February 14 – 17, 2018.

Yaremche city                                                       February 16, 2018

Discussion of the actual problems and prospects of the insurance market took place on February 14-17, 2018 in the framework of the XIV INTERNATIONAL CARPATHIAN INSURANCE CONFERENCE with the participation of representatives of state authorities, insurance companies, reinsurers, brokers, investment and legal companies, experts in the field of economics and finance, domestic and international experts, the media.

Conference participants,taking into account the impact of the current macroeconomic situation on the formation of conditions for conducting insurance business and the competitiveness of the national economy,understanding the complexity of tasks that require endurance and clear coordination, further interaction with public authorities, strengthening ties with the insurance market and the public,in order to provide reliable and effective insurance protection to consumers of insurance services, increase the investment attractiveness and competitiveness of the Ukrainian insurance market and integrate it into international insurance and reinsurance systems,set the following tasks:

  1. Combining efforts to represent the interests of the insurance business, consolidating the possibilities of associations of insurers to achieve effective results in lobbying the interests of participants in the insurance market.
  2. Continuation of development and adoption of draft regulatory acts for implementation of the planned reforms reflected in the Integrated Financial Sector Development Program of Ukraine until 2020.
  3. Fixing an effective consumer rights protection system, establishing reliable mechanisms for ensuring the safety of investors and policyholders, increasing financial literacy of the population.
  4. Assistance in adoption of key bills in the field of insurance, in particular:

1) in the second reading of the draft Law of Ukraine “On Insurance” (Reg. No. 1797-1 dated 06.02.2015, new edition);

2) the draft Law of Ukraine “On Compulsory Insurance of Civil Liability of Owners of Land Vehicles” (Reg. No. 3670-d of 13.02.2018, revised);

3) the draft Law of Ukraine “On Compulsory Social Health Insurance in Ukraine” (Reg. No. 4981 dated July 14, 2016);

4) in the first reading of the draft Law “On State Support for Agricultural Insurance” (Reg. No. 6355-1 dated 26.04.2017) and the development of proposals to strengthen the role of insurers for the adoption of the bill in the second reading;

5) the draft Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine on Improving the Protection of the Rights of Consumers of Financial Services” (Reg. No. 2456-d dated 29.12.2015);

6) the draft Law of Ukraine “On Amendments to Some Laws of Ukraine on Compulsory Insurance of the Carrier’s Liability for Damage Caused to Life, Health of Passengers and Third Parties” (Reg. No. 4642-d dated 07/06/2017).

  1. Development of proposals for amendments to the following normative legal acts:

1) the laws of Ukraine “On tourism” and “On the procedure for departure from Ukraine and entry into Ukraine of citizens of Ukraine” in terms of increasing the guarantees and security of traveling citizens of Ukraine;

2) the draft Law of Ukraine “On Amending Certain Legislative Acts of Ukraine in the Field of Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Terrorist Financing and Financing the Proliferation of Weapons of Mass Destruction”;

3) Decree of the Cabinet of Ministers of Ukraine dated 07.12.2016 № 913 “On approval of Licensing conditions for the conduct of economic activities for the provision of financial services (except for professional activities in the securities market)”;

4) the Law of Ukraine “On Financial Services and State Regulation of Financial Services Markets” with regard to strengthening (developing) the institutional capacity of the regulator taking into account the standards at the level, adopted in the EU member states and the procedures for operating on the world standards;

5) the draft Law of Ukraine “On Currency”, in particular, with regard to the abolition of obligatory sale of currency for insurers and the introduction of the formation of foreign exchange insurance reserves under insurance contracts, according to which the insured amount is set in the currency equivalent;

6) of the Tax Code of Ukraine and the Resolution of the Cabinet of Ministers of Ukraine of 22.12.2010 No. 1170 “On Approval of the List of Types of Payments Performed at the Expense of Employers’ Funds for which the Single Contribution to the Mandatory State Social Insurance is not charged” with respect to the release of payments under corporate agreements life insurance and voluntary health insurance against the payment of social security benefits and the creation of a stimulating holistic taxation system for these types of insurance.

  1. Promotion of the life insurance market development, in particular by creating a system for guaranteeing payments under life insurance contracts.
  2. Support the introduction of the second (accumulation) level of the system of compulsory state pension insurance.
  3. Working out proposals for establishing a procedure for the transfer of an insurance portfolio (changes to the insurer) and simplifying procedures for the reorganization and capitalization of insurers in order to provide a stability of the insurance market and increase the level of protection of the rights of consumers of insurance services.
  4. Promotion of the development of information technologies and enhancement of cyber security in the field of insurance business.
  5. Development of a draft model agreement on insurance of civil liability of a subject of audit activity to third parties provided for by the Law of Ukraine of 21.12.2017 №2258-VIII “On Auditing of Financial Reporting and Auditing Activities”.
  6. Informing the international community about the achievements of the Ukrainian insurance market in order to attract foreign investment.
  7. Emphasizing that an important condition for the successful development of the insurance market is the exchange of world experience and its application to national insurance markets, to continue the tradition and to hold the XV INTERNATIONAL CARPATHIAN INSURANCE CONFERENCE on February 13-16, 2019.