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.

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 Law of Ukraine "About the National Bank of Ukraine", to the Law of Ukraine "About insurance" (further - the Insurance law), to the Law of Ukraine "About features of insurance of agricultural products with the state support" (further - the Law on features of insurance of agricultural products) 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 of insurers lists of the insurers having the right to insurance of agricultural products with the state support which is created by the central executive body providing forming and realizing the state agrarian policy;

2) the rating overcautious person - the nonresident overcautious person whose rating of financial reliability (stability) is not lower than such rating level on classification of the below-specified international rating agencies (further - the 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 persons who are carrying out them obligations.

Other terms in this provision are used in the values given in the Insurance law and the Law on features of insurance of agricultural products, other laws of Ukraine, regulatory legal acts of the National Bank and central executive body providing forming and realizing the state agrarian policy.

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

4. This Provision determines:

1) general requirements to insurers who intend to perform insurance of agricultural products with the state support, for entering of such insurers into the list of insurers, including procedure for confirmation of information on compliance of insurers to such requirements;

2) general requirements to the insurers performing insurance of agricultural products with the state support;

3) additional requirements to implementation of activities by the insurers performing insurance of agricultural products with the state support;

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. The insurer who intends to perform insurance of agricultural products with the state support shall conform to requirements of the Insurance law and the Law on features of insurance of agricultural products, and also the following requirements:

1) the insurer has the current license on implementation of activities for insurance including classes of insurance 8 and 9, determined by Article 4 of the Insurance law;

2) the insurer performed/performs the conclusion of insurance contracts of agricultural products at least in one of the next periods:

from 2017 to 2021 inclusive at least within three any calendar years of this period, namely has:

the added insurance premiums (insurance payments) under agreements of voluntary insurance of agricultural products;

at least one performed insurance payment (payment of insurance indemnity) for the following agreements;

from 2022 to one the year preceding date of the appeal of the insurer to National Bank (inclusive), at least within any one calendar year of this period namely has:

the added insurance premiums (insurance payments) under agreements of voluntary insurance of agricultural products / insurance of agricultural products on classes of insurance 8 and/or 9, determined by Article 4 of the Insurance law;

at least one performed insurance payment (payment of insurance indemnity) for the following agreements;

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