About BIU
The Belarusian Insurance Union was founded by insurance undertakings
of Belarus at the constitutional assembly 28 August 1992. The BIU
present membership includes representatives of 28 largest private
insurance companies out of 42 undertakings currently active in Belarus.
The main statutory objectives of the BIU are:
- to foster formation of a wholesome system of insurance cover
in Belarus;
- to promote professional and social development of member companies;
- to advocate rights and protect legitimate interests of member
companies.
Working towards the insurance market development in Belarus, the
BIU acts in contact with business circles (associations, unions),
insurance undertakings of other CIS countries, with foreign insurance
associations and companies, international organizations. To lobby
the insurance industry's interests, the BIU is also represented
in a number of State-level councils and working groups. In 1995
the Insurance Council was created at the Cabinet of Ministers, in
2000 - the same council was founded at the National Assembly, both
with the initiative and membership of the BIU. President of the
BIU - Victor Homyarchuk - is leader of the insurance working group
of the Belarus-German economic council.
The BIU's experts are invited to take part in working out legal
documents pertinent to the insurance business. All major issues
relevant to the insurance industry development are settled with
the Union's participation. Measures are taken to improve people's
insurance awareness; a far-flung network of international contacts
has been established.
At the BIU's initiative, several legal acts and a number of government
resolutions have been adopted, including updating of the insurance
law, taxation principles for insurers, legal framework for life
and pension insurance development, introduction of European methods
of technical reserve calculation and solvency assessment, compulsory
motor liability insurance, etc. Currently, the National Assembly
is considering the BIU initiative to update the basic insurance
law and increase the quota for foreign insurance companies in Belarus.
Another aim of the BIU is to promote equal private competition
and restrain the existing State monopoly in insurance, which makes
the Union unpopular with some State organizations. However, progress
in this sphere is evident in that private companies were first admitted
to write the two recently introduced compulsory classes - motor
liability and foreigner's health.
The overriding objective of the Union is to secure high-priority
development of the insurance industry in transition to a market
economy, for it is a key instrument to protect individuals and legal
entities from any loss inevitable in the course of dramatic economic
reforms, to ensure substantial economy of budget, to reduce social
tension.
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