BELARUS: The draft law "On insurance activities" to be submitted to the House of Representatives in April 2022

5 October 2021 —
The draft law "On insurance activities" will be submitted to the House of Representatives in April 2022, Lyudmila NIZHEVICH, Chairperson of the Standing Committee on Budget and Finance of the Lower House, told BELTA.

"The combination of general issues of organizing insurance activities and the conditions for implementation of specific types of insurance, proposed by the regulator, is unique. Such approaches in state regulation are not found in foreign practice", Lyudmila NIZHEVICH noted. "Expert opinions were heard, the shortcomings of regulation of relations in the insurance sector, gaps in legislation, outdated and ineffective norms were discussed, and directions for improving state regulation of insurance activities were identified", she added.

"In general, the existing legislation in insurance quite fully and clearly regulates relations in this sector, allowing, on the one hand, to ensure dynamic development of insurance services, on the other, to guarantee protection of the rights and interests of policyholders, insurance organizations and the state. Nevertheless, taking into account changes in the economic development, the social sphere, in the financial market, in the regulation of the activities of business entities, as well as in the field of consumer protection, the practice of applying the current legislative norms, it is necessary to further ensure completeness of the regulation of relations in insurance, to eliminate gaps in legislation, as well as ensure its harmonization with international standards and legislation of the states - members of the Eurasian Economic Union", says Lyudmila NIZHEVICH.

According to her, improving the legislation on insurance is a prerequisite for ensuring reliability of insurance organizations and brokers, as well as protecting the rights of policyholders (beneficiaries) and insured persons. "We can't ignore increased competition in the financial market as a result of deepening integration within the EAEU. In the context of creation of a common financial market, it is necessary to maintain our competitiveness and ensure entry into the common market on the basis of full partnership, which can be difficult due to presence of approaches in state regulation of insurance that have no analogues in the international practice and limiting competition", stressed Lyudmila NIZHEVICH.