On April 14, 2014, the Head of State Alexander Lukashenko signed Decree No. 165 "On Amendments and Additions to Decrees of the President of the Republic of Belarus on Insurance Activities".
The document comprehensively adjusts insurance legislation to enhance the effectiveness of state regulation of insurance activities, and the competitiveness and stability of the Belarusian insurance market.
The Decree provides for measures aimed at ensuring financial compensation for damage caused to citizens and organisations in the event of an emergency at potentially hazardous facilities and during the transportation of dangerous goods. It envisages the introduction of two new types of mandatory insurance: civil liability of legal entities and individual entrepreneurs for damage caused by activities related to the operation of certain facilities, and civil liability of the carrier during the transportation of dangerous goods.
The amendments provided for by the Decree take into account the upcoming harmonisation of legislation of participants in the common financial market of the Eurasian Economic Union.