Compulsory Insurance:
The following kinds of obligatory insurance are carried out in Ukraine:
1. Medical insurance;
2. Personal insurance of medical and pharmaceutical employees (except those who work in organizations and agencies funded from the State budget of Ukraine) in the case of contraction of the HIV in the line of professional duty;
3. Personal insurance of employees of agency (except those that work in the agencies and organizations funded from the State budget of Ukraine) and rural fire fighting services and members of voluntary fire fighting teams;
4. Insurance of sportsmen of higher categories;
5. Insurance of life and health of specialists of veterinary medicine;
6. Personal insurance against transport accidents;
7. Aviation insurance of civil aviation;
8. Insurance of responsibility of a maritime carrier and performer of works relating to servicing maritime transports, with respect to compensation for damages to passengers, luggage, mail, shipment, other users of maritime transport and to the third persons;
9. Civil liability insurance of transport vehicle owners;
10. Insurance of means of water transport;
11. Insurance of agricultural and perennial crops by the state agricultural enterprises, grain and sugar beet crops by agricultural enterprises of any ownership form;
12. Civil liability insurance of an operator of a nuclear facility for damage that may be caused as a result of a nuclear accident
13. Insurance of employees (except those that work in the agencies and organizations funded from the State budget of Ukraine) that take part in provision of psychiatric assistance, or take of persons who suffer mental disorders;
14. Civil liability insurance of business persons for damages that may be caused by fires and accidents at high-risk facilities, including fire and explosive facilities, the business activity at which may lead to accidents of ecological and sanitary – epidemiological nature;
15. Civil liability insurance of an investor, including for damage caused to environment, health, on the basis of the produce distribution agreement, unless otherwise is provided by this agreement;
17. Financial liability insurance, life and health insurance of a temporary administrator and liquidator of a financial entity;
18. Insurance of property risks in the case of development of oil and natural gas deposits in cases specified by Law of Ukraine "On oil and natural gas";
19. Insurance of medical and other employees of state and communal medical establishments and state scientific institutions (except those working in agencies and organizations funded from the State budget of Ukraine) against contraction of infectious diseases in connection with their performing professional duties in conditions of high risk of contraction of contagious diseases;
20. Liability insurance of the exporter and a person who is responsible for utilization (removing) of dangerous waste, to indemnify for damage that may be caused to human health, property and environment at the time of cross-border movement and utilization (removing) of dangerous waste;
21. Insurance of personnel of nuclear facilities, sources of ionizing radiation, and also state inspectors overseeing nuclear and radiation safety directly at nuclear facilities against the risks of ionizing radiation at the expense of money of licensees;
22. Insurance of objects of cosmic activity (ground infrastructure), the list of which is to be approved by the Cabinet of Ministers of Ukraine on the basis of the proposal of the National Space Agency of Ukraine;
23. Civil liability insurance of subjects of space activity;
24. Insurance of objects of space activity (space infrastructure), which are property of Ukraine, against risks relating to the preparation to space craft launches from launching sites, launches and exploitation of such craft in the cosmic space;
25. Liability insurance against risks, relating to the preparation to space craft launches from launching sites, launches and exploitation of such craft in the cosmic space;
26. Liability insurance of subjects of transportation of hazardous cargoes against the case of negative effects that occur during the transportation of hazardous cargos;
27. Insurance of professional liability of persons, whose activities may cause damage to the third persons, in accordance with the list established by the Cabinet of Ministers of Ukraine;
28. Liability insurance of owners of dogs (in accordance with the list of breeds specified by the Cabinet of Ministers of Ukraine) with respect to damage that may be caused to the third persons;
29. Civil responsibility insurance of citizens of Ukraine who own or otherwise lawfully possess weapon, for damage that may be caused to the third person or the third person’s property as a result of possessing, storing or using this weapon;
30. Insurance of animals against death, destruction, forced slaughter, from illnesses, natural disasters in cases and in accordance with the list of animals established by the Cabinet of Ministers of Ukraine;
31. Liability insurance of subjects of travel activities against damage caused to life or health of a tourist of his property;
32. Liability insurance of a sea vessel owner;
33. Insurance of electric power lines and electricity transforming equipment against damages due to natural disasters or technological catastrophes and against unlawful actions of the third persons.
34. Insurance of liability of producers (suppliers) of products of animal origin, veterinary preparations, and substances for damages caused to third parties.
35. Insurance of a subject of mortgage from risks of accidental destruction, accidental damage or spoilage;
35-1) Insurance of financial responsibility of a manager of property for losses while managing this property;
36. Insurance from risks of damage or destruction of real estate obtained as a result of managing property;
37. Insurance of financial risks of non-obtaining, untimely obtaining and incomplete obtaining payments under agreements on mortgage credits and payments under mortgage certificates;
38. Insurance of construction and assembling works by the developer according to the Law of Ukraine “On Financial-Credit Mechanisms and Property Management in Housing Construction and Transactions with Real Estate”;
39. Insurance of responsibility of the developer to the third parties according to the Law of Ukraine “On Financial-Credit Mechanisms and Property Management in Housing Construction and Transactions with Real Estate”;
40. Insurance of property transferred into concession;
41. Insurance of civil responsibility of business entities for damages, which may be inflicted upon the environment or health of people during storage and application of pesticides and agricultural chemicals.
