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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 03-11-2021)

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 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.

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

2-1. The insurance company assumes liabilities:

under the agreement of voluntary insurance (joint insurance, reinsurance) responsibility for non-execution (improper execution) of obligations of bond issuing institution signed with the insurer if the total scope of responsibility accepted under the agreements of this type of voluntary insurance (joint insurance, reinsurance) signed with this insurer does not exceed 25 percent from equity of insurance company;

under the agreement of voluntary insurance (joint insurance, reinsurance) entrepreneurial risk regarding risk insurance of non-return (default) and (or) delay of return (repayment) of the credit, financial risks if the total scope of responsibility falling on one partner of insurers and accepted according to insurance contracts (joint insurances, reinsurance) entrepreneurial risk regarding risk insurance of non-return (default) and (or) delay of return (repayment) of the credit, financial risks, does not exceed 30 percent from equity of insurance company;

under the agreement of voluntary insurance (joint insurance, reinsurance) entrepreneurial risk regarding risk insurance of non-return (default) and (or) delay of return (repayment) of the credit, financial risks signed concerning the investment project realized within the decree or the order of the President of the Republic of Belarus if the total scope of responsibility falling on one partner of insurers and accepted according to the insurance contracts (joint insurances, reinsurance) entrepreneurial risk regarding risk insurance of non-return (default) and (or) delay of return (repayment) of the credit, financial risks concluded concerning this investment project does not exceed 60 percent from equity of insurance company.

3. To insurance companies to bring earlier signed contracts of reinsurance into accord with this resolution in two-month time.

Minister

N.P.Korbut

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