Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

The document ceased to be valid since October 9, 2014 according to Item 3 of the Resolution of the Ministry of Finance of the Republic of Belarus of June 20, 2014 No. 37.

RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of April 1, 2003 No. 53

About approval of the instruction about procedure for the conclusion of agreements of reinsurance

(as of October 27, 2009)

For the purpose of enhancement of control of activities of insurance companies in the Republic of Belarus on reinsurance and according to the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 the Ministry of Finance of the Republic of Belarus decides No. 1585 "Questions of the Ministry of Finance of the Republic of Belarus":

1. Approve the enclosed Instruction about procedure for the conclusion of agreements of reinsurance.

2. In two-month time from the date of entry into force of this resolution to provide to the insurance companies performing reinsurance activities reduction of the signed agreements of reinsurance in compliance with the Instruction approved by this resolution.

3. Recognize invalid:

the order of Committee on supervision of insurance activity under the Ministry of Finance of the Republic of Belarus of May 25, 1998 No. 35 "About approval of the Procedure for the conclusion by insurers of the Republic of Belarus of agreements of reinsurance" (The bulletin of normative legal information, 1998, No. 13);

the order of Committee on supervision of insurance activity under the Ministry of Finance of the Republic of Belarus of November 11, 1998 No. 73 "About approval of changes and amendments in the Procedure for the conclusion insurers of the Republic of Belarus of agreements of reinsurance" (The bulletin of normative legal information, 1999, No. 1).

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

 

Minister N.P.Korbut

Approved by the Resolution of the Ministry of Finance of the Republic of Belarus of April 1, 2003 No. 53

The instruction about procedure for the conclusion of agreements of reinsurance

Chapter 1. General provisions

1. This Instruction is obligatory for all insurance companies (further - the insurer (overcautious person), performing reinsurance activities in the territory of the Republic of Belarus.

2. Reinsurance is insurance by one insurer (reinsurer) on the conditions of risk of accomplishment of part of the obligations determined in the agreement at other insurer (overcautious person).

3. The insurer according to the insurance contract (basic agreement) who signed the agreement of reinsurance is considered in this last agreement reinsurer.

4. In case of reinsurance responsible before the insurer according to the basic agreement of insurance for payment of insurance indemnity or insurance coverage is insurer under this agreement.

5. The consecutive conclusion of two or several agreements of reinsurance is allowed.

6. Reinsurance is possible as at insurers (overcautious persons) of the Republic of Belarus, and foreign.

7. The Belarusian insurer (overcautious person) has no right to sign contracts of reinsurance with the foreign insurer (overcautious person) whose location is in offshore zone.

8. Contracts of reinsurance can be signed through insurance brokers.

9. The amounts of insurance premiums (insurance premiums) transferred to the foreign insurance and reinsurance organizations join in product cost (works, services) in case of determination of profit on condition of the conclusion of agreements of reinsurance according to this Instruction.

10. The insurer (overcautious person) has no right to leave the insurance risks accepted under the agreement of reinsurance on own deduction if the amount of own deduction of the insurer (overcautious person) exceeds the standard rate of responsibility established by the Ministry of Finance of the Republic of Belarus.

Chapter 2. Forms of the agreement of reinsurance

11. The insurer (overcautious person) has the right to sign contracts of both facultative, and obligatory reinsurance.

In case of facultative reinsurance the insurer (overcautious person) considers question of feasibility or need of reinsurance on each insurance risk separately.

In case of obligatory reinsurance the insurer (overcautious person) gives certain part from all insurance risks accepted on insurance.

12. The insurer (overcautious person) has the right to sign contracts of reinsurance on pro rata basis according to which the reassured insurance risk is spread between insurers (overcautious persons) on the basis of the fixed ratio determining share of the insurer (overcautious person) in award and loss, or disproportionate basis according to which the reassured insurance risk is spread between insurers (overcautious persons) on the basis of loss and coordination of the sizes of obligations.

13. In case of the conclusion of the agreement of reinsurance on pro rata basis the compulsory provision is obtaining by the insurer (overcautious person) giving part of insurance risk to reinsurance, commission fee. The size of commission fee is determined by agreement of the parties.

Chapter 3. Special terms of the contract of reinsurance

14. Agreement settlements of reinsurance are made only in cash.

15. Transfer of insurance risks with zero own deduction (frontirovaniye) is forbidden.

16. Transfer of insurance risks on the types of insurance relating to life insurance is forbidden.

17. The conclusion of agreements on acceptance (transfer) of insurance risk to reinsurance both from foreign, and from the Belarusian insurers (overcautious persons) perhaps in the presence at the Belarusian insurer (overcautious person) of the license for implementation of the insurance activity including reinsurance.

Transfer of insurance risks by insurance company to foreign insurers (overcautious persons) is allowed only in case of refusal of acceptance of these risks by the state insurance company performing insurance activity only on reinsurance (further - the state overcautious person). At the same time the refusal or consent in acceptance of insurance risks shall be this the state overcautious person within two working days from the date of receipt of the relevant proposal and the documents attached to it on transfer of insurance risks.

The insurer has the right to place independently according to the legislation in reinsurance obligations assumed by it according to insurance contracts of export risks with support of the state including outside the Republic of Belarus, in case of refusal of their acceptance in reinsurance by the state overcautious person.

At the same time independent placement in reinsurance of obligations assumed by the insurer is performed by it in case of fulfillment of requirements of part one of Item 32 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).

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

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

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.