Belarus clarifies conditions for reinsurance of excess liabilities of insurance companies – ordinance
<p> MINSK, Sep 13 - PrimePress. The terms of reinsurance of excess liabilities of insurance companies have been specified in Belarus. This is fixed in presidential ordinance #336 of 10 Sep 2021, published on the National Legal Internet Portal on 11 September. </p> <p> </p> <p> The document obliges an insurance organization which has concluded an insurance (coinsurance) contract other than life insurance with excess of the established liability standard within 15 working days to provide reinsurance of liabilities exceeding the liability standard. For this purpose, the reinsurer must offer at least 50% of excess liabilities to the Belarusian national reinsurance organization and/or another Belarusian insurance organization with equity capital of at least Br25 million ($10 million at the exchange rate of the National Bank of Belarus) within two working days from the date of conclusion of the insurance (coinsurance) contract. End </p>
2021-09-14
Primepress
Belarus clarifies conditions for reinsurance of excess liabilities of insurance companies – ordinance
MINSK, Sep 13 - PrimePress. The terms of reinsurance of excess liabilities of insurance companies have been specified in Belarus. This is fixed in presidential ordinance #336 of 10 Sep 2021, published on the National Legal Internet Portal on 11 September.
The document obliges an insurance organization which has concluded an insurance (coinsurance) contract other than life insurance with excess of the established liability standard within 15 working days to provide reinsurance of liabilities exceeding the liability standard. For this purpose, the reinsurer must offer at least 50% of excess liabilities to the Belarusian national reinsurance organization and/or another Belarusian insurance organization with equity capital of at least Br25 million ($10 million at the exchange rate of the National Bank of Belarus) within two working days from the date of conclusion of the insurance (coinsurance) contract. End