Finance Min­istry Granted More Con­trol Over In­sur­ance Busi­ness

Economy of Belarus - - NEWS -

The leg­is­la­tion re­lat­ing to the state reg­u­la­tion of the stock mar­ket and in­sur­ance busi­ness will be im­proved in line with or­di­nance No. 3 and de­cree No. 272 that Be­larus Pres­i­dent Alexan­der Lukashenko signed on 18 July.

Ac­cord­ing to the doc­u­ments, Be­laru­sian in­sur­ance com­pa­nies will have to de­velop busi­ness plans for a pe­riod of three years in ad­di­tion to es­tab­lish­ing an in­ter­nal au­dit sys­tem.

If the li­cense of an in­sur­ance com­pany is ter­mi­nated, this com­pany will have to make sure its in­sur­ance con­tract li­a­bil­i­ties are ful­filled or are trans­ferred. Oth­er­wise, the in­sur­ance con­tracts must be ter­mi­nated within one year of the re­vo­ca­tion of the li­cense.

The Finance Min­istry has been granted ad­di­tional power to con­trol in­sur­ance busi­ness in the coun­try.

The new leg­is­la­tion also lists rea­sons for sus­pend­ing trans­ac­tions in­volv­ing se­cu­ri­ties. It also en­ables the state reg­u­la­tor to get in­for­ma­tion about pledged mov­able prop­erty for free. Apart from that, de­posi­taries will have to share con­fi­den­tial in­for­ma­tion about de­pos­i­tors with Be­larus’ cen­tral se­cu­ri­ties de­pos­i­tory.

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