This is an assiciation of people called underwriters. Underwriters- people who guarantee to indemnify other people´s possible losses. Lloyd´spreads (hajutavad) risks among a number of syndicates. Syndicates- groups of wealthy individuals, commonly known as ´names´. These people can earn a lot of money from insurance premiums if the clients never claim for compensatsion , but they also have unlimited liability or responsibility for losses. Liability- kohustus. Reinsurance- company- this is a company that will recive some of premium and also bear or take some of the risk. If insurance companies connsider that they have underwritten too many risks, they can sell some of that risk to a reinsurance company. Tax haven- maksuvaba ala (haven=port) Mandatory, compulsory insrance- kohustuslik kindlustus Voluntary, additional(lisa) insurance- vabatahtlik kindlustus Varas-thief vargad-thieves vargus-theft
following the reporting period. Major VAT-exempt activities include: Commission fees for insurance brokers from insurance companies for brokerage services; Rendering medical services; the sale of certain pharmaceuticals and medical equipment; Transfers of industrial property rights; Housing and communal services provided to individuals; Communication services provided to individuals; Services provided by banks and non-banking financial institutions; Insurance (co-insurance, reinsurance) services. Source: Deloitte. Belarus business and investment guide. Tax issues 2012. 81 2.8.4. Transfer Pricing (TP) New transfer pricing rules are included in the Belarus Tax Code effective from January 1 st, 2012. Tax authorities may control prices only during an on-site tax audit in the following cases: Sales of real estate where the transaction price is more than 20% lower than the market price on the date of the sale; and
services for the collection, processing and distribution of settlement participants information on transactions with bank cards; carry out certain banking organizations, which, in accordance with the legislation of the Russian Federation shall have the right to make them without a license from the Central Bank of the Russian Federation; provision of insurance, coinsurance and reinsurance insurance companies, as well as the provision of services by non-state pension provision by non-state pension funds; lotteries, sweepstakes organization and other risk-based games (including the use of slot machines) gambling organizations; implementation of ore, concentrates and other industrial products containing precious metals, scrap and waste of precious metals for the production and refining of precious metals;
License for oil transportation 2,000 GEL dinate to the Ministry of Energy of Georgia Life insurance license 500 GEL The National Bank of Georgia Insurance license 500 GEL The National Bank of Georgia (exclusive of life-insurance) Reinsurance license 500 GEL The National Bank of Georgia Banking license 500 GEL The National Bank of Georgia License for non-banking 10 GEL The National Bank of Georgia deposit and credit activity Securities registrar license 500 GEL The National Bank of Georgia Brokerage license 500 GEL The National Bank of Georgia
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