RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of June 11, 2024 No. 33

About change of resolutions of the Ministry of Finance of the Republic of Belarus

Based on paragraphs of third and fifth subitem 2.5 of Item 2 of Article 12, of Items 1 and 2 of Article 28, of parts two and third Item 1 of Article 31, of Item 2 of Article 34, of subitem 2.3 of Item 2 of article 59 of the Law of the Republic of Belarus of January 5, 2024 No. 344-Z "About insurance activity", Item 10 of the Regulations on the Ministry of Finance of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585, the Ministry of Finance of the Republic of Belarus DECIDES:

1. Make changes to the following resolutions of the Ministry of Finance of the Republic of Belarus:

1.1. in the resolution of the Ministry of Finance of the Republic of Belarus of May 10, 2007 No. 73 "About criteria and evaluation procedure of solvency of insurance companies":

state preamble in the following edition:

"Based on Item 2 of Article 34, of subitem 2.3 of Item 2 of article 59 of the Law of the Republic of Belarus of January 5, 2024 No. 344-Z "About insurance activity" and Item 10 of the Regulations on the Ministry of Finance of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585, the Ministry of Finance of the Republic of Belarus DECIDES:";

in the Instruction about criteria and evaluation procedure of the solvency of insurance companies approved by this resolution:

in Item 2 of the word "insurer" and "shall have" to replace respectively with words "insurance organization" and "has";

in Item 3 and part one of item 4 shall be replaced with words the word of "insurer" "insurance organization";

state Item 5 in the following edition:

"5. The normative size of margin of solvency of insurance company on types of insurance, belonging to life insurance, is equal to the amount of the following sizes:

To 1 percent of reserves on types of insurance, belonging to life insurance, enclosed in government securities, securities of National Bank, securities of "Development Bank of the Republic of Belarus" open joint stock company and banks (except for shares) and placed on accounts in banks of the Republic of Belarus;

To 4 percent of the created reserves on types of insurance, belonging to life insurance, the reserves reduced by the amount on types of insurance, belonging to life insurance, enclosed in government securities, securities of National Bank, securities of "Development Bank of the Republic of Belarus" open joint stock company and banks (except for shares) and placed on accounts in banks of the Republic of Belarus.";

in Item 6:

in parts one both the second and "relating" to replace words of "insurer" respectively with words of "insurance organization" and "relating";

from paragraph one of part four of the word", reduced by the amount of return of insurance premiums (insurance premiums) on insurance (joint insurance) and the risks accepted in reinsurance in cases, stipulated by the legislation and (or) conditions of insurance contracts (joint insurance), reinsurance," to exclude;

in part five shall be replaced with words the word of "insurer" "insurance organization";

in part six of the word "The Insurer, at Which" and "belonging" to replace respectively with the words "Insurance Company, at Which" and "belonging";

to state paragraph two of part eight in the following edition:

"insurance payments for insurance (joint insurance) and the risks accepted in reinsurance minus the sums of money which are subject to compensation of insurance company in connection with realization of the right to claim of the insurer (beneficiary) against person responsible for the damages paid as a result of insurance which passed to it for settlement period;";

in part nine of the word "The Insurer, at Which" and "belonging" to replace respectively with the words "Insurance Company, at Which" and "belonging";

from paragraphs two and the fifth part eleven of the word "reduced by the amounts of return of the paid insurance indemnity and insurance coverage for insurance (joint insurance) and the risks accepted in reinsurance" to exclude;

in part fourteen of the word "The Insurer, at Which" and "belonging" to replace respectively with the words "Insurance Company, at Which" and "belonging";

in Item 7:

in part one:

in paragraph one of the word "The Insurer Performing" shall be replaced with words "The insurance company performing";

in the paragraph the second "relating" to replace the word with the word of "relating";

in word part three "relating" and "relating" to replace with the word of "relating";

in Item 9 of the word "insurer" and "in forms according to appendices 1, 2" to replace respectively with words "insurance organization" and "in notes on solvency of insurance company in the form established in appendix 9 to the Instruction about procedure for creation and submission of the accounting records of insurance companies approved by the resolution of the Ministry of Finance of the Republic of Belarus of January 11, 2010 No. 2";

