Law No. 344-Z “On insurance activities”.

This Law regulates relations in the sphere of insurance. It shall not be applicable to: (a) state social insurance; (b) associations that are created by decision of the President of the Republic of Belarus and carry out their activities in the manner established by him. Insurance is a relationship for the protection of property interests of citizens of the Republic of Belarus, foreign citizens, stateless persons, organizations, including foreign and international ones, as well as the Republic of Belarus and its administrative-territorial units, foreign states upon the occurrence of insured events at the expense of insurance reserves formed by insurance organizations in the established manner. Insurants (customers) shall be intended natural persons, organizations, including foreign and international, as well as the Republic of Belarus and its administrative-territorial units, foreign states that have concluded insurance contracts with insurers or are such by virtue of a law or act of the President of the Republic of Belarus. Insurer shall be intended a commercial organization created to carry out insurance activities and having a license to carry out such activities (insurance organization). Insurance can be carried out in the forms of voluntary, compulsory and imputed insurance. The objects of insurance may be property interests that do not contradict the law, related to: (a) causing harm to the life or health of the policyholder or another individual named in the contract; (b) loss (destruction) of or damage to property in the possession, use, or disposal of the policyholder or another beneficiary named in the contract; and (c) the occurrence of losses from entrepreneurial activity in connection with the failure to fulfill (improper fulfillment) of their obligations by the policyholder's counterparties or a change in the terms of this activity due to circumstances beyond the control of the policyholder and (or) the policyholder's counterparty. Classification of types of insurance: (a) life insurance; (b) accident and health insurance; (c) insurance of agricultural crops and perennial plantings; (d) insurance of agricultural machinery; (e) export risk insurance with government support; and (f) export risk insurance.