BELARUS: the draft law “On Insurance Activities” adopted in the first reading

19 October 2023 — Marina MAGNAVAL
The draft law “On Insurance Activities” was adopted in the first reading, BELTA reports.

The draft law will ensure equalization of the operating conditions of insurance organizations of various forms of ownership, differentiation of the minimum size of the charter capital depending on the LoB of insurers, introduction of a new form of insurance - “imputed insurance”, expansion of insurance objects, establishment of requirements for the corporate management system in insurance organizations, changing approaches to state guarantees of insurance payments, creation of conditions for the further development of life insurance.

The draft law is aimed at increasing competition in the industry, increasing the efficiency of the insurance institution in the country, and harmonizing domestic legislation with international standards and the legal framework of the EAEU member states.

Adoption of the law will ensure a new stage in the development of the insurance market of Belarus through creation of a legal framework aimed at equalizing the conditions for doing business by state and non-state insurance organizations and formation of a modern competitive market for insurance services, creating preconditions for increasing the business activity of existing non-state insurers, increasing the efficiency of state regulation, supervision and control over insurance activities and creation of additional guarantees for the protection of citizens and organizations, as well as an increase in the quality of insurance services, the source writes.