Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

The document ceased to be valid since  November 20, 2021 according to Item 1 of the Resolution of Board of the National Bank of Ukraine of  October 20, 2021 No. 106

It is registered

in the Ministry of Justice of Ukraine

October 11, 2012

No. 1714/22026

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

of October 9, 2012 No. 1671

About approval of Requirements concerning participation of insurance companies (insurers) in insurance of agricultural products with the state support

According to part seven of article 16 of the Law of Ukraine "About features of insurance of agricultural products with the state support", Item of 1 part one of article 28 of the Law of Ukraine "About financial services and state regulation of the markets of financial services", the subitem 7 of Item 3 of the Regulations on the National commission performing state regulation in the field of the markets of financial services, No. approved by the Presidential decree of Ukraine of November 23, 2011 1070, and for the purpose of enhancement of state regulation of activities for providing insurance services concerning insurance of agricultural products with the state support the National commission performing state regulation in the field of the markets of financial services, POSTANOVILA:

1. Approve Requirements concerning participation of insurance companies (insurers) in insurance of agricultural products with the state support which are applied.

2. To submit to department of insurance regulation and supervision together with legal department this order to the Ministry of Justice of Ukraine for the state registration.

3. This order becomes effective from the date of its official publication.

4. To provide to the sector of public relations and the protocol promulgation of this order after its state registration.

5. Control over the implementation of this order to assign to the member Natskomfinuslug Levchenko V. P.

 

Commission chairman

A. Stasevsky

Approved by the Order of the National commission performing state regulation in the field of the markets of financial services of Ukraine of October 9, 2012 No. 1671, the Order of the Ministry of Agricultural Policy and Food of Ukraine of October 9, 2012 No. 611

Requirements concerning participation of insurance companies (insurers) in insurance of agricultural products with the state support

1. These Requirements are developed according to part seven of article 16 of the Law of Ukraine "About features of insurance of agricultural products with the state support" (further - the Law).

2. In these Requirements terms are used in the value given in the Laws of Ukraine "About insurance" and "About features of insurance of agricultural products with the state support".

3. The insurance company (insurer) can perform insurance of agricultural products with the state support if:

3.1. Has experience of implementation of property insurance within two last years.

3.2. Has experience of transfer of all or part of agricultural risks independently or through other insurers, insurance and/or reinsurance brokers in reinsurance to insurers (overcautious persons) - nonresidents.

3.3. Has qualified personnel, namely:

at least two specialists (in the state or attracted on contractual conditions) with the higher education in the field of agricultural industry or with work experience in the field of production or insurance of agricultural products at least three years;

at least five specialists (in the state or attracted on contractual conditions) with the higher education in the field of agricultural industry for carrying out surveys of objects of insurance before the conclusion of the insurance contract of agricultural products with the state support and surveys of objects of insurance for settlement of losses under such agreements.

3.4. Net assets value of insurance company (insurer) after the termination of the second and each following financial year from the date of entering of information on this financial institution into the State register of financial institutions shall be at least, than the size of the registered authorized capital of this financial institution, and it shall be confirmed with audit opinion as of the last reporting date preceding acquisition of membership in the Agrarian insurance pool.

3.5. Provides possibility of the insurer to inform insurance company (insurer) on events which have signs of insured event, and to obtain primary information concerning procedure for settlement of losses.

3.6. Provides implementation of function on settlement of events which have signs of insured events, according to insurance contracts of agricultural products with the state support in all territory of operation of such agreements.

For accomplishment of obligations according to this Item the insurance company (insurer) has the right to attract other persons on condition of the conclusion with them the relevant agreements.

3.7. On the last reporting date preceding acquisition of membership in the Agrarian insurance pool, the insurance company (insurer) shall have exceeding of the actual inventory of solvency (net assets) over settlement normative inventory of solvency for 25 percent at least and for 1 million euros at least on the official rate of hryvnia to the foreign currencies established by the National Bank of Ukraine.

3.8. For date of filing of application about acquisition of membership in the Agrarian insurance pool the insurance company (insurer) has no outstanding actions of influence that is confirmed by the relevant information of Natskomfinuslug.

4. Control of observance of these Requirements in case of insurance of agricultural products is exercised by Natskomfinuslug and the central executive body providing forming and realizing the state agrarian policy according to the current legislation.

 

Director of the department of insurance regulation and supervision of Natskomfinuslug

I. G. Baryshev

Director of the department of financial credit policy Minagropolitiki of Ukraine

B.R.Akhidzhanov

 

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.