The Bill (Reg. No.2014) introduces amendments to the Law "On Amendments to the Law "On Insurance", which becomes effective on Ukraine´s accession to the WTO, appertaining to the procedure of registration of insurance and reinsurance brokers non-residents.
The Bill abolishes the requirement set for the standing representations of insurance and reinsurance brokers non-residents concerning obligatory provision of services through such representations in Ukraine. However, insurance and reinsurance brokers non-residents are to inform the authorized body of their intention to perform activity at the territory of Ukraine. The said regulation considerably alleviates the process of entry of insurance and\or reinsurance brokers- non-residents to the Ukrainian insurance market. Moreover, it " liberalizes national legislation by creating equal terms of market access for Ukrainian and foreign brokers".