LAW OF UKRAINE

of February 9, 2012 No. 4391-VI

About features of insurance of agricultural products with the state support

This Law governs the relations in the field of insurance of agricultural products which is performed with the state support, for the purpose of protection of valuable interests of agricultural producers and is aimed at providing stability of production in agricultural industry.

Section I General provisions

Article 1. Basic concepts

1. For the purposes of this Law the terms provided below are used in the following value:

1) the state support of insurance of agricultural products - providing to agricultural producers from the government budget according to the procedure, established present By the law, money in the form of compensation of part of cost of insurance payment (insurance premium) added according to the insurance contract of agricultural products with the state support;

2) the insurance contract of agricultural products with the state support (further - the insurance contract) - the insurance contract of agricultural products providing the payment of insurance indemnity to agricultural producer defined by such agreement in case of loss occurrence;

3) index (indexes) - the special estimative normative indicator (indicators) characterizing (characterizing) probability impacts of certain agricultural insurance risk (insurance risks) on loss occurrence in case of variation of the parameter (values) of index from the value caused by the limiting insurance contract;

4) agricultural insurance risk (insurance risk) - circumstances (certain events) which have signs of probability and accident of approach and can become cause of death (losses, damages) insured crops (landings), death (shortage, short-reception) insured harvest, death (loss, forced slaughter, forced destruction, traumatic damage or disease) the insured farm animals belonging to agricultural producer on the property right or on other legal cause and also the reason of non receipt (loss) by agricultural producer of future advantage - the expected profit (income) from the realization which is grown up, fattened, caught, collected, made by it primary (without secondary processing and conversion) to agricultural products for the period of its payback;

5) farm animals are animals, including fishes, reptiles and amphibians which are grown up and/or contain the person for production of foodstuff, by-products of animal origin (wool, skin, fur), and also for other agricultural needs;

6) standard insurance product - the procedures and conditions of insurance, including the document form and essential terms of the contract of insurance which cannot change established by the legislation and are obligatory for accomplishment of such agreement by the parties;

7) insurance product - the procedures and conditions of insurance, including the document form and essential terms of the contract of insurance which are obligatory for accomplishment of such agreement by the parties determined by the insurer;

8) the insurer - the agricultural producer who signed the insurance contract with the insurer.

2. Other terms in this Law are used in the values given in the laws of Ukraine "About insurance" and "About the state support of agricultural industry of Ukraine".

Article 2. Legal base of regulation of the relations of insurance of agricultural products with the state support

1. The relations in the field of insurance of agricultural products with the state support, are regulated by the Constitution of Ukraine, the Civil code of Ukraine, the Law of Ukraine "About insurance", the law on the Government budget of Ukraine for the corresponding year, this Law and regulatory legal acts adopted according to the specified acts.

Article 3. The principles of insurance of agricultural products with the state support

1. The basic principles of insurance of agricultural products with the state support are:

maintenance of stability of financial position and creditworthness of agricultural producers;

obligation of the conclusion of the insurance contract of agricultural products with the state support as conditions when providing to agricultural producers separate types of the state support and the grants determined by the Cabinet of Ministers of Ukraine;

equal availability to the state support of agricultural producers irrespective of their form of business;

ensuring compensation of damage caused to insurers as a result of approach of insured events in the amount of, procedure and on the conditions determined by this Law;

accomplishment of obligations of Ukraine in the field of international trade.

The Section II Subjects of insurance of agricultural products with the state support

Article 4. Subjects of insurance of agricultural products with the state support

1. Subjects of the relations of insurance of agricultural products with the state support are insurers, insurers, the central executive body which provides forming and implements the state agrarian policy, and the National Bank of Ukraine.

2. Insurers in insurance of agricultural products with the state support can be insurers who obtained the license for implementation of insurance of agricultural products and conform to requirements of the Law of Ukraine "About insurance" and to the additional requirements established by regulatory legal acts of the National Bank of Ukraine taking into account provisions of this Law.

3. The insurer shall:

adhere to the requirements established present By the law and the additional requirements established by regulatory legal acts of the National Bank of Ukraine to insurers who perform insurance of agricultural products with the state support;

in case of non-execution of the decision of National Bank on application of corrective action for violation of requirements of the legislation on insurance of agricultural products with the state support to return within 30 days from the date of receipt of the requirement of the central executive body which provides forming and implements the state agrarian policy, in the government budget part of insurance payments (insurance premiums) within the amount compensated in the form of the state support for the last 12 months preceding acceptance date of such decision of the National Bank of Ukraine.

4. Insurers who obtained the license for implementation of insurance of agricultural products have the right to perform insurance of agricultural products with the state support, observe requirements of the legislation and conform to requirements of regulatory legal acts of the National Bank of Ukraine.

5. Insurers who perform insurance of agricultural products with the state support shall keep the personified (individual) account of insurance contracts according to the procedure and according to the requirements established by regulatory legal acts of the National Bank of Ukraine.

6. Information on each prisoner extended or the stopped insurance contract, each case of payment of insurance indemnity or refusal in payment of insurance indemnity moves insurers in the central executive body which provides forming and implements the state agrarian policy, in the procedure established by it.

7. Agricultural producers can be insurers

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