April 8, 2024

Mandatory registration of insurance contracts has been introduced

On 01.03.2024 the Presidential Decree “On comprehensive measures for further development of the insurance services market” was adopted.

According to the document, from 1 September 2024:

– insurance contracts (including reinsurance) must be registered and all insurance policies must be issued through the Unified Automated Information System;

– process of issuing policies for all types of insurance is no longer limited to paper forms;

– single, gross violation of license criteria and conditions by an insurer is grounds for refusal to issue insurance policies through the Unified Automated Information System;

– rating of insurers by the level of insurance services provided is maintained by the National Agency for Perspective Projects and disseminated through the mass media.

The obligation to ensure the timely execution of compulsory insurance contracts will be imposed on:

  • the Tax Committee and the Ministry of Transport – regarding the civil liability of the employer and the carrier;
  • the Inspectorate for the Control of Mining, Geological, and Industrial Safety – regarding civil liability for causing harm to life, health, and property of other persons and the environment in the event of an accident at hazardous production facilities;
  • the Ministry of Construction and Housing and Communal Services – in respect of construction risks in the construction of facilities using state funds and loans guaranteed by the Government.