To carry out an obligatory insurance the Cabinet of Ministers of Ukraine shall establish the procedure and rules for carrying out such activities, forms of model agreements, special terms of obligatory insurance licensing, amounts of insurance payments and maximum amounts of insurance tariffs or the methodology of actuary computations. At the present time The Cabinet of Ministries of Ukraine established procedure and rules only for
Non-Admitted Insurance:
1) Life insurance;
2) Accident insurance;
3) Medical insurance (continuous health insurance);
4) Health insurance in the case of sickness;
5) Railroad transport insurance;
6) Insurance of ground transportation (except railroad);
7) Air transport insurance;
8) Insurance of water transport (in-country marine and other kinds of water transport);
9) Shipment and cargo insurance;
10) Fire and natural disaster risk insurance;
11) Insurance of property (other than specified in items 5 - 9 of this Article);
12) Civil liability insurance of owners of ground transport (including responsibility of carriers);
13) Liability insurance of owners of air transport (including responsibility of carriers);
14) Liability insurance of owners of water transport (including responsibility of carriers);
15) Liability insurance to third persons (other than specified in items 12 - 14 of this Article);
16) Insurance of credits (including the responsibility of the borrower for failure to return the credit);
17) Insurance of investments;
18) Insurance of financial risks;
19) Insurance of court expenses;
20) Insurance of given guarantees and received guarantees;
21) Insurance of medical guarantees;
22) Other kinds of voluntary insurance.
Policy Wordings & Rates / Tariffs Controlled:
Insurance tariffs in the case of a voluntary form of insurance are to be computed by the insurer - actuary (mathematically) on the basis of respective statistics of insurance event occurrences, and in the case of life insurance agreements – also with taking into account the amount of the investment income, which must be specified in the insurance agreement. A specific level of insurance tariffs is to be specified in an insurance agreement by mutual agreement of the parties.
Policy Language:
Ukrainian language is obligatory, another one due to policy conditions
Types of Insurance Restricted to Government Institutions:
Policy Currency:
For Insured-resident – national currency UAH (Ukrainian hrivna)
For non-resident - in a foreign freely convertible currency or in UAHs.
Currency Restrictions / Exchange Controls:
Premiums for local companies must be paid in local currency. Premiums for non-residents must be paid in hard currency.
Policy Period:
Due to policy conditions
Cancellation Provisions:
To be prepared
Premium Taxes, etc. paid by Insured:
To be prepared
Insurance Companies:
All Insurers must be licensed. All companies have to be registered as resident even with 100% foreign ownership.
Brokers:
Intermediary activity of insurance and reinsurance of brokers in insurance and reinsurance is carried out as an exclusive kind of activity and may include consulting, expert-information services, work relating to preparation, execution and implementation (follow-up) of agreements on insurance (reinsurance), including with respect to regulating losses in the part of receipt and transfer of insurance payments, insurance disbursements and insurance indemnification in accordance with the agreement with the insurer or reinsurer, respectively, other intermediary services in insurance and reinsurance in accordance with the list specified by the Authorized body.
Insurance brokers - legal persons or citizens, which are registered in accordance with the established procedures as subjects of entrepreneurial activities and carry out for a compensation an intermediary activity in insuring in one’s own name on the basis of the broker agreement with the person who has a need in insurance as an insured. Insurance brokers - citizens, who are registered in accordance with the established procedure as subjects of entrepreneurial activities, may not receive and reinsure insurance payments, insurance disbursements and insurance indemnification s.
Reinsurance brokers – legal persons, which carry out for compensation an intermediary activity in insuring in one’s own name on the basis of the broker agreement with the insurer which has the need in the reinsurance as an reinsurer.
There shall be allowed to perform the activities of insurance and reinsurance broker by one legal person on condition that this person meets the requirements concerning insurance and reinsurance broker activities.
Brokerage Commissions:
No more than loading (which mentioned in Policy conditions)
Broker of Record Letters:
Reinsurance:
No restriction for resident and non
Local Natural Hazards:
None
Property Insurance
Fire:
Standard fire perils include - fire, lightning, aircraft, explosion, earthquake, flood, storm / tempest, burst water pipe, vehicle impact, weight of snow / avalanche are available in the market.
All Risk:
Available but not common for indigenous risks.
Coinsurance:
Available.
Blanket Insurance:
Available.
Business Interruption:
Replacement Cost:
Available.
Discount for fire protection equipment / systems: Available.
Boiler & Machinery / Machinery Breakdown / Engineering
Wordings:
Local policy wordings.
General / Public Liability
Available Wordings:
Comments:
Either occurrence or claims made forms are available.
Automobile / Motor
Compulsory Limit Unlimited. Each vehicle must be insured separately.
Comments:
Coverage applies to the Insured and any licensed individual driving with the Insured’s permission. Passengers are deemed to be Third Parties. Automobile Physical Damage is written as a separate policy.
Workers’ Compensation
Comments:
The Government Social Security Scheme provides for Pensions, Disability and Medical benefits. Participation is compulsory and the cost is paid by employers and employees. There is not coverage for workers abroad. Medical Expenses and Occupational Disease benefits are included. Employees are allowed to sue.
Marine
Forms Available:
Local forms adapted from various Marine market wordings.
Crime
Available Coverages: