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DELAWARE INSURANCE COMMISSIONER ISSUES STATEMENT

 DELAWARE INSURANCE COMMISSIONER ISSUES STATEMENT
 DOVER, Del., Dec. 17 /PRNewswire/ -- Delaware Insurance Commissioner


David N. Levinson issued the following today:
 Opening Statements, David N. Levinson
 On October 31 of this year, I concluded discussions with officials of the Russian Republic and executed a protocol that laid the groundwork to establish a special relationship between Russia and Delaware regarding insurance and trade.
 The genesis of the relationship was the desire of the Russian Republic to use Delaware insurance law and regulation as a model upon which to base new Russian insurance law.
 In the October protocol, the Delaware Department of Insurance agreed to provide to the Russian Republic a draft of a modern insurance code which will meet financial regulatory standards in the U.S. and the European Economic Community and to provide consultation in the adaptation of that code to particular Russian circumstances.
 As an outgrowth of this initial exchange, a foundation was laid that led to other significant protocols. From November 18th through November 28th, a delegation from Delaware chaired by LeRoy Klein, the chairman of the Central Delaware Economic Development Council (CDEDC) and consisting of State Senator Harris McDowell, Daniel Wolfensberger and Daniel Koch of my office met in Moscow and negotiated six additional protocols. Five of these new protocols are being announced today.
 1. The Russian Republic will study Delaware corporate law and use Delaware laws as a model upon which Russia's new business laws will be written. A delegation of Delaware legislators will visit the Russian Supreme Soviet and members of the Supreme Soviet Commission responsible for writing business laws will visit the Delaware Legislature. Senator Harris B. McDowell will speak in greater detail on the first protocol.
 2. A "joint working group" will be created consisting of members appointed by the Delaware insurance commissioner and members of the Commission on Budget, Plans, Taxes and Prices of the Supreme Soviet of the Russian Republic. This joint working group will finalize the insurance laws of Russia.
 3. The Central Delaware Economic Development Council (formerly Forward Central Delaware) with the assistance of the Delaware Department of Insurance will work with the Russian Republic to bring specific companies in America and Russia together for the purpose of arranging joint ventures.
 Priority in the arrangement of joint ventures will be given to those new ventures that will create new jobs and preserve existing jobs in Delaware and Russia.
 4. Business and cultural exchanges will also be arranged. Roy Klein will speak in greater detail on protocols three and four.
 The fifth protocol, which has not yet been executed, is with the Moscow Regional Council (MRC). The MRC is analogous to a state in America. It has 17 million people and is the most influential region of Russia as far as commerce is concerned.
 The MRC and the CDEDC have agreed to an exchange of offices. The MRC will set up a trade office in Dover, Delaware and the CDEDC will set up an office in Moscow.
 We were able to arrive at this agreement because of Governor Castle's recent discussions in Moscow with the MRC that opened the way to additional cooperation between the MRC and Delaware. Roy will also provide additional details relevant to this agreement.
 At this time I would like to introduce Senator Harris B. McDowell who will explain the details of one of the protocols.
 RECORD OF DISCUSSIONS AND AGREEMENTS
 Whereas, the Commission on Budget, Plans, Taxes and Prices of the Supreme Soviet of RSFSR (hereafter, Commission) and the General Assembly of Delaware are interested in mutual understanding and mutual cooperation, particularly in the area of finance and economic legislation, including but not limited to privatization, insurance and others; and
 Whereas, Edward V. Vedernikov, the vice chairman of the Commission on Budget, Plans, Taxes and Prices, Mikhail G. Rozinsky, the Director General of Social-Educational Culture and Innovations Center (Socincenter), Harris B. McDowell III, the Majority Whip of the Delaware Senate and Daniel Koch, representing the Delaware Insurance Department, met and discussed mutual cooperation; and
 Whereas, Delaware is the acknowledged corporate capital of America; and
 Whereas, Commission is interested in studying the finance and economic laws, including the corporate laws, the insurance laws of Delaware and using these laws in the process of preparation the laws of RSFSR; and
 Whereas, Socincenter, on behalf of the Government of RSFSR as represented by Mikhail G. Rozinsky and Delaware as represented by D. Levinson have laid the foundation for mutual cooperation through the establishment of a protocol relative to the elaboration of the draft law of insurance regulation; and
 Whereas, the State of Delaware, Commission and Socincenter by separate agreement are intensifying their activity of the joint working group writing drafts of finance and economic laws, including a Draft of Insurance Code, and a Draft of Corporate Code;
 Now, therefore, Edward V. Vedernikov of the Commission and Harris B. McDowell III of the Delaware Senate hereby agree and affirm that:
 1. The Delaware legislature will invite Delegation from the Commission to visit Delaware and study Delaware corporate and insurance laws.
