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Ingosstrakh Insurance Company Insures NSD’s Risks for US$65 Million
National Settlement Depository (NSD), Russia’s central securities depository, and Ingosstrakh Insurance Company, one of Russia’s leading insurers, have concluded a one-year complex insurance agreement. The policy liability limit has been set at US$65 million for all claims for the duration of the policy. Given the insurance cover scale, the main re-insurers behind the policy include Lloyd’s syndicates (UK) specialized in re-insurance of such risks.
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 (including but not limited to NSD’s clients) as a result of the third parties’ wilful 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. In addition to this, the insurance policy 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.
NSD and Ingosstrakh Insurance Company have been cooperating on different types of insurance for more than 13 years.
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Nuvo and Avalara Launch AI Integration to Eliminate Tax Compliance Gaps and Accelerate B2B Customer Onboarding
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Redbridge: Visa’s Commercial Enhanced Data Program (CEDP) – What Merchants Are Really Facing
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TSAM London: FE fundinfo on Mastering Data and Unifying Operations in Asset Management
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Reap and TerraPay Partner to Expand Local Payout Corridors Globally
Reap, the stablecoin-native global payments and financial platform infrastructure for businesses, today announced a strategic partnership with TerraPay, a global money movement company, to expand local cross-border payouts through direct access to domestic clearing systems worldwide.
Digital Assets Clearing Center Secures US$10 Million Funding for International Market Infrastructure
Digital Asset Clearing Center (DACC.HK), a next-generation financial market infrastructure for the tokenized economy, today announced US$10 million in funding from strategic partners including Conflux, Transaction Technologies Limited (“TTL”) and Global InfoTech. Traditional bank transfers continue to dominate the US$214 trillion cross-border payments market, but tokenized finance offers an alternative to slow settlement cycles, high transaction costs, fragmented data systems and regulatory barriers. Digital Asset Clearing Service offers seamless connections to the world's leading payment systems including Cross-Border Interbank Payment System (CIPS), blockchain networks and compliance infrastructure delivering end-to-end Clearing-as-a-Service (CaaS) for financial institutions.