The European Union will allocate 3.5 mln USD to improve Ukrainian insurance companies' performance, Cabinet’s press office reported.

According to Nataliya Hudyma, director of the League of Insurance Organisations, the EU-financed TACIS project will involve fifteen Ukrainian insurance companies. Hudyma was reluctant to name the thus selected insurance businesses.

In addition to the insurance companies, the EU will finance activities of the State Commission for regulating markets of financial services, Valeriy Aleshin, the Commission's chairman, disclosed.

As he said, the TACIS project's implementation will be coordinated by the State Commission and the League of Insurance Organisations.

The contest involved seventeen companies. Initially a dozen companies were selected, to which later two more companies were added.

The applicants were required to submit accounts about their financial performance for 2004 - 2005.


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