Finance Ministry Granted More Control Over Insurance Business
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.