in Item 10 shall be replaced with words the word of "insurer" "insurance organization";

in Item 11 of the word "The Insurer Shall" and "control" to replace respectively with words "Insurance organization" and "controls";

in Item 12:

in part one of the word of "insurer", "10 percent" and "insurer" to replace respectively with words of "insurance organization", "2 percent" and "insurance organization";

in part three shall be replaced with words the word of "insurer" "insurance organization";

in part six to "insurer" shall be replaced with words the word "insurance organization";

in appendix 3 to this Instruction line item

"covering insurance reserves on types of insurance with other, than life insurance (with indication of objects of investments, the amount of means and the planned level and the size of the income)"

replace with line item of the following content:

"covering insurance reserves on types of insurance, not belonging to life insurance (with indication of objects of investments, the amount of means, the planned level and the size of the income)";

1.2. in the resolution of the Ministry of Finance of the Republic of Belarus of September 13, 2007 No. 132 "About approval of the Instruction about procedure of payments of the size of equity of insurance companies":

state the name in the following edition:

"About procedure of payments of the size of equity of insurance companies";

to state preamble and the deciding part in the following edition:

"Based on the paragraph of the fifth subitem 2.5 of Item 2 of article 12 of the Law of the Republic of Belarus of January 5, 2024 No. 344-Z "About insurance activity" and Item 10 of the Regulations on the Ministry of Finance of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585, the Ministry of Finance of the Republic of Belarus DECIDES:

Approve the Instruction about procedure of payments of the size of equity of insurance companies it (is applied).";

in the Instruction about procedure of payments of the size of equity of insurance companies approved by this resolution:

in Item 1 of the word of "insurer" and "other, than insurance" to replace respectively with words of "insurance organization" and ", not belonging to insurance";

in Item 2:

"(financial)" to exclude the word;

shall be replaced with words the word of "insurer" "insurance organization";

in Item 3 shall be replaced with words the word of "insurer" "insurance organization";

the item 4 after the word "is calculated" to add with the words "in form";

in appendix to this Instruction:

after signature stamp of appendix to add with the word "Form";

" (the 1st day of quarter)" to exclude words;

1.3. in the resolution of the Ministry of Finance of the Republic of Belarus of December 17, 2007 No. 188 "About procedure and conditions of formation of insurance reserves of insurance companies":

state preamble in the following edition:

"Based on part three of Item 1 of article 31 of the Law of the Republic of Belarus of January 5, 2024 No. 344-Z "About insurance activity" and Item 10 of the Regulations on the Ministry of Finance of the Republic of Belarus approved by the resolution of Council of Ministers of the Republic of Belarus of October 31, 2001 No. 1585, the Ministry of Finance of the Republic of Belarus DECIDES:";

in the paragraph the second Item 1 "relating" to replace the word with the word of "relating";

in the Instruction about procedure and conditions of formation of insurance reserves on the types of insurance which are not relating to life insurance approved by this resolution:

in the name "relating" to replace the word with the word of "relating";

state Item 1 in the following edition:

"1. This Instruction establishes procedure and conditions of formation of insurance reserves by insurance company for ensuring execution of the assumed insurance bonds:

from the assessed (arrived) insurance premiums (insurance premiums) on types of insurance, not belonging to life insurance (further – technical reserves);

from the profit got as a result of implementation of financial and economic activities of insurance company.";

in part two of Item 2 of the word of "insurer" and "insurer" to replace respectively with words of "insurance organization" and "insurance organization";

state Item 3 in the following edition:

"3. The procedure for submission of necessary information for calculation of technical reserves with indication of heads of the structural divisions responsible for completeness and reliability of initial information, correctness of calculations and availability of properly processed documents on technical reserves for the beginning of every month, and also the specialists responsible for correctness of forming of technical reserves, affirms the head of insurance company.";

in Item 5 of the word of "insurer" and "relating" to replace respectively with words of "insurance organization" and "relating";

in Item 6:

in part one:

and "this Instruction" to replace words "Insurer" respectively with words "Insurance organization" and "Items 24, of the 26 and 28 this Instruction";

add part with words ", and also has the right to form in addition insurance reserves of the profit got as a result of implementation of financial and economic activities by it";

in part two:

shall be replaced with words the word "Insurer" "Insurance organization";

after the word "Instructions" to add part with words ", and also formations of insurance reserves from the profit got as a result of implementation of financial and economic activities";

