It is registered
Ministry of Justice of Ukraine
January 10, 2005
of December 17, 2004 No. 3104
About approval of the Technique of forming of insurance reserves on types of insurance, others, than life insurance
According to articles 31 and 36 of the Law of Ukraine "About insurance" State commission on regulation of the markets of financial services of Ukraine decided:
1. Approve the Technique of forming of insurance reserves on types of insurance, others, than life insurance (is applied).
2. To department of state regulation and market development of financial services (Ugrin I. B.) and to submit to Legal management (Tkachenko D. V.) this order to the Ministry of Justice of Ukraine for state registration.
3. To legal management (Tkachenko D. V.) together with Department of state regulation and market development of financial services (Ugrin I. B.) in week time from day of state registration of this order to address to the Ministry of Finance of Ukraine concerning loss of force the order of Committee on cases of supervision of insurance activity of May 26, 1997 of N41 "About Approval of the Regulations on Procedure for Forming, Placement and Accounting of Insurance Reserves on Types of Insurance, Others than Life Insurance" registered in the Ministry of Justice of Ukraine on June 17, 1997 for N221/2025 (with changes).
4. To management of organizational and analytical ensuring work of the head (Shevchenko T. M.) provide publication of this order in mass media after its state registration.
5. Control over the implementation of this order to assign to the director of the department of insurance supervision Parnyuk V. O.
Approved by the Order of State commission on regulation of the markets of financial services of Ukraine of December 17, 2004 No. 3104
1. This Technique is developed according to subitems 141.1. 3, 141.1.4 Items 141.1 of Article 141 of the Section III of the Tax code of Ukraine, Articles 31, 36 Laws of Ukraine "About insurance".
2. This Technique establishes procedure for forming of insurance reserves on types of insurance other, than life insurance, namely technical reserves according to insurance contracts, joint insurance and reinsurance (further - agreements).
3. In this Technique terms are used in such values:
acquisition expenses (acquisition costs) - amount of expenses of the insurer which include:
expenses on compensation and charges on the salary regarding carried out by employees of the insurer or other persons of assessment work of risk; development of conditions, rules and agreements, carrying out actuarial calculations; preparation and conclusion of agreements;
expenses on remunerations to insurance agent, insurance (reinsurance) to the broker and other persons, including insurers for the provided services for the purpose of the conclusion of agreements;
expenses on fee of medical, expert and other organizations or faces on examination of physical persons and objects of insurance before the conclusion of agreements;
expenses on fee on risk assessment, determination of insurance value of property;
expenses on fee for the tender documentation and its preparation if the tender is held for the choice of the insurer;
expenses on holding pre-sale and advertizing activities of rather insurance services;
the cost of the used forms (insurance policies, certificates, certificates, receipts) or payment for administration of information on agreements in electronic form;
program/information support for servicing of process of the conclusion of agreements;
other expenses arising in the course of the conclusion of agreements;
expenses on settlement of losses (claims handling expenses) - the expert, consulting and other expenses of the insurer connected with settlement of loss (requirements) which arose in connection with approach of the event having signs of insured event (cases);
the postponed acquisition expenses (deferred acquisition costs - DAC) - amount of the acquisition expenses connected with the conclusion of agreements which took place during current and/or the previous settlement periods, but receipts of the amounts of insurance payments on which belong to the income of subsequent settlement periods and are recognized expenses along with recognition of the corresponding earned insurance premium during the term of the agreement;
the earned insurance premium (earned premium) - the receipts of the amounts of insurance payments (insurance premiums, insurance premiums) (further - insurance payments) during the settlement period less shares of the insurance premiums which are payable to overcautious persons according to prisoners the insurer (overcautious person) of agreements of reinsurance in settlement period increased by the amount of reserve of not earned premiums for the beginning of settlement period (less share of overcautious persons in these reserves) and reduced by the amount of reserve of not earned premiums for the end of settlement period (less share of overcautious persons in these reserves);
the declared requirements (reported claims) - requirements (statement) of the insurers and/or other persons determined by the legislation or the agreement to perform insurance payment (insurance indemnity) in accordance with the terms of the agreements or legislations which arrived to the insurer in connection with approach of the event having signs of insured event (cases);
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