Cover Image
Market Research Report

Governance, Risk and Compliance - The Belarusian Insurance Industry

Published by GlobalData Product code 800130
Published Content info 44 Pages
Delivery time: 1-2 business days
Price
Back to Top
Governance, Risk and Compliance - The Belarusian Insurance Industry
Published: February 27, 2019 Content info: 44 Pages
Description

The state government controls the insurance industry in Belarus. The Ministry of Finance (MoF) is the main government body, which oversees all insurance activities and undertakes registration and licensing activities. The principal governing laws include Civil Code, Decree No. 530 on Insurance Activity, and Law No. 2343-XII on Insurance. The Presidential Decree No. 530 on Insurance Activity was introduced on August 25, 2006, and was most recently amended on January 20, 2017.

Key Takeaways

  • 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

The report "Governance, Risk and Compliance - The Belarusian Insurance Industry", is the result of extensive research into the insurance regulatory framework in Belarus. It provides 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.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides -

  • An overview of the insurance regulatory framework in Belarus
  • The latest key changes, and changes expected in the country's insurance regulatory framework
  • Key regulations and market practices related to different types of insurance product in the country
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Belarus
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
  • Details of the tax and legal systems in the country.

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.

Reasons to buy

  • 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 product.
Table of Contents
Product Code: GDIS0023RR

Table of Contents

  • 1 INTRODUCTION
    • 1.1 What is this Report About?
    • 1.2 Definitions
  • 2 GOVERNANCE, RISK AND COMPLIANCE
    • 2.1 Legislation Overview and Historical Evolution
    • 2.2 Latest Changes in Regulation
    • 2.3 Legislation and Market Practice by Type of Insurance
      • 2.3.1 Life insurance
      • 2.3.2 Property insurance
      • 2.3.3 Motor insurance
      • 2.3.4 Liability insurance
      • 2.3.5 Marine, aviation and transit insurance
      • 2.3.6 Personal accident and health insurance
    • 2.4 Compulsory Insurance
      • 2.4.1 Motor liability insurance
      • 2.4.2 Health insurance for foreigners
      • 2.4.3 Workmen's compensation insurance
      • 2.4.4 Aviation liability insurance
      • 2.4.5 Insurance for crops, livestock and poultry
      • 2.4.6 Professional indemnity insurance for organizations involved in real estate activities
      • 2.4.7 Professional indemnity insurance for managers involved in bankruptcy
      • 2.4.8 Liability insurance for transport of dangerous goods
    • 2.5 Supervision and Control
      • 2.5.1 International Association of Insurance Supervisors
      • 2.5.2 Ministry of Finance
    • 2.6 Non-Admitted Insurance Regulation
      • 2.6.1 Overview
      • 2.6.2 Intermediaries
      • 2.6.3 Market practices
      • 2.6.4 Fines and Penalties
    • 2.7 Company Registration and Operations
      • 2.7.1 Type of insurance organization
      • 2.7.2 Establishing a local company
      • 2.7.3 Foreign ownership
      • 2.7.4 Types of license
      • 2.7.5 Capital requirements
      • 2.7.6 Solvency margin
      • 2.7.7 Reserve requirements
      • 2.7.8 Investment regulations
      • 2.7.9 Statutory return requirements
      • 2.7.10 Fee structure
    • 2.8 Taxation
      • 2.8.1 Insurance premium or policy taxation
      • 2.8.2 Withholding taxes on premium paid overseas
      • 2.8.3 Corporate tax
      • 2.8.4 VAT
      • 2.8.5 Captives
    • 2.9 Legal System
      • 2.9.1 Introduction
      • 2.9.2 Access to court
      • 2.9.3 Alternative dispute resolution
  • 3 APPENDIX
    • 3.1 Methodology
    • 3.2 Contact GlobalData
    • 3.3 About GlobalData
    • 3.4 GlobalData's Services
    • 3.5 Disclaimer

List of Tables

  • Table 1: Insurance Industry Definitions
  • Table 2: Belarus - Insurance Regulatory Framework Key Features
  • Table 3: Belarus - Life Insurance Regulatory Framework
  • Table 4: Belarus - Property Insurance Regulatory Framework
  • Table 5: Belarus - Motor Insurance Regulatory Framework
  • Table 6: Belarus - Bonus-malus System
  • Table 7: Belarus - Liability Insurance Regulatory Framework
  • Table 8: Belarus - Premium for Compulsory Civil Liability Insurance for Vehicle Owners
  • Table 9: Belarus - Premium Rates for Crops, Livestock and Poultry for 2019
  • Table 10: Belarus - Corporate Tax Rates for the Financial Year 2018

List of Figures

  • Figure 1: Belarus - Insurance Supervision and Control at Various Levels
  • Figure 2: Belarus - Insurance Regulatory Frameworks for Company Registration and Operation
Back to Top