Law of Ukraine
Date of Entry into Force:
April 11, 1996
According to the Law of Ukraine N 2745-III of October 4, 2001 this Law was stated in new wording which came into force on November 7, 2001.
This Law regulates relationships in the area of insurance in Ukraine. The power of this Law does not extend to state social insurance.
According to the Law insurance is a kind of civil and legal relationships related to protection of property interests of individuals and legal entities once insurance cases occur, envisaged by insurance agreements, at the account of monetary funds, formed by means of conducting insurance payments by individuals and legal entities (insurance fees and premiums).
Insurers are financial institutions, established in the form of joint stock company, limited liability company, full liability company or differentiated liability company, taking into account peculiarities, envisaged this Law. Insurance activity in Ukraine is performed exclusively by insurers - residents of Ukraine that obtained the corresponding license.
The insured are legal entities and capable individuals that entered into insurance agreements with insurers.
Objects of insurance can be property interests related to:
- life, health, capability and additional pension of the insured (personal insurance);
- possession, use and management of property (property insurance);
- compensation by the insured for the damage caused to an individual or his property, as well as the damage caused to a legal entity (liability insurance).
Insurance can be voluntary or obligatory. Voluntary insurance is performed on the basis of agreement between the insured and the insurer. Obligatory insurance is established by laws of Ukraine. The list of types of obligatory insurance is stated in article 7 of the Law.
The Law also determines peculiarities of making insurance agreements (Chapter II), and terms of ensuring insurers' solvency (Chapter III).
State supervision over insurance activity within the territory of Ukraine is exercised by the authorized body and its bodies in regions. Peculiarities of state supervision over insurance activity in Ukraine are determined in Chapter IV of the Law.