RESOLUTION OF COUNCIL OF MINISTERS OF THE REPUBLIC OF BELARUS

of October 9, 2024 No. 746

About providing with insurance company, insurance broker of the minimum size of authorized fund

Based on paragraphs of the third and fifth of Article 11, No. 344-Z "About insurance activity" the Council of Ministers of the Republic of Belarus DECIDES: parts six of Item 3 of Article 14 and part one of Item 3 of article 31 of the Law of the Republic of Belarus of January 5, 2024

1. Approve Regulations on procedure and conditions of providing with insurance company, insurance broker of the minimum size of authorized fund by money and other assets it (is applied).

2. Bring in the resolution of Council of Ministers of the Republic of Belarus of December 29, 2006 No. 1750 "About implementation of investments and investment of funds of insurance reserves by insurance companies" the following changes:

state preamble in the following edition:

"Based on the paragraph of the fifth of Article 11 and part one of Item 3 of article 31 of the Law of the Republic of Belarus of January 5, 2024 "About insurance activity" the Council of Ministers of the Republic of Belarus DECIDES: No. 344-Z";

in Regulations on the procedure of investments and investment of funds of insurance reserves by insurance companies approved by this resolution:

in Item 2:

word in paragraph one "Regulations on insurance activity in the Republic of Belarus" shall be replaced with words "the Law of the Republic of Belarus "On insurance activity";

after paragraph one to add Item with the paragraph of the following content:

"national bank - bank in the value determined in article 8 of the Bank code of the Republic of Belarus, more than 50 percent of shares (share in authorized fund) of which are in property of the Republic of Belarus and (or) its administrative and territorial units and (or) in property of legal entities, more than 50 percent of shares (share in authorized funds) of which are in property of the Republic of Belarus and (or) its administrative and territorial units;";

in the paragraph the second shall be replaced with words the word of "investments" "implementation of investments (further - investee)";

in Item 3:

in paragraphs second and third "relating" to replace the word with the word of "relating";

the fifth to state the paragraph in the following edition:

"to types of insurance, not belonging to life insurance (except for compulsory insurance from labor accidents and occupational diseases; with the state support of harvest of crops, the cattle and bird; the civil responsibility of legal entities and individual entrepreneurs for the harm done by the activities connected with operation of separate objects), - on:";

after the paragraph of the fifth to add Item with paragraphs of the following content:

"difference between the postponed acquisition expenses * and the postponed acquisition income *;

______________________________

* Are determined by insurance company for ensuring compliance of the income and expenses by insurance contracts (joint insurances, reinsurance) according to the procedure, established by the Ministry of Finance.

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 55 percent from reserve of not earned premium, except for shares of overcautious persons in reserve of not earned premium and difference between the postponed acquisition expenses and the postponed acquisition income;";

add item 4 with words ", and also the money and other assets providing the minimum size of authorized fund";

in Item 5 the word is "invested" shall be be replaced with words "perform investments";

state Item 6 in the following edition:

"6. Insurance companies - the state legal entities or legal entities, more than 50 percent of shares (share in authorized funds) of which are in property of the Republic of Belarus and (or) its administrative and territorial units and (or) in property of legal entities, more than 50 percent of shares (share in authorized funds) of which are in property of the Republic of Belarus and (or) its administrative and territorial units (further - the state insurance companies), place means of insurance reserves in national banks.";

in Item 7:

in part one:

the paragraph one to state in the following edition:

"7. Means of insurance reserves of insurance companies, except the state insurance companies, can invest according to the legislation in the following investees:";

"placement" to add the paragraph of the eighth after the word with the word "(storage)";

in part two:

the paragraph one to state in the following edition:

"Investments of insurance reserves of the state insurance companies can be made according to the legislation in the following investees:";

to state the paragraph of the sixth in the following edition:

"securities of legal entities of the Republic of Belarus which are not banks and more than 50 percent of shares (share in authorized funds) of which are in property of the Republic of Belarus and (or) its administrative and territorial units and (or) in property of legal entities, more than 50 percent of shares (share in authorized funds) of which are in property of the Republic of Belarus and (or) its administrative and territorial units, except for shares and bills of exchange;";

"placement" to add the paragraph of the eighth after the word with the word "(storage)";

third parts one of Item 9 to add the paragraph with words "(except for insurance reserves according to life insurance contracts with participation of the insurer in the income of insurance company from implementation of investments)";

in Item 10:

the paragraph one to state in the following edition:

"10. In case of investment of capital of insurance reserves (except for insurance reserves according to life insurance contracts with participation of the insurer in the income of insurance company from implementation of investments) in the investees specified in Item 7 of this provision (except for government securities), insurance companies shall observe the following ratios (percentage of the amount of insurance reserves, except for insurance reserves according to life insurance contracts with participation of the insurer in the income of insurance company from implementation of investments):";

in paragraph three of figure "30" to replace with figures "35";

"size" to add the paragraph of the sixth after the word with words ", not exceeding";

add Item with part of the following content:

"For the purposes of this provision the cost of securities is accepted in the amount of the cost reflected in accounting records of insurance company.";

state Item 11 in the following edition:

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info