ANNOUNCEMENT 20 May 2011In May 2011, the government of Belarus announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
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
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.