Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of February 7, 2003 No. 16

About the standard rate of responsibility

(as amended on 05-04-2021)

Based on the paragraph of the eleventh Item 13 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, of subitem 4.53 of Item 4, of Item 10 of the Regulations on the Ministry of Finance of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585, the Ministry of Finance of the Republic of Belarus DECIDES:

1. Establish the standard rate of responsibility:

under the contract of voluntary insurance of export risks with support of the state and under the agreement of voluntary insurance (joint insurance, reinsurance) export risks signed according to the Regulations on insurance (reinsurance) of export risks approved by the Presidential decree of the Republic of Belarus of August 25, 2006 No. 534, in the amount of 10 percent from equity of insurance company;

under the agreement of voluntary insurance (joint insurance, reinsurance) responsibility for non-execution (improper execution) of obligations of bond issuing institution in the amount of 10 percent from equity of insurance company;

under the agreement of voluntary personal insurance (joint insurance, reinsurance) other, than life insurance, in the amount of 25 percent from equity of insurance company;

under the agreement of voluntary insurance (joint insurance, reinsurance) responsibility, except for voluntary insurance (joint insurance, reinsurance) responsibility for non-execution (improper execution) of obligations of bond issuing institution, in the amount of 30 percent from equity of insurance company;

under the agreement of voluntary property insurance (joint insurance, reinsurance), except for voluntary insurance (joint insurance, reinsurance) vehicles, entrepreneurial risk regarding risk insurance of non-return (default) and (or) delay of return (repayment) of the credit, financial risks, in the amount of 35 percent from equity of insurance company;

under other agreements of voluntary insurance (joint insurance, reinsurance) other, than life insurance, in the amount of 20 percent from equity of insurance company.

2. The standard rate of the agreement responsibility of voluntary insurance (joint insurance, reinsurance) other, than life insurance, is calculated on the 1st day of the quarter following for reporting proceeding from the size of the equity calculated for reporting quarter according to the Instruction about procedure of payments of the size of equity of insurance companies approved by the resolution of the Ministry of Finance of the Republic of Belarus of September 13, 2007 No. 132, and is applied from the 1st day of the second month of the quarter following for reporting.

Observance of the standard rate of responsibility by insurance companies under the specific agreement of voluntary insurance (joint insurance, reinsurance) is performed for date of the conclusion of the agreement of voluntary insurance (joint insurance, reinsurance) other, than life insurance, and for date of introduction in it of the changes increasing obligations of insurance company proceeding from the size of the standard rate of the agreement responsibility of the voluntary insurance (joint insurance, reinsurance) operating for the specified dates.

The specified standard rate extends to one object or group of objects which can be considered as one object of insurance, accepted on insurance according to one or several insurance contracts.

If the objects belonging to one insurer are territorially dispersed and it is possible to determine risk degree by each of them separately, the specified standard rate extends to each such object under condition if on it the separate insurance contract, except for the case provided in part five of this Item is signed.

If the insurance contract is signed according to requirements of paragraph two of part one of Item 31 of the Regulations on insurance activity in the Republic of Belarus, the specified standard rate of responsibility extends to object or group of the objects of the organization (its each separate division) accepted on insurance according to one insurance contract.

If under the agreement of the voluntary personal insurance which is not relating to the life insurance concluded with one insurer two and more persons are insured, the specified standard rate of responsibility extends to insured person under condition if on it the separate insurance sum is determined.

The insurance company before acceptance on itself under the agreement of voluntary insurance (joint insurance) of the obligations exceeding the established standard rate of responsibility and requiring their further transfer to reinsurance (except for the insurance contract of export risks with support of the state), shall address the state insurance company performing insurance activity only on reinsurance, created by Council of Ministers of the Republic of Belarus (further – the state overcautious person), for receipt of preliminary coordination of rate for transfer of the specified obligations in reinsurance.

Coordination is performed by the state overcautious person within three working days, and in case of excess of the standard rate of responsibility of the state overcautious person – within five working days from the date of receipt of the appeal of insurance company containing data on conditions of adoption of the specified obligations in the part concerning settlement of a tariff for transfer of obligations in reinsurance. The refusal in coordination is allowed only in case of documentary confirmation of impossibility of transfer of the obligations accepted by insurance company under the agreement of voluntary insurance (joint insurance) in the part concerning establishment of insurance rate, the state overcautious person in reinsurance to foreign insurers (overcautious persons) and (or) the Belarusian insurers (overcautious persons). At the same time, if the state overcautious person within three working days, and in case of excess of the standard rate of responsibility of the state overcautious person – within five working days from the date of receipt of the appeal of insurance company does not give the answer of this insurance company about coordination or refusal in coordination of rate for transfer of obligations in reinsurance, the insurance company has the right to assume agreement obligations of voluntary insurance (joint insurance) without its coordination.

The insurance company which assumed under the agreement of voluntary insurance (joint insurance, reinsurance) the obligations exceeding the established standard rate of responsibility for date of the conclusion of the insurance contract (date of modification of the insurance contract, increasing obligations of insurance company), shall provide their execution by the conclusion of the agreement of reinsurance within five working days from the date of excess.

In case of obligatory reinsurance the established standard rate of responsibility is applied separately on each risk accepted under the agreement of reinsurance.

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