ANNOUNCEMENT 20 May 2011

In May 2011, the government of Belarus announced changed rules for foreign investors.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising

SOURCE



Council of Ministers Decree 631 of May 20, 2011

BelTA, Draft decree to develop insurance services in Belarus, May 4, 2012, http://news.belta.by/en/news/econom?id=681015


Inception date: 20 May 2011 | Removal date: open ended
Still in force

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.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A