LAW OF UKRAINE

of December 20, 2016 No. 1792-VIII

About financial mechanisms of stimulation of export activities

This Law determines bases of the state support of export activities by insurance, reinsurance, providing, partial compensation of interest rate for export loans for the purpose of creation of conditions for implementation of large-scale expansion of commodity export (works, services) of the Ukrainian origin on the foreign markets, ensuring protection of the Ukrainian exporters against risks of non-payments and financial losses and increase in competitiveness of the Ukrainian producers in the world markets.

Article 1. Determination of terms

1. In this Law terms are used in such value:

1) the foreign buyer - the subject of managing - the nonresident performing purchase of goods (works, services) of the Ukrainian origin according to the external economic agreement (contract) signed with the Ukrainian exporter;

2) works, services of the Ukrainian origin - the works, services which are carried out and rendered by subjects of managing - residents of Ukraine;

3) goods of the Ukrainian origin - the goods which are completely made or subjected to sufficient conversion in Ukraine according to the criteria established by the Customs code of Ukraine;

4) the Ukrainian exporter - the subject of managing - the resident of Ukraine performing commodity export (works, services) of the Ukrainian origin.

2. The terms "responsible actuary", "reinsurance", "overcautious person", "insurer", "insurance", "insurance risk", "insured event", "insurance sum", "insurance payment", "insurance rate", "insurance premium" are used in this law in the values given in the Law of Ukraine "About insurance".

The terms "goodwill", "measures of early intervention", "essential participation", "head", "komplayens", "conflict of interest", "structure of property of the legal entity", "affiliate", "related person", "internal control system", "financial institution" are used in this Law in the values given in the Law of Ukraine "About financial services and finance companies".

3. Other terms which are used in this Law are applied in the values given in the legislation and international treaties of Ukraine.

Article 2. Export credit agency

1. For commodity export stimulation (works, services) of the Ukrainian origin the Cabinet of Ministers of Ukraine creates Export credit agency (further - EKA) which on voluntary and commercial basis performs insurance, reinsurance, provides guarantees under the agreements providing export development.

2. EKA is formed and performs the activities according to the Law of Ukraine "About joint-stock companies", to this Law, other legal acts, and also international treaties of Ukraine which consent to be bound is provided by the Verkhovna Rada of Ukraine.

EKA performs activities for insurance according to requirements of the Law of Ukraine "About insurance" taking into account the features established by this Law.

If the international treaty which consent to be bound is provided by the Verkhovna Rada of Ukraine determines other rules, than those that are provided by this Law, rules of the international treaty are applied.

3. EKA is formed in the form of joint-stock company and is the legal entity of private law performing activities on commercial basis. Founder and the shareholder of EKA who possesses at least 50 percent of the authorized capital plus one share (the minimum share of corporate laws of the state in the authorized capital of EKA) is the state on behalf of the Cabinet of Ministers of Ukraine.

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