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RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of October 20, 2021 No. 108

About approval of the Provision concerning implementation of activities for insurance of agricultural products with the state support

According to Articles 7, of 15, 55-1, 56 of the Law of Ukraine "About the National Bank of Ukraine", to Articles 21, of 27, of 28, 29 Laws of Ukraine "About financial services and state regulation of the markets of financial services", to articles 31, of 41 Law of Ukraine "About insurance", article 26 of the Law of Ukraine "About features of insurance of agricultural products with the state support" and for the purpose of determination of requirements to insurers who have the right to perform activities for insurance of agricultural products with the state support the Board of the National Bank of Ukraine DECIDES:

1. Approve the Provision concerning implementation of activities for insurance of agricultural products with the state support which is applied.

2. Declare invalid the order of State commission on regulation of the markets of financial services of Ukraine of June 2, 2011 No. 327 "About approval of the Qualification minimum for persons who perform activities for determination of the reasons of loss occurrence in agricultural industry (average commissioners)", registered in the Ministry of Justice of Ukraine on June 24, 2011 for No. 779/19517.

3. The resolution becomes effective from the date of, its official publication following behind day.

Chairman

K. Shevchenko

Approved by the Resolution of Board of the National Bank of Ukraine of October 20, 2021 No. 108

Provision concerning implementation of activities for insurance of agricultural products with the state support

I. General provisions

1. This Provision is developed according to the Laws of Ukraine "About the National Bank of Ukraine", "About insurance", "About features of insurance of agricultural products with the state support" and establishes organization-legal bases of activities of insurers for insurance of agricultural products with the state support.

2. Terms in this Provision are used in such value:

1) the list - the list of insurers who have the right to insurance of agricultural products with the state support which will be promulgated by the central executive body which provides forming and realizes the state agrarian policy;

2) the rating overcautious person - the nonresident overcautious person whose rating of financial reliability (stability) is not lower, than on classification of such international rating agencies:

"A-" ["A. M. Best" (USA)];

"A3" ["Moody" s Investors Service" (USA)];

"A-" [s "Standard & poor"" (USA)];

"A-" ["Fitch Ratings" (Great Britain)];

3) the authorized person - the head of the structural unit of the National Bank of Ukraine (further - National Bank), responsible for supervision of the market of non-bank financial services and other procedures provided by this Provision, his deputy, the division manager as a part of the specified structural division of National Bank, his deputy or person fulfilling them duties.

Other terms in this Provision are used in the values given in the Laws of Ukraine "About insurance" and "About features of insurance of agricultural products with the state support", other laws of Ukraine, regulatory legal acts of National Bank and central executive body which provides forming and realizes the state agrarian policy.

3. Requirements of this provision extend to insurers who intend to perform or perform activities for insurance of agricultural products with the state support.

4. This Provision determines:

1) general requirements to insurers who intend to perform activities for insurance of agricultural products with the state support, for entering of such insurers into the list;

2) additional requirements to insurers when implementing activities for insurance of agricultural products with the state support;

3) procedure for confirmation of information on compliance of insurers who intend to perform activities for insurance of agricultural products with the state support, to requirements of this provision;

4) procedure National Bank of control of observance of requirements of this provision by insurers.

II. General requirements to insurers who intend to perform insurance of agricultural products with the state support

5. Insurers who intend to perform activities for insurance of agricultural products with the state support shall conform to requirements of the Laws of Ukraine "About insurance" and "About features of insurance of agricultural products with the state support", and also to the following requirements:

1) the insurer has the current license on implementation of voluntary insurance of agricultural products;

2) the insurer performs insurance activity according to the conclusion of agreements of voluntary insurance of agricultural products at least within five calendar years preceding date of the appeal of the insurer to National Bank and has in the specified period:

the added insurance payments under agreements of voluntary insurance of agricultural products within any three years;

at least, one payment of insurance indemnity for this type of insurance.

The specified information is confirmed by data of the reporting of the insurer regarding the added insurance payments and the performed insurance indemnities.

The insurer has the right to confirm experience of implementation of insurance activity according to the conclusion of agreements of voluntary insurance of agricultural products with information from mother insurance company on insurance of agricultural risks at least within three calendar years preceding date of the appeal of the insurer to National Bank.

The specified information is confirmed by data of the reporting of mother insurance company regarding the added insurance payments and the paid insurance indemnities;

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