Herewith we would like to inform you on the latest legislative developments within the agricultural sector: Draft Law “On Insurance in Agriculture” On November 9 the Ministry of Agrarian Policy made public the Draft Law “On Insurance in Agriculture”. The main objective of the Draft Law is to create insurance system in agriculture, as well as to promote playing level field within the agro insurance market. The Draft Law sets forth definitions for agricultural insurance, its objects and forms. According to the Document, the agricultural insurance is to be conducted on a voluntary basis. It is also proposed to establish a State Agency on Agricultural Risk Management that will work out methodic for insurance tariffs accounting, programs of agricultural crops insurance, and proposals on improvement of insurance subsidies, standard rules and agreements on insurance. Furthermore it is envisaged to establish Fund of Agricultural Risk Insurance (nonblank financial institution). The Fund will be subordinated to the central authority of executive power. Resources of the Fund will be used for:
- Financial aid to agricultural companies of mutual insurance for insurance reserves formation;
- Financial aid for insurance compensation to insurance companies for damage coverage due to catastrophes;
- Preventive activities.
Please click here to find more details on the Draft Law ( UKR )minagro.gov.ua