Voluntary life insurance rules amended in Belarus

MINSK (BelTA) – Insurance companies with foreign investments are now allowed to sign voluntary life insurance agreements with Belarusian citizens. The decision is envisaged by Decree No. 165 “Concerning additions and amendments to decrees of the President of the Republic of Belarus regulating insurance activities” which was signed by Alexander Lukashenko on 14 April, BelTA learned from the presidential press service.

With a view to protecting the interests of insurees (policy holders), making voluntary life insurance programs more attractive the decree includes a provision which obliges life insurance companies to allocate at least 50% of profits from investing insurance reserves for increasing people’s savings.

In order to promote voluntary medical insurance the decree empowers insurees to include voluntary medical insurance contributions in their expenses regardless of the form of ownership of the insurance company and of the healthcare organization which provides medical services to policy holders.

Moreover, foreign nationals and stateless persons temporary staying or residing in Belarus can use insurance certificates issued by foreign companies without the need to conclude additional medical insurance agreements with Belarusian companies.