According to the Republican program, the insurance market of the Republic of Belarus should have an appropriate degree of financial capacity and competitiveness before 2020 in order to confront the challenges associated with the penetration of financial services of global players with great potential into domestic market.
The main priorities for the development of the insurance market in the Republic of Belarus in 2016-2020 are the following:
Improving the functioning of the Belarusian insurance market by maximum satisfaction of needs in insurance protection of people, organizations and state;
Growth of efficiency and sustainability of insurance companies;
Strengthening of competitiveness of insurance companies;
Increasing the level of automation of insurance services and business processes of insurance companies.
Development indicators of Belarusian insurance market in 2016-2020, based on which the effectiveness of the implementation of the Republican program will be assessed, were also approved by the Regulation of the Council of Ministers of the Republic of Belarus dated 15th November, 2006 No. 922.
Republican program has been developed taking into account the conclusions and recommendations of the IMF in the framework of the first half 2016 project “Financial Sector Assessment Program: Stability Module”.
Annually before 1st December the Ministry of Finance will approve next year’s action plan to implement the Republican program, coordinated with the interested state bodies (organizations) and development indicators of Belarusian insurance market determined by Republican program. This data should be provided to the Council of Ministers of the Republic of Belarus until 10th December.
In addition, annually before 1st February republican management bodies and other state organizations subordinated to the Government of the Republic of Belarus, are charged to submit to the Ministry of Finance the information about the plan implementation in regard to realization of the Republican program.