Mandatory insurance of mortgaged property and residential construction objects will be introduced in Ukraine
At the end of September, the Ministry of Economy and the National Bank presented the preliminary version of the draft law on the introduction of mandatory insurance of mortgaged property and residential construction objects.
Compulsory insurance will be subject to the property pledged as a pledge and residential buildings. But the general list of objects is still being formed and will be expanded later. The nationwide system will be financed by mandatory insurance payments and financial assistance from donors.
The main goal of the draft law is to create a single database to protect new buildings from military risks caused by war and to attract international reinsurers to the market.
Oleksiy Sobolev, First Deputy Minister of Economy of Ukraine, noted that they are currently planning to create a State Insurance Agency, which will determine a common policy of risk assessment and acceptance for system participants, develop standardized products, and determine centralized approaches to pricing.
They want to submit the draft law to the specialized committee of the Verkhovna Rada by the end of December 2024, taking into account the comments of the business community and representatives of the insurance market.