The Main Directions of the Ukrainian Insurance Legislation Reform
Abstract
The main directions of the Ukrainian insurance legislation’s development are studied in the article. They are caused by the fact, that the Verkhovna Rada of Ukraine adopted the Draft Law of Ukraine "On Insurance" on March 16, 2016. The draft comprehensively regulates relations in the insurance sphere, namely the insurance, the reinsurance and the insurance intermediation activity. It is aimed to adapt the Ukrainian insurance legislation to the acquis communautaire.
The main novels have been provided by the draft "On Insurance", are include: an extended glossary of insurance terms; the determination of the insurance and reinsurance business subjects; the settlement of the reinsurance activity’s licensing as an exceptional type of the business activity; the differentiation of the insurance activity and the insurance transaction concepts. The insurance transactions and transactions directly connected to the insurance are belong to the insurance activity; the detailed regulation of the insurance and reinsurance contractual relations; the establishment of insurers self-regulatory organization and the mandatory participation in them.
The author has determined that the terms "insurer" and "reinsurer" are generalizing and mean: entities engaged in the insurance/ reinsurance activity; a side of the insurance/reinsurance contract, that provides insurance/reinsurance service.
It has been proposed to use the terms "the insurance company", "the reinsurance company", "the insurance company branch" to determine the legal status of the insurance and reinsurance business entities.
The author has proposed to delineate the representative, intermediary and the supporting insurance activities in the draft "On Іnsurance". The requirements for the minimum regulatory insurers (reinsurers) capital among the solvency requirements have been provided in the draft.
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