"relating" to replace the word with the word of "relating";

paragraphs two, the fourth or sixth Item 7 after the word "further" to add with words ", unless otherwise specified,";

in Item 8:

"reinsurance (further – the agreement)" shall be replaced with words words "to the agreement accepted in reinsurance (further, unless otherwise specified, – the insurance contract)";

after the word "agreements" to add Item with the word "insurance";

in Items 9 and 10 of the word of "insurer", to "insurer" and "the law or the agreement" to replace respectively with words of "insurance organization", "insurance organization" and "the legislation on insurance or the insurance contract";

in Item 11 shall be replaced with words the word of "insurer" "insurance organization";

in Item 12:

in part one to replace the word "Insurer" with the word "Insurance organization";

in word part two to "the agreement (group of agreements)" shall be replaced with words to "the insurance contract (group of insurance contracts)";

in Item 13:

in part one shall be replaced with words the word "Insurer" "Insurance organization";

paragraphs the fifteenth, eighteenth and nineteenth to exclude parts two;

in Item 14:

to add part one after the word "agreements" with the word "insurance";

in part two "insurer" shall be replaced with words the word "insurance organization";

state Item 17 in the following edition:

"17. Calculation of not earned premium is made from the assessed insurance premiums (insurance premiums) (further – insurance premiums) according to the insurance contract.

When calculating not earned premium for the agreement of joint insurance the insurance premium under the agreement of joint insurance is accepted in the amount of share of the added insurance premium established in the agreement of joint insurance.

For the purpose of calculation of RNP in case the effective date of insurance comes after date of the conclusion (signing) of the insurance contract and calculation of technical reserves is made to effective date of insurance, RNP is accepted equal to the size of insurance premium according to the insurance contract.

Size RNP under agreements of voluntary insurance of entrepreneurial risk (financial risks, risk of non-return (default) and (or) delay of return (repayment) of the credit, etc.), voluntary insurance of responsibility for non-execution (improper execution) of obligations of bond issuing institution is determined by each insurance contract in the amount of the added insurance premium before the termination of term of its action or in the amount of the calculated reserve by one of the methods specified in Item 18 of this Instruction.";

to exclude the word of "(reinsurance)" from Item 18;

in Item 19:

the first and second to state parts in the following edition:

"19. Not earned premium is determined by the "pro rata temporis" method by each insurance contract as the work of insurance premium according to the insurance contract on the relation of the term of insurance protection, unexpired on reporting date, according to the insurance contract (in days) to all term of insurance protection according to the insurance contract (in days) on the following formula:

where NPI – not earned premium (part of not earned premium) according to the insurance contract;

Ti – the added insurance premium (part of insurance premium) according to the insurance contract;

ni – the term of insurance protection in days according to the insurance contract to which there corresponds the added insurance premium of Ti;

mi – number of days from the moment of the beginning of term of insurance protection according to the insurance contract to which there corresponds the added insurance premium of Ti, to reporting date.

If the term of insurance protection according to the insurance contract depends on the additional terms which are not allowing to determine unambiguously dates of approach and (or) the termination of term of insurance protection, it is possible to make calculation of not earned premium for the insurance contract proceeding from the duration of the agreement of insurance in days.";

third to add part with the word "insurance";

speak rapidly first or third of Item 20 to state in the following edition:

"20. For calculation of RNP by the 1/24 method the insurance contracts relating to one type of insurance group in subgroups. The subgroup joins insurance contracts with identical terms of insurance protection (in months) and with the start dates of insurance protection falling on identical months. Total amount of insurance premium is determined by the insurance contracts entering into subgroup by summing of the insurance premiums calculated according to each insurance contract entering into subgroup.

For calculation of RNP is accepted by the 1/24 method:

start date of term of insurance protection according to the insurance contract falls on the middle of month;

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