 2. Senator H.B. McDowell III will provide an advance copy of all Delaware corporate laws to Mikhail S. Rozinsky, Director General of Socincenter, who will receive the Delaware corporate laws on the behalf of the Supreme Soviet of the RSFSR and the Government of RSFSR.
 3. The Parliamentary Delegates to Delaware will include members of the Commission and the representatives of the Government who will be responsible for writing the corporate and insurance laws of Russia.
 4. The Commission will invite a Delegation from the General Assembly of Delaware to visit Russia and study the Russian Parliamentary form of government.
 5. Senator Harris B. McDowell III will submit this agreement to the President Pro Tem of the Delaware State Senate and the Speaker of the House of the Delaware House of Representatives for concurrence.
 /s/ Edward V. Vedernikov, Vice Chairman of the Commission on Budget,
 Plans, Taxes and Prices, member of the Supreme Soviet of
 RSFSR
 Mikhail G. Rozinsky, Director General of Socincenter
 Senator Harris B. McDowell III, the Majority Whip of the
 Delaware Senate
 Daniel Koch, representing the Delaware Insurance Department
 PROTOCOL AND RECORD OF DISCUSSIONS AND INTENTIONS
 Whereas, Delaware Insurance Commissioner David N. Levinson and Mikhail Rozinsky, Director General of Social-Educational Culture and Innovation Center (Socincenter) executed a protocol on 31/10/91 which laid the foundation for mutual cooperation in the process of preparation of the insurance laws of the Republic of Russia (RSFSR); and
 Whereas, the 31/10/91 protocol further laid the foundation upon which all other agreements between Delaware and the RSFSR can be expanded and intensified; and
 Whereas, Delaware, Socincenter, the Commission on Budget, Plans, Taxes and Prices of the Supreme Soviet of the RSFSR (hereafter Commission) are separate agreements intensifying cooperation; and
 Whereas, Delaware and the RSFSR wish to develop increased trade; and
 Whereas, Daniel Koch, a deputy to David N. Levinson and Economic Development Officer of the Delaware Department of Insurance has consulted with Commissioner Levinson on the terms of this protocol and has been authorized to act as Commissioner Levinson agent in this matter;
 Now, therefore Mikhail G. Rozinsky, Director General of Socincenter and Daniel Koch on behalf of Delaware Insurance Commissioner David N. Levinson hereby agree and affirm that
 1. An insurance "joint working group" will be established consisting of insurance experts from Delaware and Russia Socincenter will put a group of Russian Insurance experts together for this purpose.
 2. Socincenter experts will review the draft insurance code with comments to be provided to the RSFSR by Commissioner Levinson.
 3. If it is deemed necessary by Socincenter Commissioner Levinson will invite the joint working group to meet in Delaware for the purpose of working intensely on using Delaware insurance laws and the draft insurance code in the process of preparing the insurance laws of the RSFSR.
 4. The joint working group will include but not be limited to the members of the Commission and the Government of the RSFSR who will be responsible for writing the insurance laws of Russia.
