BELARUS: the rules of insurance of export risks amended

10 February 2021 —
In Belarus, to support and stimulate exports, amendments have been made to the rules for insurance of export risks, BELTA informed with reference to the department for interaction with the media and editorial activities of the General Prosecutor's Office.

Under the new conditions for insurance compensation payment, Belarusian residents will be exempted from the procedure for collecting debts from foreign counterparties, and the right to claim counterparties will be transferred to insurers, as the prosecutor's office explains.

According to the representatives of the supervisory authority, insufficient effectiveness of the insurance mechanism aimed at protecting the interests of exporting suppliers was revealed. The exclusive right for insurance of export risks with the support of the state belongs to the Republic of Belarus and is carried out on its behalf by the company BELEXIMGARANT.

The norms of the Decree No. 534 d/d August 25, 2006 "On promoting the development of export of goods (works, services)", as well as the rules approved by the insurer for voluntary insurance of short, medium, and long-term export contracts against political and (or) commercial risks, were not interpreted in the benefit of the affected exporter and the insurance mechanism for export contracts was costly and time-consuming for the insured. In this regard, the Ministry of Finance was instructed to take measures to increase efficiency of insurance of export contracts for business entities, as a result, amendments have been made to the above said insurance rules.