Ліга страхових організацій України

                             RESOLUTION

                         XVI International Financial Forum of

                              Insurance market participants

Odessa city                                                                        September 16, 2016

The main objectives of the XVI International Financial Forum is the development of integration processes in the international financial services market, consolidation of the financial sector, dissemination of successful experiences and achievements of modern management, exchange new ideas and experience to best meet the needs of customers of insurers and protect their interests, business meetings of insurers and partnerships.

Summarizing the Forum, which was attended by 160 representatives from 15 countries, observed the relevance of topics presented by speakers and moderators (only 45 in nine conferences, round tables and discussions), active participants in the discussion topics of Financial Forum.

Our society is constantly faced with potential technological, demographic and climatic changes. And despite changes that may be in future, insurers should be able to continue to provide insurance services, securities to the citizens, the public and provide insurance products that help customers maintain a safe and prosperous life.

Of course, for development insurance business in Ukraine, protection and savings customers of insurers in the future, we need a regulatory framework that properly reflects the current business model of the insurance market and take into account its impact on consumers, corporate sector, and indicating a real partnership insurance business and government in making important and correct decisions for the insurance market.

So,

considering the current state of reforms in the financial sector, the impact of current macro-economic and military-political situation in the formation of the business environment and competitiveness of the national economy, understanding the complexity of the problems during the crisis, requiring endurance and precise coordination, capitalization insurance market, ensuring high standards of insurance services, further cooperation with the government, strengthening ties with the market and the public, to improve the investment attractiveness and competitiveness of the domestic insurance market of Ukraine and its integration into the international system of insurance and reinsurance

The participants of the Forum set the following objectives:

1. Combine efforts to represent the interests of insurance business consolidation capabilities associations of insurers to achieve effective results in lobbying the interests of the insurance market.
2. Continued development and adoption of the regulations, the implementation of planned reforms reflected in the Comprehensive program of financial sector in Ukraine until 2020, including those aimed at improving state regulation of the insurance sector.
3. Promoting the further development of the life insurance and pensions as one of the effective mechanisms of accumulation funds and further investments to the economy of Ukraine.
4. Addressing issues concerning the taxation of insurance industry, solutions of which are offered in the registered in December 2015 bill № 3668 “On Amendments to the Tax Code of Ukraine on taxation and income-related insurance”, in particular, which provides for the elimination of double taxation, block proposals for the taxation of life insurance, including tax incentives for long-term personal types of insurance, improving the terms on private pensions, health insurance, tax issues reinsurance, activity of Nuclear insurance pool.
5. The search for effective and successful areas of investment funds and insurers to regulatory consolidation, ensuring the implementation of the Cabinet of Ministers of Ukraine on areas of investment insurers in Ukraine’s economy.
6. Promoting the Law of Ukraine “On insurance”, “On Financial Services and State Regulation of Financial Markets” in new editions.
7. Promoting information technology in the field of insurance business.

8. Introduction of high standard motor insurance, quality requirements, types and structure of assets of insurers, reducing the terms of payment of insurance compensation, bringing the protection of victims of road accidents to the EU legislation by gradually increasing insurance premiums, a rationalization of damages caused to victims, provision contained in the bill № 3670 “On compulsory insurance of civil liability of vehicle owners” (new edition).
9. Implementation of the law on strengthening institutional capacity and logistics of National commission on financial services markets regulation in preparing the draft Law of Ukraine “On amendments to some legislative acts of Ukraine to consolidate the functions of the state regulation of financial markets” on 20/07/2015 №2413a for consideration in Parliament of Ukraine in the second reading and the initiative to transfer the functions of insurance supervision to the NBU considered inappropriate, untimely and such that at this stage can lead to more negative consequences.
10. Implementation of effective supervisory procedures, improvement of systems analysis and remote monitoring of adherence to prudential regulations and rules of insurance services, ensure transparency and impartiality of decisions on enforcement for violations of the applicable rules and regulations.
11. Consolidation of an effective system of consumer protection, formation of robust security mechanisms of investors and citizens, increase financial literacy, is enshrined in the draft law “On amendments to some legislative acts of Ukraine concerning improvement of protection of consumers of financial services” №2456-d registered 29.12.2015
12. Developing and adopting the Commission and the National Bank of amendments to the Regulations on the use of foreign currency in the insurance activity, approved by the National Bank of Ukraine № 135.
13. Promote the development and implementation of voluntary compulsory health insurance, in particular by supporting the draft Law № 4981 from 14.07.2016 “On compulsory medical insurance in Ukraine.” Organization of measures for its promotion and refinement in the committees of the Verkhovna Rada of Ukraine.
14. Settlement features and the introduction of deadlines in law for insurance risks associated with injury to life and health of citizens in the area ATO.
15. Promotion of agricultural insurance by adopting the draft law “On peculiarities of the agricultural risk insurance” in the new edition.
16. Create at National commission on financial services markets regulation working group on amendments to the legislation on travel insurance with representatives of tourist business, insurance and assistance company to improve the security and protection of travelers citizens of Ukraine to other countries than the countries of the Schengen area, which currently are legally more secure.
17. Support for the decision of the Cabinet of Ministers of Ukraine of compulsory insurance of civil aircraft, developed pursuant to the Air Code and international instruments, obligations to which Ukraine accepted.
18. Implementation of the EU directive on the regulation of insurance mediation.
19. Informing the public about the achievements of the international insurance market in Ukraine to attract foreign investment through english-language publications.
20. Emphasizing that important to the successful development of the insurance market is the exchange of international experience and its application to the national insurance markets, to continue the tradition and carry XVII International Financial Forum, 13-16 September 2017.