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RESOLUTION OF COUNCIL OF MINISTERS OF THE REPUBLIC OF BELARUS

of December 29, 2006 No. 1750

About approval of the Regulations on procedure of investments and investment of funds of insurance reserves by insurance companies

(The last edition from 29-08-2014)

According to the Presidential decree of the Republic of Belarus of August 25, 2006 "About insurance activity" the Council of Ministers of the Republic of Belarus DECIDES: No. 530

1. Approve the enclosed Regulations on procedure of investments and investments of funds of insurance reserves by insurance companies.

2. Recognize invalid:

the resolution of Council of Ministers of the Republic of Belarus of June 16, 2003 No. 800 "About approval of the Regulations on procedure for investment by the insurance companies of means of insurance reserves and recognition which voided some resolutions of Council of Ministers of the Republic of Belarus" (The national register of legal acts of the Republic of Belarus, 2003, No. 69, 5/12624);

the resolution of Council of Ministers of the Republic of Belarus of December 11, 2004 No. 1574 "About entering of amendments into the resolution of Council of Ministers of the Republic of Belarus of June 16, 2003 No. 800" (The national register of legal acts of the Republic of Belarus, 2004, No. 195, 5/15286).

3. This resolution becomes effective from the date of its official publication.

Prime Minister of the Republic of Belarus

S. Sidorsky

 

Approved by the Resolution of Council of Ministers of the Republic of Belarus of December 29, 2006 No. 1750

Regulations on procedure of investments and investment of funds of insurance reserves by insurance companies

1. This Provision developed according to part six of subitem 56.2 of Item 56 of the Regulations on insurance activity in the Republic of Belarus approved by the Presidential decree of the Republic of Belarus of August 25, 2006 No. 530 "About insurance activity" (The national register of legal acts of the Republic of Belarus, 2006, No. 143, 1/7866; National legal Internet portal of the Republic of Belarus, 19.04. 2014, 1/14942), the procedure (including conditions) implementation of investments by means of investment of capital of insurance reserves and investment of funds of insurance reserves by the insurance companies including performing activities for reinsurance is determined (further – insurance companies).

2. For the purposes of this Provision terms in the values established in Regulations on insurance activity in the Republic of Belarus and also terms in the following values are applied:

investee – object concerning which the insurance company performs investments by means of investment of capital of insurance reserves (securities, precious metals and other property according to the legislation);

reserve of not earned premium - the part of the added insurance premium (insurance premiums) according to the insurance contract (joint insurance), reinsurance relating to the effective period of such agreement which is going beyond the accounting period (not earned premium) intended for ensuring obligation fulfillment on the forthcoming payments which can arise in the subsequent accounting periods.

3. The amount of means of the insurance reserves placed by insurance company on accounts in banks of the Republic of Belarus and enclosed in investees, shall correspond to the amount of insurance reserves which for the purposes of this Provision is determined as the amount of the created insurance reserves, except for of share of overcautious persons in insurance reserves, reduced on:

to the types of insurance relating to life insurance, – on the amount of receivables of insurers on payment of insurance premiums (insurance premiums) in the amount of, not exceeding 10 percent from the amount of the created insurance reserves on the types of insurance relating to life insurance;

to types of insurance other, than life insurance (except for compulsory insurance from labor accidents and occupational diseases; with the state support of harvest of crops, the cattle and bird), – on the amount of receivables of insurers, reinsurers less the accounts payable amount to overcautious persons on payment of reinsurance award on the risks transferred to reinsurance, but no more than for 45 percent from reserve of not earned premium, except for shares of overcautious persons in reserve of not earned premium;

to compulsory insurance from labor accidents and occupational diseases; with the state support of harvest of crops, the cattle and bird – on receivables amount on these types of insurance.

4. The money received by insurance company in type of loan of banks and non-bank credit and financial organizations, the loans including which are drawn up by bonds and other borrowed funds cannot act as providing the insurance reserves placed by insurance company on accounts in banks of the Republic of Belarus and put in investees.

5. Insurance companies invest and place means of insurance reserves on the terms of recoverability, profitability, liquidity and diversification.

6. 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 place means of insurance reserves in national banks.

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