The bill amends the applicable Law to facilitate participation of the national insurers in the international insurance relations. Thus,
it uplifts the restrictions concerning compulsory reinsurance only in the WTO
member countries.
The bill (Reg. No. 6102-дп) supplements clause 2 with a provision, whereby "in case of reinsurance, the condition on the WTO membership of the state, where the insured person - non-resident is registered, shall not be applied." The insured person - non-resident can not be registered in the country enlisted as the offshore area in the domestic law of Ukraine.
The Committee members believe that enhancement of the legal framework will facilitate integration of the Ukrainian insurance market into the global one, and foster development of the insurance market in Ukraine.