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RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of September 29, 2016 No. 88

About requirements to the business plan of development of insurance company

(as amended of the Resolution of the Ministry of Finance of the Republic of Belarus of 05.04.2021 No. 26)

Based on the paragraph of the seventeenth Item 13, parts two of Item 29-1 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 requirements imposed to form and content of the business plan of development of insurance company, procedure for its assessment and representation, form and procedure for submission of the report on accomplishment of the business plan of development of insurance company it (is applied).

2. This resolution becomes effective since January 1, 2017.

First Deputy Minister

M. L. Yermolovich

Approved by the Resolution of the Ministry of Finance of the Republic of Belarus of September 29, 2016 No. 88

The instruction about requirements imposed to form and content of the business plan of development of insurance company, procedure for its assessment and representation, form and procedure for submission of the report on accomplishment of the business plan of development of insurance company

Chapter 1. General provisions

1. This Instruction establishes requirements imposed to form and content of the business plan of development of the created (reorganized), operating insurance company (further, unless otherwise specified, – insurance company), procedure for its assessment by the Ministry of Finance on compliance to the established requirements, submissions of the business plan of development of insurance company (the changes and (or) amendments made to it) to the Ministry of Finance, and also form and procedure for submission of the report on accomplishment of the business plan of development of insurance company.

2. Development of the business plan of development of insurance company at the initial stage and in the course of further activities is part of the strategic planning representing continuous process of determination of the purposes and the strategy of development for insurance company, control of their accomplishment, adjustment and updating taking into account the changing conditions for ensuring steady functioning and development of insurance company.

3. The business plan of development of the created (reorganized) insurance company (further - the organization created insurance) represents the document determining the strategy of development for the created insurance company and containing:

reasons for the purposes and tasks, priority activities and economic development of insurance company;

determination of internal and external factors and conditions of effective functioning of insurance company;

assessment of the expected results and the planned parameters of the main indicators of activities of insurance company;

determination and the description of specific actions, organizational and technical measures, tools, resources (labor, material, financial) and the conditions providing achievement of effective objectives and parameters of development of insurance company.

The business plan of development of the operating insurance company represents the document determining the strategy of development for the operating insurance company taking into account the achieved results at the time of development of the business plan of development and containing:

assessment of current status of insurance company with determination of regularities and tendencies of its development in interrelation with tendencies and priorities of market development of insurance services;

reasons for the purposes and tasks, priority activities and economic development of insurance company;

determination of internal and external factors and conditions of effective functioning of insurance company;

assessment of the expected results and the planned parameters of the main indicators of activities of insurance company;

determination and the description of specific actions, organizational and technical measures, tools, resources (labor, material, financial) and the conditions providing achievement of effective objectives and parameters of development of insurance company.

4. The basic principles of development of the business plan of development of insurance company are:

availability - information shall be presented in such form which does not complicate her perception;

justification - the business plan of development of insurance company shall contain the reasoned information allowing to draw conclusion on adequacy of the planned actions of insurance company to the expected results of its activities and also on objective possibility of achievement of such results at the expense of the available and (or) planned sources, tools and actions for their achievement;

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