Belarus has reportedly amended legislation regulating insurance industry to allow insurance firms regardless of their ownership to sign voluntary life insurance agreements with the country’s citizens.

A presidential press service report was cited by BelTA as saying that the amended legislation mandates life insurance firms to allocate minimum 50% of profits from investing insurance reserves for increasing people’s savings.

The decree also empowers insurers to include voluntary medical insurance contributions in their expenses and of the healthcare organization which provides medical services to policy holders.

The amended law also allows foreign citizens and persons temporary staying or residing in the country to use insurance certificates issued by foreign companies without the need to conclude additional medical insurance agreements with Belarusian companies.