BELARUS: concept bill “On insurance” to expand possibilities in compulsory insurance and change strict a licensing

The Belarussian Ministry of Finance is preparing a concept bill “On insurance”, which will establish a uniform approach for insurer activity, as well as expand possibilities for state and non-state insurers in compulsory insurance for placing and investing funds and insurance reserves, BELTA news agency reports.

According to Natalia NOVIKOVA, the Deputy Head of the Insurance supervision department of the Ministry, innovations will provide for liberalization of the reinsurance system, including gradual reduction of obligatory reinsurance amounts, as well as another system for licensing insurers…

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