On May 22 Ukraine's parliament passed in its first reading the law on insurance, ForUm correspondent reports. According to Party of Regions MP Vitaly Khomutynnik, head of the financial and banking parliamentary committee, the given document serves to improve the protection of consumers' rights in the sphere of insurance services.

"This sector requires changes and amendments due to Ukraine's membership in WTO and following the adjustment of the insurance legislation to the European norms. Then we need to improve the monitoring of insurance carriers and to strengthen control over the observance of required regulations on paying capacity and financial stability of insurance companies," the MP said.

In addition, the document is aimed at optimization of state control in the sphere of insurance mediation, at implementation of European standards of risk classification and at improvement of the licensing procedure for insurance carriers.

"It is also planned to raise the bar for the formation of core capital, to introduce international norms on corporate management and prudential regulation, to improve protection of insurance carriers, to develop long-term life insurance. The document follows the recommendations of the First Directive 73/239 of the European Council (on insurance)," Khomutynnik summed up.


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