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RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of June 19, 2014 No. 35

About approval of the Instruction about amount and procedure for disclosure (publication, distribution, provision) information on activities of insurance companies, insurance brokers

(as amended of the Resolution of the Ministry of Finance of the Republic of Belarus of 01.07.2019 No. 33)

Based on the paragraph of the twelfth Item 13, of paragraph two of part seven of Item 44-1, of part four of Item 59 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, and 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. Approve the Instruction about amount and procedure for disclosure (publication, distribution, provision) information on activities of insurance companies, insurance brokers it (is applied).

2. This resolution becomes effective after its official publication.

First Deputy Minister

V. V. Amarin

 

Approved by the Resolution of the Ministry of Finance of the Republic of Belarus of June 19, 2014 No. 35

The instruction about amount and procedure for disclosure (publication, distribution, provision) information on activities of insurance companies, insurance brokers

Chapter 1. General provisions

1. This Instruction establishes amount and procedure for disclosure of information on activities of the insurance companies including performing activities for reinsurance, registered in the territory of the Republic of Belarus (further - insurance companies), insurance brokers.

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

the interested users are insurers (beneficiaries, insured persons), partners, owners (founders, participants) of insurance company, insurance broker, other legal entities and physical persons interested in receipt of information including information on activities of insurance companies, insurance brokers, their accounting and (or) financial reporting (further - the reporting);

information on activities of insurance broker - information on state registration, the current agreement of civil responsibility insurance for damnification in connection with implementation of professional activity, the services provided by insurance broker, its financial condition in the amount providing confidentiality of information containing commercial and other secret protected by the law, organizational structure, assistants to insurance broker;

information on activities of insurance company - information on state registration, special permission (license) for implementation of insurance activity (further - the license), types of compulsory and (or) voluntary insurance which has the right to perform insurance company, conditions of rules of voluntary insurance, the business plan of development of insurance company, financial condition of insurance company in the amount providing confidentiality of information containing commercial and other secret protected by the law, organizational structure;

disclosure of information - ensuring access to information on activities of insurance companies, insurance brokers, their reporting by the publication, placements in public places, on the official site on the global computer Internet (further - the website) insurance company, insurance broker, and also by provision of information on requests of the interested users.

Chapter 2. Amount and procedure for disclosure of information on activities of insurance companies, insurance brokers

3. The amount and procedure for disclosure of information brought by insurance companies, insurance brokers to the attention of the interested users shall provide:

reliability and clarity - information on insurance company, insurance broker, their activities shall be urgent, authentic, comparable, undistorted, is provided in the form, most convenient for perception, to allow to estimate the actual economic content of processes, the phenomena, facts, conditions, the conditions connected with activities of insurance company, insurance broker, their financial condition;

completeness - information shall be essential and sufficient for acceptance the interested users of the weighed economic decisions, but shall not be excessive. Insurance companies, insurance brokers according to the procedure and amount, determined by their head, open about themselves also negative essential information;

availability - in case of placement of information in public places of premises of insurance companies, insurance brokers where servicing of the interested users is performed, the publication (placement) on their websites, and also provision on requests of the interested users free, simple and convenient access to disclosed information with minimum necessary costs of forces, means and time of the interested users for receipt of such information shall be provided;

timeliness and regularity - information shall reveal in terms and with frequency according to requirements of the legislation;

efficiency - essential information on the facts, circumstances, events and actions connected with activities of insurance company, insurance broker shall reveal in the most short time;

lack of information asymmetry - information including provided on the same requests shall reveal everything to the interested users in equal amount. Necessary measures for exception of cases of the direction of information which is subject to disclosure according to requirements of this Instruction, only to one or several interested users, and also untimely disclosure of such information shall be taken by insurance company, insurance broker;

preserving secrecy of data on insurance and confidentiality of information - the information about the insurer, insured person and the beneficiary, condition of their health, and also about property status of these persons, received by insurance companies as a result of the professional activity, and also the data, components the commercial, office, protected by the law other secret, are not subject to disclosure, except as specified provisions of such data according to legal acts.

4. Insurance companies, insurance brokers can independently open the additional information about the activities if, in their opinion, it is essential to users of information.

5. Upon the demand of the interested users who are insurers (the beneficiaries insured by persons), partners, owners (founders, participants) of insurance companies, insurance companies provide the copy of the certificate on state registration of insurance company, the copy of the license.

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