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Ministry of Justice of Ukraine

January 24, 2018

No. 101/31553

THE ORDER OF THE NATIONAL COMMISSION PERFORMING STATE REGULATION IN THE SPHERE OF THE MARKETS OF FINANCIAL SERVICES OF UKRAINE

of November 14, 2017 No. 4258

About approval of Requirements to method of calculation of the redemption amount according to the life insurance contract

According to part eight of article 28 of the Law of Ukraine "About insurance", to the subitem 15 of Item 6 of the Regulations on the National commission performing state regulation in the sphere of the markets of financial services, No. approved by the Presidential decree of Ukraine of November 23, 2011 1070, the National commission performing state regulation in the sphere of the markets of financial services decided:

1. Approve Requirements to method of calculation of the redemption amount according to the life insurance contract which are attached.

2. In the markets of financial services together with department of legal providing to submit to department of the consolidated supervision and methodology this order to the Ministry of Justice of Ukraine for state registration.

3. This order becomes effective in 2 months after its official publication.

4. To management of ensuring activities of the Chairman and members of the commission to promulgate this order after its state registration.

5. Control over the implementation of this order to assign to the member Natskomfinuslug Zaletov E. M.

Acting as Commission chairman
A. Maksimchuk

Approved by the Order of the National commission performing state regulation in the sphere of the markets of financial services of Ukraine of November 14, 2017 No. 4258

Requirements to method of calculation of the redemption amount according to the life insurance contract

1. These Requirements are developed according to part eight of article 28 of the Law of Ukraine "About insurance".

2. In these Requirements terms are used in the values given in the Law of Ukraine "About insurance" and the Method of forming of reserves of life insurance approved by the order of State commission on regulation of the markets of financial services of Ukraine of January 27, 2004 No. 24, registered in the Ministry of Justice of Ukraine on February 16, 2004 for No. 198/8797.

3. In case of early termination of validity of life insurance the insurer pays to the insurer the redemption amount which is property right of the insurer according to the life insurance contract.

4. The redemption amount is calculated mathematically on the date of termination of the contract of life insurance depending on the period during which the life insurance contract, according to technique which is integral part of rules of life insurance was effective.

5. If the life insurance contract does not contain the size of the redemption amount for every year of its action (or other shorter regular period) in absolute value or percentage of insurance sum on risk of survival of insured person prior to the event determined in the life insurance contract (or achievements by insured person of the age determined in the life insurance contract), or from the paid insurance payments, the redemption amount which is subject to payment for such life insurance contract cannot be less, than the basic size of the redemption amount established in Items 6 or 7 of these Requirements (depending on terms of the contract of life insurance).

6. For life insurance contracts with risk of survival of insured person prior to the event determined in the life insurance contract, or achievement by insured person of the age determined in the life insurance contract (further - accumulative life insurance contracts) the basic size of the redemption amount is the reserve size net - awards, estimated retrospectively and increased by the size of reserve of bonuses under such agreement.

At the same time the size of expenses on the conclusion of the life insurance contract considered when calculating the size of reserve net - awards cannot exceed 5 percent of insurance payments on such agreement, is regularly distributed for the first five years of operation of such agreement.

7. For life insurance contracts which is not the accumulative life insurance contract the basic size of the redemption amount is the size of mathematical reserve reduced by the size of expenses on conducting case in the amount determined in the following procedure:

no more than 20 percent of insurance payment on the agreement - for agreements which effective period does not exceed one year;

no more than 30 percent of insurance payment for the first year of operation of such agreement - for agreements, which effective period more than one year.

8. Control of observance of these Requirements is exercised by Natskomfinuslug according to the legislation.

The director of the department of the consolidated supervision and methodology in the markets of financial services
V. Logvinovsky

 

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