The Cabinet of Ministers approved changes to agricultural insurance with state support and new requirements for insurers
The Cabinet of Ministers of Ukraine has approved changes to the Procedure for providing state support for insurance of agricultural products in order to bring it into line with the norms of the law of Ukraine “On the peculiarities of insurance of agricultural products with state support”, said People’s Deputy, representative of the CMU in the Verkhovna Rada of Ukraine Taras Melnychuk.
The adopted changes updated the approach to the licensing of insurers, in particular, it is stipulated that in order to insure agricultural products, they must have licenses to carry out insurance activities under insurance classes 8 and 9.
Norms regarding the liability of the insurer for failure to comply with the decision of the National Bank of Ukraine on influence measures for violation of the requirements of legislation in the field of insurance of agricultural products have also been removed.
The rules regarding the submission of information by insurers to the Ministry of Agrarian Policy regarding the insurance of agricultural products with state support, namely in paper or electronic form, etc., have been clarified.