Compulsory insurance market is a monopoly of state-owned insurance companies and insurance companies in which the state holds over 50% of their authorised capital. Foreign investment in voluntary insurance activities is subject to a quota of 30% at the aggregate private insurance industry level. Foreign ownership is limited to 49% in insurance companies involved in the provision of voluntary life insurance, property insurance related to delivery of goods, supplying services or performing contractor work for state needs, and insurance of the valuable interests of Belarus and its territorial administrative units. Local incorporation is required for foreign insurance companies to enter the market. Foreign investment approval is required for the acquisition of participation in locally-incorporate insurance firms for other purposes than controlling compliance with foreign ownerhsip quota level, but including to 'protect the interests of national insurance organizations'. For the purposes of the OECD FDI Regulatory Restrictiveness Index, it is assumed that foreign investors face ownership restrictions in all insurance markets open to private participation in the most restrictive manner (capped at 49% at the individual enterprise level; the industry cap being assumed to affect a minor share of the sector). It is also considered that the foreign investment approval mechanism is  discriminaotry and not for strictly national security purposes given the explict mentioning to the objective of 'protecting the interests of national insurance organizations' and considering the share the reserved to state-owned insurance companies. 
"SECTION I - BASIC PROVISIONS
CHAPTER 1- BASIS OF INSURANCE ACTIVITY [...]
3. Insurance may be in voluntary and compulsory forms.insurance [...]
Compulsory insurance is provided by state insurance organizations and (or) insurance organizations in whose authorized funds more than 50percent of shares (ordinary (ordinary) or other voting shares) arein the ownership of the Republic of Belarus and (or) its administrative-territorialunits and (or) in the ownership of legal entities in whose authorized funds more than 50percent of shares (shares) are owned by the Republic of Belarus and (or) its administrative-territorial units, unless otherwise provided by acts of the PresidentThe Republic of Belarus.
[...]
CHAPTER 3 - STATE REGISTRATION, REORGANIZATION, LIQUIDATION OF INSURERS AND INSURANCE BROKERS
19. Quota of foreign investors in the authorized capital of insurance organizations Of the Republic of Belarus is established by the Council of Ministers of the Republic of Belarus oncoordination with the President of the Republic of Belarus.If this quota is exceeded, the Ministry of Finance ceases registration insurance organizations with the participation of foreign investors and (or) issuance of such organizations of special permits (licenses) for insurance activities.
20. The insurance company must obtain prior authorization from the Ministry of Finance for the following:
-increase in the size of its authorized capital at the expense of foreign investorsand (or) insurance organizations that are subsidiary (dependent) business entities companies in relation to these foreign investors;
-alienation shares in its authorized capital (shares) of 5% or more authorized capital of an insurance organization;
-alienation of shares in its authorized capital (shares) in favor of foreign investors and(or) insurance organizations that are subsidiary (dependent) business entitiescompanies in relation to these foreign investors.
Participants of insurance organizations of the Republic of Belarus are required to obtain preliminary permission of the Ministry of Finance for alienation (acquisition) shares in the authorized capital (shares) of insurance organizations. Such prior authorization is refused if: 
-the quota specified in part one of clause 19 of these Regulations is exceeded or will be exceeded when performing the actions referred to in this paragraph;
-legal entity to which the insurer, insurer participant intends to alienate his shares in the authorized capital (shares), has been operating for less than three years and has no profit on the basis of implementationits activities in the last three years;
-there is a need to ensure the national security of the Republic Belarus, including in the economic sphere, protecting the interests of national insurance organizations.
21. Insurance organizations that are subsidiaries (dependent) business companies with respect to foreign investors and (or) having a share of foreign investors in their authorized capital of more than 49 percent, can create separate divisions in the territory of the Republic of Belarus, as well as be founders (participants) of other insurance organizations after obtaining prior permission from the Ministry of Finance.
Such permission shall not be issued upon exceeding the quota indicated in the first part of clause 19 of these Regulations.
[...]
CHAPTER 4 - FEATURES OF ACTIVITIES OF INSURERS, INSURANCE BROKERS AND INSURANCE AGENTS
30. Insurance companies that are subsidiaries or affiliates in relation to foreign investors cannot carry out life insurance in the Republic of Belarus, compulsory insurance, including compulsory state insurance, property insurance related to the supply, provision of services or performance of work for state needs , as well as insurance of property interests of the Republic of Belarus and its administrative-territorial units, except as provided in part two of this article.
Insurance companies that are subsidiaries or affiliates in relation to foreign investors are entitled to carry out types of insurance in the Republic of Belarus related to life insurance, subject to conclusion of insurance contracts only with individuals.[...]" (Edict of the President of Belarus on Insurance Activities of 25 August 2006 No. 530 [google translated]).
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"The Council of Ministers of the Republic of Belarus DECIDES:
1. To establish a quota of foreign investors in the authorized capital of all insurance organizations of the Republic of Belarus in the amount of 30 percent, the total amount of all contributions (shares) of subsidiaries in the authorized funds of insurance companies registered in the Republic of Belarus to the total authorized fund of all insurance organizations, registered ny in the territory of the Republic of Belarus, multiplied by 100. [...]"  (RESOLUTION OF THE COUNCIL OF MINISTERS OF THE REPUBLIC OF BELARUS September 11, 2006 No. 1174 On establishing quotas for foreign investors in statutory funds of insurance organizations of the Republic Belarus [google translated])
Edict of the President of Belarus on Insurance Activities of 25 August 2006 No. 530 [google translated]
RESOLUTION OF THE COUNCIL OF MINISTERS OF THE REPUBLIC OF BELARUS September 11, 2006 No. 1174 On establishing quotas for foreign investors in statutory funds of insurance organizations of the Republic Belarus [google translated])
[<a href="https://pravo.by/document/?guid=3871&p0=p30600530">Edict</a>],[<a href="http://www.minfin.gov.by/upload/insurance/acts/postsm_110906_1174.pdf">Resolution</a>]