LAW OF UKRAINE

of December 22, 2011 No. 4270-VI

About introduction of amendments to some laws of Ukraine concerning powers of public authorities concerning establishment of requirements to investment of assets

The Verkhovna Rada of Ukraine decides:

I. Make changes to such laws of Ukraine:

1. In article 31 of the Law of Ukraine "About insurance" (Sheets of the Verkhovna Rada of Ukraine, 2002, No. 7, the Art. 50, No. 16, Art. 114; 2004, No. 2, Art. 6; 2005, No. 1, Art. 1; 2006, No. 13, Art. 110):

Part twenty third to state 1) in such edition:

"Restrictions of rather maximum amounts of assets of each category, the quality requirement of such assets, requirements concerning availability and the level of credit rating of assets of certain categories and/or banks and issuers of securities in which means of insurance reserves are placed are established by Authorized body";

Part the twenty fourth to exclude 2).

2. Part the second article 38 of the Law of Ukraine "About non-state pension provision" (2003, Art. No. 47-48, 372) to add sheets of the Verkhovna Rada of Ukraine with Item 1-1 of such content:

"1-1) to follow internal regulations and assessment procedures and risk management, connected with investment of pension assets which meet the requirements established by the National commission on securities and the stock market in coordination with the national commission performing state regulation in the field of the markets of financial services".

II. This Law becomes effective in four months from the date of its publication.

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