On Amending The Law Of Ukraine "on Insurance"

Original Language Title: Про внесення змін до Закону України "Про страхування"

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Read the untranslated law here: http://zakon3.rada.gov.ua/laws/show/2774-15

                                                          
With a k o n u r as th h s on amendments to the law of Ukraine "on insurance" (Supreme Council of Ukraine (BD), 2005, N 37, 447), the Verkhovna Rada of Ukraine about with t and o in l I have: I. To the law of Ukraine "on insurance" (85/96-VR)
(Parliament, 2002, N 7, art. 50, N 16, art. 114; 2004, N 2, St. 6; 2005, N 1, St. 1) are as follows: 1. in article 2:1) replace the first part of the three parts of this content: "Insurers who have the right to carry out insurance activities on the territory of Ukraine are: financial institutions that were created in the form of stock, full, komanditnih companies or companies with additional responsibility according to the law of Ukraine" on business associations "(1576-12), taking into account the fact that the members of each of the following financial institutions should not be less than three , and other features provided by this law, as well as received in the prescribed manner a license for insurance activity (hereinafter-insurers-residents);
registered by the competent authority in accordance with this Act and the legislation permanent representation in the form of branches of foreign insurance companies, who also received in the prescribed manner a license for insurance activity (hereinafter – non-resident insurers Branch).
Insurers-non-residents are considered to be financial institutions, created and licensed to conduct insurance business in accordance with the legislation of the foreign countries in which they are registered.
The provisions of this Act applicable to insurers-residents apply to the branches of non-resident insurers with features established by this law. "
In this regard, part of the second-the lucky thirteenth count in accordance with parts 4-15th;
2) of the seventh word "when creating the insurer" and "authorized insurer" replace respectively "when creating a resident insurer" and "statutory fund of the insurer-resident";
3) after part of the eighth supplement four new parts of this content: "procedure for registration, licensing, supervision over the activities, measures the impact and liquidation of branches of non-resident insurers are established in this law and the regulations of the authorized body.
The insurer is resident has the right to open branches in Ukraine by the following conditions: 1) the State in which the registered insurer is resident, does not belong to States that do not participate in international cooperation in the field of prevention and counteraction of legalization (laundering) of the proceeds from crime and financing of terrorism, as well as collaborating with the Group on the development of financial measures to combat money-laundering (FATF);
2) between the authorized body to oversee insurance companies of the country in which the registered insurer is resident, and the competent authority memorandum (Agreement) on the exchange of information;
3) insurance activities according to the legislation of the country of registration is carried out by a non-resident insurer's State supervision;
4) between Ukraine and the country in which the registered insurer resident, signed an international treaty on preventing tax evasion and avoidance of double taxation;
5) the insurer is resident in the territory of the countries or territories, in accordance with the decision of the Organization for economic cooperation and development, the UNITED NATIONS does not have the offshore status, or on the territory of other countries, if the neofšornij status of such insurer is confirmed by the conclusion of appropriate trade and economic mission;
6) rating for financial reliability (sustainability) the non-resident insurer meets the requirements established by the competent authority;
7) the minimum size of deposit accounts of the authorized banks-residents who have a license to perform operations on the whole territory of Ukraine and are not at the time of such deposit in the procedure of reorganization, financial recovery or bankruptcy, at the time of registration the affiliate is not less than the minimum amount of the authorized Fund of the insurer resident, set in article 30 of this law.
The order of the mode of the account, which is such a deposit, is set by the common decision of the Cabinet of Ministers of Ukraine and the National Bank of Ukraine.
Requirements for deposit are established by the competent authority;
8) having written an irrevocable obligation of the insurer to a non-resident of the unconditional execution of the obligations that have arisen in connection with the activities of its affiliates on the territory of Ukraine;
9) insurers of Ukraine have the right to open branches in the territory of a foreign State, which created and operates the insurer is resident.
The registration of branches of non-resident insurers is carried out by the competent authority.
The activities of the branch of a non-resident insurer must meet the requirements established by this law and/or legislative acts of the authorized body. "
In this regard, part of the ninth-p'âtnadcâtu considered under parts of the thirteenth-dev'âtnadcâtoû.
2. in article 30:1) the second paragraph of part one outline in the following wording: "the presence of paid authorized capital for

insurers-residents or deposit for branches of non-resident insurers and the availability of the guarantee fund of the insurer ";
2) of the second lay in the following wording: "the minimum amount of authorized Fund (deposit) the insurer, which is engaged in the types of insurance other than life insurance, an amount equivalent to 1 million euros and insurer engaged in life insurance, 10 million euro for the currency exchange rate of the currency of Ukraine".
3. Article 31 of the after part of the twentieth to supplement the new part of the following content: "the insurance reserves of branches of non-resident insurers should be placed on the territory of Ukraine".
In this regard, part of the twenty-first and twenty-second count in accordance with sections of the twenty-second and twenty-third.
4. Article 37 after paragraph 2 Add a new paragraph with the following text: "3) revoke a license for conducting insurance activities of a branch of a non-resident insurer, if the non-resident insurer denied licenses to conduct insurance business or if it eliminated/bankrupt in the country in which it is registered".
In this regard, items 3-11 considered in accordance with paragraphs 4-12.
5. in article 38:1) in a paragraph to the first part of the fourth word "insurer", replace the words "the insurer is resident;
2) add to part 7 of the following contents: "authorized body establishes a separate procedure for awarding the licenses, the list of documents annexed to the application for obtaining a license branch of a non-resident insurer, the timing of consideration of the application of the branch of the insurer to a non-resident based on the rules of equal access to financial services markets".
6. Article 43:1) in a paragraph to the first part of the word "insurer", replace the words "resident insurer";
2) paragraphs of the second, third, fourth and sixth part two "of the insurer and the insurer replace respectively" the insurer of the resident and the insurer resident ";
3) in part three: in the text of the first and third words "insurer" and "insurers" replace respectively "the insurer resident" or "resident insurers;
paragraph four put in the following wording: "to participants of the insurer of the other resident insurers (including non-resident insurers) for the conditions of them all of the calculations for the obligations and debts of the insurer, the payment of which has already arrived";
4) in parts of the fifth and the seventh word "insurer", replace the words "resident insurer";
5) Supplement part of the eighth such content "Requirements of policyholders, insured persons, beneficiaries and creditors are satisfied by a non-resident insurer's branch assets, in case of their failure-to-deposit and, in the case of the insufficiency of the assets of the branch of the insurer and non-resident deposit-due to the non-resident insurer that has created such a branch."
II. Final provisions 1. This Act shall take effect five years after the accession to the World Trade Organization.
2. the Authorized body in the year term from the date of publication of this law to develop and approve the regulations resulting from this law.

President of Ukraine v.Yushchenko Kyiv, July 7, 2005, 2774 N-IV