RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF BELARUS

of December 18, 2012 No. 76

About modification and amendments in resolutions of the Ministry of Finance of the Republic of Belarus of December 17, 2007 No. 188 and of January 11, 2010 No. 2

 Based on Item part two 57, the Ministry of Finance of the Republic of Belarus DECIDES: parts one of Item 60 of the Regulations on insurance activity in the Republic of Belarus approved by the Presidential decree of the Republic of Belarus of August 25, 2006 No. 530 "About insurance activity", subitem 4.32 of Item 4, of 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 "Questions of the Ministry of Finance of the Republic of Belarus"

1. Bring 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" (The national register of legal acts of the Republic of Belarus, 2008, No. 32, 8/17885) the following changes and amendments:

1.1. 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:

1.1.1. in the offer the second Item 1:

the word "received" shall be replaced with words "added (arrived)";

after words of "insurance premiums" to add with words "(insurance premiums), and also claimed losses";

1.1.2. in Item 2:

the second to state part in the following edition:

"Calculation of technical reserves is made based on data of accounting and the reporting of the insurer under types of insurance according to the list of the works and services specified in special permission (license) for implementation of insurance activity of the insurer constituting insurance activity (further - types of insurance).";

in part three:

shall be replaced with words the words "the insurance company received" "are subject to payment (are paid)";

"accepted" to replace the word with the word "are accepted";

1.1.3. in part two of Item 6 of figure "90" to replace with figures "45";

1.1.4. in Item 8 "arrived" to replace the word with the word "added";

1.1.5. the second Item 13 to state part in the following edition:

"Obligatory details of magazines are:

insurance agreement number (insurance policy, certificate, certificate), receipts on acceptance of cash (insurance premiums);

name of the insurer;

date of the introduction of the insurance contract in force (insurance effective date);

duration of the agreement of insurance;

size (sizes) of insurance sum (amounts) (responsibility limit);

the size (sizes) of the assessed insurance premium (fees) (award (awards));

the size of the assessed insurance premium (award) by which the reversing record is made by the method "red storno";

date when on the amount of the assessed insurance premium (award) the reversing record is made by the method "red storno";

date of the conclusion of the insurance contract (accrual date of insurance premium (award));

the size (sizes) of the paid insurance premium (fees) (award (awards));

date (dates) of payment of insurance premium (awards) (fee (fees));

the amount of the added remuneration for the conclusion of the insurance contract;

the size of the added sostrakhovochny commission;

the amount of assignments from insurance premium (award) in cases, stipulated by the legislation and conditions of agreements;

date of early termination of the insurance contract;

date (dates) of change of terms of the contract of insurance;

the size of the insurance premium (award) returned to insurers (reinsurers) in connection with early termination (change of conditions) of the insurance contract;

date of return of insurance premium (award);

number and date of the agreement of reinsurance (slip);

name of the overcautious person;

the amount of the added reinsurance award;

the added commission fee to the overcautious person;

date (dates) of receipt of the statement for insured event (cases);

date (dates) of loss occurrence (cases);

size (sizes) of claimed loss (losses);

date (dates) of insurance payment (payments) or date (dates) of refusal in insurance payment (payments);

amount (sizes) of insurance payment (payments).";

1.1.6. to state part one of Item 14 in the following edition:

"14. When calculating technical reserves agreements are grouped in types of insurance.";

1.1.7. exclude Item 15;

1.1.8. in Item 17:

state part one in the following edition:

"17. When calculating not earned premium for the insurance contract (joint insurance) the assessed insurance premiums (insurance premiums) (further - insurance gross - award) under the agreement of direct insurance (joint insurance) decrease by the amount of the added remuneration for the conclusion of insurance contracts (joint insurance) to insurance brokers, insurance agents included according to the legislation in costs on production and sales of products, goods (works, services) and by the amount of assignments from insurance gross - awards in cases, stipulated by the legislation and conditions of agreements.";

in part two:

exclude the word "arrived";

after the word "shares" to add with the word "added";

in part three:

paragraphs two, third after the word "remuneration" to add with words "(the sostrakhovochny commission)";

after the words "excludes from" to add with the word "added";

the fourth to state the paragraph in the following edition:

"the insurer who is not the leading co-insurer excludes from added insurance gross - awards the amount of remuneration (the sostrakhovochny commission), added to the leading co-insurer, in full.";

in part four:

replace the word "received" with the word "charged";

"paid" to replace the word with the word of "added";

in part five of the word "and to accepted" shall be replaced with words ", to the agreements accepted";

the sixth to state part in the following edition:

"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 basic insurance premium under the agreement.";

the seventh after words" (financial risks, risk of default of the credit, etc.)" to add part with words ", voluntary insurance of responsibility for non-execution (improper execution) of obligations of bond issuing institution";

the eighth to exclude part;

1.1.9. state Item 18 in the following edition:

"18. RNP according to the insurance contract (reinsurance) is equal to the size estimated in proportion to the effective period of insurance protection which did not expire for settlement date according to the insurance contract (reinsurance).

