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General business conditions of insurance companies with different forms of ownership will be aligned.

General business conditions of insurance companies with different forms of ownership will be aligned. This was reported by Natalia Novikova, Deputy Head of the General Directorate of Insurance Supervision of the Ministry of Finance, during the roundtable discussion “New Development Strategy of the Financial Market: What Will Change to 2020” held in the press center of BelTA. This is determined by the draft decree prepared by the Ministry of Finance. It provides for measures primarily aimed at matching business conditions of insurance organizations with different forms of ownership, removing administrative barriers for insurance organizations, changing priorities in controlling and supervising participants in the insurance market, taking into account the best international experience, and improving the procedure and terms for compulsory insurance. In particular, regulation of administrative expenses is proposed to abolish, and a notifying procedure for insurance rules submission by the insurance organizations shall be used. It is planned to withdraw from the practice of compulsory use of special accounts by insurers when accounting for and placing insurance reserves. The insurance market players support these initiatives, Natalia Novikova added. Business conditions of insurers with different forms of ownership, working in the field of life insurance and supplementary pensions, will also be aligned.

“The draft decree provides for the lifting of the ban on the conclusion of life and supplementary pensions insurance contracts with non-governmental insurance organizations by legal entities with a predominant share of the state. It is planned to grant the right to policyholders-organizations to add insurance premiums into expenses with regard to taxation under contracts made with any insurance organization regardless the form of the ownership”, she said. Taking into account the principle of the most complete satisfaction of policyholders’ needs and increasing the interest of citizens in life insurance, specialized insurers are planned to give the right to provide the whole range of types of insurance aimed at protecting life and health, the representative of the Ministry of Finance continued. In addition, it is planned to reduce from three years to one year the minimum period for which a life and supplementary pension insurance contract should be concluded. Natalia Novikova underlined that the segment of life and supplementary pensions insurance is very important for the economy of the republic, as it is a source of attracting long-term money. Insurance reserves formed by insurance organizations for these types are invested and directed, among other things, to the banking system. “The draft decree prepared is a comprehensive document, and we hope that this year it will be completed," she summarized.

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14 April 2017
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