 /s/ Mikhail Rozinsky, Director General of Socincenter on behalf
 of the Leadership of the RSFSR
 Daniel Koch, on behalf of Delaware Insurance Commissioner David
 N. Levinson
 PROTOCOL AND RECORD OF DISCUSSIONS AND INTENTIONS
 Whereas, Delaware Insurance Commissioner David N. Levinson and Mikhail G. Rozinksy, Director General of Socincenter, executed a protocol on 31.10.91 which laid the foundation for mutual cooperation between Russia and Delaware, and
 Whereas, Delaware, Socincenter, and the Commission on Budget, Plans, Taxes and Prices of the Supreme Soviet of the RSFSR are by separate protocols intensifying cooperation between Russia and Delaware, and
 Whereas, Delaware is a major regulator of the insurance industry and the acknowledged corporate capital of America, and
 Whereas, the Central Delaware Economic Development Authority (formerly known as Forward Central Delaware) shares the desire of the Government of the RSFSR and the government of the Delaware to develop a special trade relationship with the RSFSR which will operate to the advantage of all parties,
 Now, therefore, Mikhail G. Rozinsky, Director General of Socincenter, LeRoy Klein, Chairman of the Central Delaware Economic Development Authority (CDEDA), Daniel Wolfensberger, Executive Director of CDEDA, and Daniel Koch on behalf of Delaware Insurance Commissioner David N. Levinson hereby agree and affirm that
 1. CDEDA, in conjunction with Socincenter, the government of the state of Delaware and Delaware Insurance Commissioner David N. Levinson will arrange for business seminars in Delaware among American and Russian businessmen and will arrange for business roundtable discussions among Delaware Chambers of Commerce and Rotary Clubs with Russian businessmen.
 2. Socincenter on behalf of the government of the RSFSR will arrange for business symposium in Russia among Russian and American businessmen.
 3. CDEDA, Socincenter, and the Government of Delaware will use their best efforts to bring specific businessmen from specific companies in America and Russia together for the purpose of arranging mutually beneficial joint ventures.
 4. Priority in the arrangement of joint ventures will be given to those new ventures that will create new jobs in Delaware and Russia and will preserve existing jobs in Delaware and Russia.
 5. CDEDA and Socincenter will use best efforts to establish effective communication systems between themselves to the benefit of business communities and the needs of cooperation between CDEDA and Socincenter.
 /s/ Mikhail G. Rozinksy, Director General of Socincenter on behalf
 of the Government of the RSFSR
 Daniel Koch, Economic Development Officer on behalf of David N.
 Levinson
 LeRoy Klein, Chairman, Central Delaware Economic Development
 Authority
 Daniel Wolfensberger, Executive Director, Delaware Economic
 Development Authority
 PROTOCOL AND RECORD OF DISCUSSIONS AND INTENTIONS
 Whereas, by separate protocol Delaware Governmental authorities, Socincenter on behalf of the Government of Russia (RSFSR), the Commission on Budget, Plans, Taxes and Prices of the Supreme Soviet of RSFSR, and the Central Delaware Economic Development Authority (CDEDA) have agreed to mutual cooperation in the area of economic development; and,
 Whereas, Socincenter and Delaware believe that privitization and the expansion of economic freedom go hand in hand with the expansion of social, educational and cultural freedom, and
 Whereas, Russia and Delaware will both benefit through the sharing of economic, social, educational and cultural knowledge and heritage,
 Now, therefore, Mikhail G. Rozinsky, Director General of Socincenter, LeRoy Klein, Chairman of CDEDA, Daniel Wolfensberger, Executive Director of CDEDA and Daniel Koch, on behalf of David N. Levinson hereby, agree and affirm that:
 1. CDEDA in conjunction with the Government of Delaware and Socincenter will use its best efforts to arrange for academic roundtable discussion in Delaware among Delaware academics and Russian intellectuals.
 2. Socincenter will use its best efforts to arrange for academic roundtable discussions in Russia among Russian intellectuals and Delaware academics.
 3. CDEDA, Socincenter, and the Delaware Department of Insurance will use their best efforts to arrange for a cultural exchange program between Russia and Delaware.
 /s/ Mikhail G. Rozinsky, Director General of Socincenter on Behalf of
 the Government of the RSFSR;
 LeRoy Klein, Chairman, Central Delaware Economic Development
 Authority;
 Daniel Koch, Economic Development Officer on behalf of David N.
 Levinson; and
 Daniel Wolfensberger, Executive Director, Delaware Economic
 Development Authority.
 -0- 12/17/91
 /CONTACT: David N. Levinson, Delaware Insurance commissioner, 302-739-4251/ CO: Department of Insurance ST: Delaware IN: INS SU:


CC-JS -- PH030 -- 3148 12/17/91 17:18 EST
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