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FDI: Entry and ownership rule
With Decree 631 of May 20, 2011, the Council of Ministers of Belarus approved the Insurance Services Industry Development Programme (ISIDP) for the period 2011-2015.
The main strategic goals of the program are the following:
- development of the insurance services sector and ensuring the stability of its development;
- increased trust into the insurance services sector from the perspective of foreign investors;
- convergence to the standards issued by the International Association of Insurance Supervisors (IAIS).
In order to achieve the strategic goals, the following sub-goals are planned:
- increased capitalisation of insurance entities through external and internal sources;
- increased demand of insurance services with priority assigned to the voluntary insurance schemes;
- creation of a healthy competition environment;
- improvement of the insurance-related legislation;
- development of insurance market infrastructure and IT activities;
- risk-orientated supervision and evaluation of the capital adequacy level of the insurance companies in line with IAIS principles.
In the context of the program, the finance minister, Andrei Kharkovets, announced a new draft decree on 4 May 2012. Once implemented, the decree will allow foreign insurance organisations to provide life insurance services in Belarus.
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