Verkhovna Rada Committee for Financial Policy and Banking Activity recommends Ukrainian Parliament adopt as a basis draft law "On insurance"

Information Department of the Verkhovna Rada of Ukraine Secretariat
20 May 2015, 10:09

The Verkhovna Rada Committee for Financial Policy and Banking Activity has recommended that the Ukrainian Parliament adopt as a basis the draft law "On insurance."

Presenting the draft law No. 1797-1 at the committee meeting on May 19, Head of the Committee Serhii Rybalka noted: "In order to create civilized market of insurance we have to adopt new law on insurance. It should raise the level of protection of rights of insurance services' consumers. The law must ensure monitoring of activity of insurance companies via the enhancement of control over the observance of requirements to aspects of consolidation of paying capacity and financial strength."

Committee members noted that today the insurance market is facing lots of problems and the effective law does not regulate them.