Lomakin-Rumyantsev, Head of the Russian Federal Insurance Supervision Service.
“Considering the role of insurance and its place in developing Russia’s mortgage market, the glossary will allow local insurance companies to communicate more efficiently with mortgage lenders, borrowers, and investors in residential mortgage-backed securities,” said Katerina Levitanskaya, IFC Deputy Manager for the Russia Primary Mortgage Market Development Project.
The IFC Russia Primary Mortgage Market Development Project is partly funded by the governments of the Netherlands and Switzerland. For more information, visit
http://www.ifc.org/russia_mortgage
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About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
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IFC in Russia
Russia became a member and a shareholder of IFC in 1993. Since then IFC has invested over $3.6 billion in the country, including $527 million in loan participations, in over 150 projects across a variety of sectors. IFC’s investment portfolio in Russia currently stands at $2.48 billion, making it the largest country exposure for IFC globally. IFC has invested in key sectors including banking, leasing, housing finance, infrastructure, mining, agribusiness, pulp and paper, construction materials, oil and gas, telecommunications, information technologies, retail, and health care. For more information, visit
www.ifc.org/europe
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About SECO
The State Secretariat for Economic Affairs is the Swiss Confederation's competence center for core issues related to economic policy. Its aim is to create basic regulatory and economic policy conditions to enable business to flourish and benefit all. SECO also represents Switzerland in the large multilateral trade organizations and international negotiations, and is involved in efforts to reduce poverty and help developing countries with transition economies build sustainable democratic societies and viable market economies. Each year, Switzerland spends about 1.9 billion francs on development cooperation and transition assistance to countries.
About EVD
The Agency for International Business and Cooperation (EVD) is part of the Dutch Ministry of Economic Affairs. Its mission is to promote and encourage international business and international cooperation. As a state agency and a partner to both private sector and public sector organizations, it aims to help them achieve success in their international operations.
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