The National Commission for State Regulation of Financial Services Markets (National commission) supports the proposal of the League of Insurance Organizations of Ukraine

The National Commission for State Regulation of Financial Services Markets (National commission), reviewed the letters of the League of Insurance Organizations of Ukraine to the Cabinet of Ministers of Ukraine on the draft Medium term plan priorities for government action until 2020. Proposals submitted by LIOU supports National commission and considers appropriate – said in a letter of National commission to League of Insurance Organizations of Ukraine.

Offers of LIOU to the medium-priority actions of the Government for the period until 2020, were sent to the Cabinet of Ministers of Ukraine in late March and early April 2017, and discussed at the enlarged meeting of the Presidium of LIOU, held on April 5, 2017

Among the proposals of LIOU – reforming the insurance industry; elimination of double taxation in the insurance industry, to stimulate long-term types of personal insurance; improving regulation of compulsory insurance of civil liability of vehicle owners; reforms in transport activities, establishing liability of carriers; improving protection of tourists when traveling, approaching the level of insurance protection to the protection of tourists in countries belonging to the Schengen zone.

Also LIOU encourage the government to pay attention to the development of public policy on social protection taking into account the three pillars on which it is based: the accumulation of citizens, private insurance and social security; implementation obligation accounting “cost of living” when deciding on existing programs to invest in security, leading to the preservation of life and health of Ukrainian citizens and the introduction of the use of such methodology for calculating economic effects (saving the state budget) while making decisions on approval of these programs and others.

Separately, LIOU has allocated questions included in the Action Plan of the Government project CMU “On Approval of the Procedure and rules of obligatory aviation insurance of civil aviation.” In LIOU letter notes that according to art. 118 Air Code subjects such as aviation airports and organizations providing services to air navigation services, developers, manufacturers of civil aircraft and others are obliged to insure their liability for damage caused to third parties. However, the current CMU decision “On Approval of the Procedure and rules of obligatory aviation insurance of civil aviation» №1535 of 12 October 2002 has not yet been brought into conformity with the Air Code, although according to legal requirements it had to be held August 19, 2011 year.

League of Insurance Organizations of Ukraine notes that the existing discrepancy makes it impossible to properly perform control over the availability of insurance coverage aviation subjects that, given the considerable sums insured aircraft using international law in carrying out international carriage of passengers, cargo, can lead to significant unexpected losses, for example, if the aircraft incident will happen through the fault of the airport in the absence of its insurance liability to third parties.

LIOU recalls that a Decision draft of CMU “On Approval of the Procedure and rules of obligatory aviation insurance of civil aviation” accumulated together with representatives of the League of Insurance Organizations of Ukraine and insurance companies was released by State Aviation Administration of Ukraine on October 25, 2015. But now the project is still under consideration in the Cabinet of Ministers of Ukraine.