Reinsurance Operations


Legislation

Civil Code of the Republic of Belarus

Article 857. Reinsurance

1. Reinsurance. The practice whereby one party, the reinsurer, in consideration of premium paid, agrees to indemnify another party, the reinsured, for part or all of the liability assumed by the reinsured under a policy of insurance.

2. The Rules stipulated by this Chapter shall be applied to a reinsurance contract, unless otherwise agreed thereby. For this purpose an insurer under an insurance contract (a master policy) having negotiated a reinsurance contract shall be considered as a reinsured in this latter contract.

3. For the purposes of reinsurance, an insurer shall be liable for payment of any insurance indemnity or benefits against an insured under a master policy.

4. A successive formation of two or more reinsurance contracts shall be allowed.


Decree of President of the Republic of Belarus No.530 as of 25 August 2006 “On Insurance Activity”

Paragraph 32

Insurance companies of the Republic of Belarus shall:provide risk insurance of 10% liability performance, assumed under voluntary non-life insurance contracts exceeding the legislative standard of liability with further annual increase by 10% of such liability insurance exclusively in an insurance company established by the Council of Ministers of the Republic of Belarus in the form of government legal entity to perform insurance activity on reinsurance only (hereinafter referred to as the Reinsurance organization) in the statutory manner under reinsurance contracts;notify the reinsurance organization of any reinsurance contracts negotiated with other insurance companies in the manner prescribed by the Ministry of Finance.The amount of commission received by an insurance company under each reinsurance contract negotiated with the reinsurance organization cannot exceed 4 percent of the insurance premium, received by the reinsurance organization hereunder.


Resolution of the Council of Ministers of the Republic of Belarus No.1463 as of 04 November 2006 “Оn Establishment of Belarusian National Reinsurance Organization”


Resolution of the Ministry of Finance of the Republic of Belarus No. 16 as of 7 February 2003“On Establishing Standard of Liability under Non-Life Voluntary Insurance Contracts (Coinsurance, Reinsurance)


Resolution of the Ministry of Finance of the Republic of Belarus No. 53 as of 1 April 2003 “On Approval of Instruction on Procedure for Formation of Reinsurance Contracts”


Resolution of the Ministry of Finance of the Republic of Belarus No. 145 as of 29 November 2006 “On Approval of Instruction on Procedure for Transfer of Accepted Liabilities by Insurance Companies under Non-Life Voluntary Insurance Contracts in Excess of Standard of Liability to Republican Unitary Enterprise “Belarusian National Reinsurance Organization”

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