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Insurance market has passed a boundary

11 April 2008
Written by: admin Posted under General Insurance

Foreign brokers can work without representations
Yesterday the parliament has resolved insurance and reinsurance brokers-non-residents to render services, not opening representation in Ukraine, and only in writing notifying about the plans. Experts consider that new rules will considerably simplify work to the foreign companies and will allow Ukrainian insurers to enter easier international markets owing to overflowing of the capital requirements’ facilitation.
Yesterday within the limits of ratification of the contract on Ukraine’s access to the WTO, the Supreme Rada has brought changes to the law On insurance with the help of which it has simplified terms of national and foreign insurance brokers activity in Ukraine. In particular, the norm that brokers-non-residents can render services only through permanent missions in Ukraine, which should be registered as tax bearers and that they should be included into the state registry insurance or reinsurance  brokers, has been cancelled. Foreigners have acquired the right to carry out in territory of Ukraine the activity regarding insurance of the risks connected with sea transportations, commercial aircraft, start of space rockets and the freight (including satellites) right after Ukraine will join WTO.
Thus the Ukrainian players mark that all large risks have been already reinsured abroad and, consequently, struggle for this market will carry out between foreign brokers.


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