For calculation of size of not earned premium (RNP) the following methods are used:

"pro rata temporis";

"one twenty fourth" (further - "1/24")".;

1.1.10. in Item 19 part one:

paragraph one:

after the words "under each agreement" to add with words of "insurance (reinsurance)";

after the words "on i-mu to the agreement" to add with words of "insurance (reinsurance)";

add paragraph two with words of "insurance (reinsurance)";

third to add the paragraph with the word of "(reinsurance)";

the fourth after the word "agreements" to add the paragraph with words of "insurance (reinsurance)";

1.1.11. in Item 22 part two the word "increases" shall be replaced with words "can increase";

1.1.12. to exclude from part two of Item 23 of the word "on the size";

1.1.13. in Item 25:

to add part one after the words "according to insurance contracts" with the word of "(reinsurance)";

in part two:

"basic" to exclude the word;

after the word "awards" to add with the words "according to insurance contracts (reinsurance)";

1.1.14. in Item 29 of the word "After Determination" shall be replaced with words "In case of determination";

1.1.15. 30, 31 to state Items in the following edition:

"30. Share of participation of the overcautious person in RNP is determined proceeding from basic reinsurance award to one of the following methods:

by "pro rata temporis" method;

by 1/24 method.

The basic reinsurance award represents the amount of the reinsurance award added to the overcautious person minus the added commission fee.

Not earned reinsurance award is determined by the "pro rata temporis" method by each insurance contract transferred to reinsurance as the work of basic reinsurance premium to the contract for the relation of the duration of the agreement, unexpired on reporting date (in days) to all duration of the agreement (in days) on the following formula:

where

NPI - not earned reinsurance award on i-mu to the agreement of reinsurance;

Tbi - basic reinsurance award on i-mu to the agreement of reinsurance;

ni - effective period of i-go of the agreement of reinsurance;

mi - number of days from the moment of the introduction of i-go of the agreement of reinsurance in force to reporting date.

The overcautious person's share in RNP in general by the form of insurance is determined by summing of the not earned reinsurance awards calculated under each agreement of reinsurance.

Not earned reinsurance award by 1/24 method is calculated separately under each agreement of reinsurance in proportion to the unexpired term of its action for calculating date as the work of the basic reinsurance award accepted for calculation on the relation of the unexpired duration of the agreement of reinsurance (in months) to all duration of the agreement of reinsurance (in months) on the following formula:

where

NPI - not earned reinsurance award on i-mu to the agreement;

Tbi - basic reinsurance award on i-mu to the agreement;

ni - effective period of i-go of the agreement of reinsurance in months;

mi - the number of months from the moment of the introduction of i-go of the agreement of reinsurance in force before calculating date.

In calculation of not earned reinsurance award by the 1/24 method incomplete month is considered as complete.

The overcautious person's share in RNP in general by the form of insurance is determined by the 1/24 method by summing of the calculated not earned reinsurance awards by each subgroup.

31. Share of participation of the overcautious person in the Russian Party of People's Administration is determined in proportion to the relation of the amount of the insurance premium transferred to reinsurance to insurance premium by the agreement transferred to reinsurance.";

1.1.16. add the Instruction with Item 32 following of content:

"32. Share of participation of the overcautious person in RZU is determined in the amount of the share of losses which is subject to compensation by the overcautious person under the terms of the agreement of reinsurance.";

1.1.17. to exclude appendix to the Instruction;

1.2. in the Instruction about procedure and conditions of formation of insurance reserves on the types of insurance relating to life insurance approved by this resolution:

1.2.1. "accounting" to exclude the word from Item 2 part two;

1.2.2. in the first offer of Item 3:

shall be replaced with words the words "the insurer received" "are subject to payment";

"accepted" to replace the word with the word "are accepted";

1.2.3. in Item 8 "arrived" to replace the word with the word "added";

1.2.4. Item 10 in paragraph six:

replace the word "arrived" with the word "charged";

shall be replaced with words words of "its receipt following behind day" "its charge following behind day".

2. Bring in the resolution of the Ministry of Finance of the Republic of Belarus of January 11, 2010 No. 2 "About single questions of conducting financial accounting, creation and submission of accounting records by insurance companies and modification and amendments in some resolutions of the Ministry of Finance of the Republic of Belarus" (The national register of legal acts of the Republic of Belarus, 2010, No. 58, 8/21857; 2012, No. 33, 8/24982) following changes and amendments:

2.1. to state paragraph two of Item 1-1 in the following edition:

"The instruction about features of financial accounting of the income and expenses by insurance companies;";

2.2. in appendix 2 to the resolution:

2.2.1. line item

"Insurance premiums (insurance premiums) received gross

010"

replace with line item of the following content:

"Insurance premiums (insurance premiums), gross

010";

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