Belarus Insurance Industry – Governance, Risk and Compliance
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Belarus Insurance Industry Report Overview
The Belarus insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.
Belarus Insurance Industry Dynamics
The Belarusian insurance industry is very much under the control of the state government. However, MoF is the main government body supervising insurance activities and provides companies with licenses.
The objectives and powers of MoF include ensuring the safety, liquidity, and solvency of insurers and reinsurers. The key function also includes informing the public about the activities of the industry and the Superintendence itself and to protect the interest of policyholders and beneficiaries.
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Belarus Insurance Industry - Key Bodies
The other bodies that oversee the Belarus insurance industry are IAIS and BAS.
International Association of Insurance Supervisors (IAIS): The IAIS formulates and issues various global insurance principles, standards and guidance provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. It holds an annual conference where supervisors, industry representatives, and other professionals discuss developments in the insurance industry and topics affecting insurance regulation.
Belarusian Association of Insurers (BAS): The key functions of BAS includes preparing proposals to improve the insurance regulatory framework and developing methodological materials on insurance issues.
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Belarus Insurance Industry Overview
Key Regulatory Bodies | MoF, IAIS, and BAS |
Scope
- The report covers details of the insurance regulatory framework in Belarus.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- The Ministry of Finance (MoF) is the government body responsible for regulating and supervising the Belarusian insurance industry.
- Composite insurance is not permitted in the Belarusian insurance industry.
- Non-admitted insurance is not permitted. However, non-admitted reinsurance is permitted after rejection by Belarus Re.
- Premium taxes are not imposed on insurance policies issued in the country.
- Workers’ compensation, motor third-party liability, aviation liability, and health insurance for foreigners are the key classes of compulsory insurance in Belarus.
For more insights on the Belarus insurance industry, download a free report sample
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Belarus.
- Track the latest regulatory changes and expected changes impacting the Belarus insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Who is the key regulator of the Belarus insurance industry?
The Belarusian insurance industry is very much under the control of the state government.
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Which other bodies oversee the Belarus insurance industry?
The International Association of Insurance Supervisors (IAIS) and BAS are the other bodies that oversee the insurance industry in Belarus.
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What are some of the primary responsibilities of the MoF?
The objectives and powers of MoF include ensuring the safety, liquidity, and solvency of insurers and reinsurers. The key function also includes informing the public about the activities of the industry and the Superintendence itself and to protect the interest of policyholders and beneficiaries.
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What is the function of the IAIS?
The IAIS formulates and issues various global insurance principles, standards and guidance provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors.
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