Freedom of choice
Freedom of choice

In Ukraine will appear the Fund of guaranteeing insurance payments


The Verkhovna Rada of Ukraine plans to create a Fund to guarantee insurance payments under contracts of life insurance. In the first reading for the bill of 348 people's deputies registered in the session hall, voted 247.

Establishment of the Fund is planned in the legal form of a specialized Agency, which will oversee and perform functions in the sphere of guaranteeing of insurance payments.

Fund is a non-profit, self-sustaining institution.

The bill provides that the role of Fund management will be the Executive management and administrative Council. The composition of the administrative Council of the Fund is expected in the amount of 6 people.

In the participants Fund may enter insurers that have received a license for life insurance. The formation of the Fund's assets will be carried out through the introductory, regular and special contributions from its members, the penalties charged to participants of the Fund for late payment or non-payment of current payments, etc. the entrance fee is projected to reach 20 thousand.

It is expected that the introduction of a system of insurance payments under contracts of life insurance will not require additional financial and material inputs from the state budget.

The Fund will be able to request the loan from the state budget to ensure the formation of state budget policy of the Central authority, if you own of the Fund's assets will not be sufficient to make payments under the bill.

Category: Insurance
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Date of publication: 22.10.2013

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