With the introduction of the law “On insurance” people’s trust in insurance companies will restore – Oleh Lavryk

Introduction of the law “On insurance” (1797-1), which was adopted by the Verkhovna Rada as a basis on March 31, will help restore the trust of citizens and will encourage them to use the services of insurance companies. This was stated by MP from the “Samopomich” Union faction, deputy chairman of the Financial Policy and Banking Committee, Oleh Lavryk.

“One of the greatest achievements of yesterday is consideration of the draft law “On insurance”. At present this is a painful problem for everybody. A number of unscrupulous insurance companies have discredited the entire industry – 50% of insurance companies make 99% of all insurance payments, while the other 50% pay just 1%. The industry lives up to the outdated legislation of 1996,” said the MP.

“I think that with the implementation of this law people’s trust in insurance as a guarantee of stability will be restored. This is a step towards integration of the Ukrainian financial sector into the global capital markets, towards ensuring the development of its infrastructure and bringing regulation of the financial sector in line with European practices,” he added.

In addition, the Parliament reviewed and passed in the first reading a number of other important bills in the field of fiscal policy and banking activity; in particular these are the draft laws “On regulated markets and derivatives” (№3498, 3516, 3500, 3499), “On financial restructuring” ( № 3555), “On improvement of financial services consumers’ rights protection» (№ 2456-d).

In the near future we will continue to work on their refinement for them to be adopted as a whole. At the same time, we can already speak about significant positive developments in protection of the rights of financial services consumers, and in the introduction of a mechanism of voluntary financial restructuring of the debts of Ukrainian enterprises and restoration of their paying capacity, which will save a number of companies from bankruptcy.

Oleh Lavryk
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