The Bill (Reg. No.4254) enhances legislation in the field of insurance
activity regulation, secures transparency and stability of insurance market in
the period of financial crisis.
Pursuant to the Bill, the authorities of the authorized body in charge of reservation are extended, as it assumes certain authorities of the Cabinet of Minister concerning the right to alter the list of insurance reserves and the procedure of their calculation.
The Committee members expressed certain remarks concerning the Bill. Thus, according to the People´s Deputies, it is necessary to draft and coordinate with the National Bank the regulations of the Bill appertaining to the establishment of the Insurance Payments Guarantee Fund as the constituent of the National Bank of Ukraine system, and introduction of the mechanism of refinancing of commercial banks to pay off the debts before the insurers.