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Estonia · Law · SE

423

Act to amend the National Export Guarantee Act

avaldatud riigiteatajasEstonia· Riigikogu· ET

Introduced

13 September 2021

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Status

AVALDATUD_RIIGITEATAJAS

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Discovery layer

Source updated

19 January 2022

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Summary

The amendments to the National Export Guarantee Act are divided into two. Most of the changes are necessary to create the possibility to provide a national export guarantee also on the basis of credit insurance contracts for short-term transactions, in which an insured person other than the guarantor is defined. In addition, the limit on the volume of simultaneously valid national export guarantees will be changed: the volume will be increased from the current 191,734,949 euros to 400,000,000 euros. With the bill there is primarily an economic impact, which consists of an impact on the activities of companies and the business environment. Indirectly, the draft may also have an impact on regional development. The explanatory letter states that the State Export Guarantee Act (hereafter ERTS), which entered into force at the end of 2009, establishes the basis of the state guarantee of exports and defines the credit insurance company established by the state as the provider of the state export guarantee. In 2010, the national export began The joint-stock company KredEx Krediidikindlustus operates as the organizer of the guarantee. The granting of a national export guarantee is regulated by the legislation of the European Union, which sets restrictions on guaranteeing payment obligations to buyers arising from both short- and long-term export transactions with the support of the state, with the aim of preventing states from providing such aid that harms or threatens to harm competition and is therefore not compatible with the internal market.

Machine translation from Estonian. The official text remains authoritative.

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19 official files

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