The draft law on insurance of war risks in Ukraine was agreed at the level of the NBU and the Government
On August 22, 2014, a meeting of the Council on Financial Stability was held, dedicated to systemic risks in the financial sector of Ukraine. The meeting was attended by the Chairman of the NBU and his first deputy, the Minister of Finance, the First Vice Prime Minister of Ukraine and other officials.
From the press release of the National Bank of Ukraine, the Internet resource of UkrStrahuvanny knows that the participants of the meeting supported the Draft Law on the creation of a fully functional war risk insurance system in Ukraine, the development of which is provided for in Clause 62 of the Memorandum on Economic and Financial Policy between Ukraine and the International Monetary Fund.
Previously, the draft law was agreed upon by representatives of the working group and elaborated by specialists of the World Bank. After discussion with representatives of the business community, the Draft Law will be submitted to the Verkhovna Rada of Ukraine for adoption as a Law.
“The project provides for the introduction of both mandatory insurance of certain objects and voluntary insurance. Standardized products will be developed by the State Agency for War Risk Insurance, created in the form of a joint-stock company, which is under the control of the Cabinet of Ministers through the Ministry of Economy,” the NBU press release states.