On June 17, 2021, the Verkhovna Rada of Ukraine passed in the first reading the Draft Law #5315 “On Insurance” dated March 29, 2021 (Draft Law).
The Draft Law aims to update the general legal framework of insurance activities and determine authority of the National Bank of Ukraine in conducting planned measures to control the insurance activity in line with best international practices, which will ensure an efficient insurance market and adequate customer protection.
Therefore, the American Chamber of Commerce in Ukraine welcomes passing Draft Law #5315 in the first reading and supports its further adoption if proposals from the business community are taken into account. Comments and proposals of AmCham member companies’ experts are aimed at correcting a number of shortcomings regarding the definitions and concepts used, which complicate practical application of the Draft Law, as well as eliminating the discrepancies between the provisions of the Draft Law.
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