Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

PRESIDENTIAL DECREE OF THE REPUBLIC OF BELARUS

of August 25, 2006 No. 530

About insurance activity

(The last edition from 11-05-2019)

For the purpose of enhancement of state regulation of insurance activity:

1. Determine that:

1.1. legal entities of the Republic of Belarus, and also the foreign legal entities, performing activities in the territory of the Republic of Belarus, citizens of the Republic of Belarus and who are constantly living in the Republic of Belarus persons without citizenship insure the valuable interests in the Republic of Belarus only at the commercial organizations created for implementation of insurance activity and having special permissions (licenses) for implementation of insurance activity in the Republic of Belarus if other is not established by the President of the Republic of Belarus.

The Republic of Belarus and its administrative and territorial units, state bodies, the state legal entities, and also legal entities whose decisions the state can influence, holding controlling stock (share, deposits, shares), perform insurance of the valuable interests on the types of insurance which are not relating to life insurance in the Republic of Belarus only at insurance companies - the state legal entities or legal entities in whose authorized funds more than 50 percent of shares (common (ordinary) or other voting shares) are in property of the Republic of Belarus and (or) its administrative and territorial units if other is not established by the President of the Republic of Belarus.

The Republic of Belarus and its administrative and territorial units, state bodies, the state legal entities, and also legal entities whose decisions the state can influence, holding controlling stock (share, deposits, shares), perform insurance of valuable interests on the types of insurance relating to life insurance in the Republic of Belarus only at insurance companies - the state legal entities.

The foreign citizens who are in the Republic of Belarus, the stateless persons which are temporarily staying or temporary living in the territory of the Republic of Belarus, have the right to insure the valuable interests in the Republic of Belarus at the Belarusian commercial organizations created for implementation of insurance activity and having special permissions (licenses) for implementation of insurance activity if the insurance obligation at the called organizations is not provided according to this Decree.

Activities in the territory of the Republic of Belarus of the insurance companies created outside the Republic of Belarus without state registration in the Ministry of Finance and receipts of special permission (license) for implementation of insurance activity are illegal and are not allowed if other is not established by the President of the Republic of Belarus.

Activities in the territory of the Republic of Belarus of the insurance brokers created outside the Republic of Belarus without state registration in the Ministry of Finance are illegal and are not allowed if other is not established by the President of the Republic of Belarus.

Transfer of obligations assumed by the state insurance companies and insurance companies in which authorized capitals more than 50 percent of shares (common (ordinary) or other voting shares) are in property of the Republic of Belarus and (or) its administrative and territorial units according to the insurance contracts signed with the state legal entities, legal entities in whose authorized funds more than 50 percent of shares (common (ordinary) or other voting shares) are in property of the Republic of Belarus and (or) its administrative and territorial units and also the prisoner at the expense of means republican and (or) local budgets in reinsurance is performed according to the legislation to insurance companies of the Republic of Belarus. Transfer of undertaken obligations to the subsequent reinsurance to the insurance companies created outside the Republic of Belarus is performed only by insurance company created by Council of Ministers of the Republic of Belarus in the form of the state legal entity for implementation of insurance activity only on reinsurance, according to the procedure, established by the legislation;

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