LAW OF UKRAINE

of July 5, 2012 No. 5090-VI

About introduction of amendments to some laws of Ukraine of rather compulsory insurance of civil responsibility of owners of land vehicles

The Verkhovna Rada of Ukraine decides:

I. Make changes to the following laws of Ukraine:

1. In the Law of Ukraine "About insurance" (Sheets of the Verkhovna Rada of Ukraine, 2002 No. 7, Art. 50 with subsequent changes):

1) in Article 7:

a) the second after the words "Cabinet of Ministers of Ukraine" to add part with the words "if other is not determined by the law";

b) add with part three of such content:

"For agreements of the international compulsory insurance of civil responsibility of owners of land vehicles the Cabinet of Ministers of Ukraine establishes the maximum sizes of insurance payments within which the Motor (transport) insurance bureau of Ukraine establishes the single sizes of insurance payments, obligatory for the complete members, under such agreements";

Article 13 to add 2) with part of such content:

"Insurers, it is authorized to them to be engaged to compulsory insurances of civil responsibility of owners of land vehicles, shall be members of Motor (transport) insurance bureau of Ukraine, being the legal entity who contains at the expense of means of insurers. MTSBU is single merging of the insurers who perform compulsory insurance of civil responsibility of owners of land vehicles. Participation of insurers in MTSBU is condition of implementation of activities of rather compulsory insurance of civil responsibility of owners of land vehicles";

Shall be replaced with words 3) in part eight of Article 16 of the word of "obligatory civil liability insurance of the owner (user) of the vehicle before the third parties" "the international compulsory insurance of civil responsibility of owners of land vehicles".

2. In the Law of Ukraine "About compulsory insurance of civil responsibility of owners of land vehicles" (Sheets of the Verkhovna Rada of Ukraine, 2005 No. 1, Art. 1 with subsequent changes):

Items 1.4 and 1.9 of Article 1 to state 1) in such edition:

"1.4. persons whose responsibility is insured - the insurer and other persons who legally own the secure vehicle. Ownership of the secure vehicle is considered lawful if another is not established by the law or the judgment";

"1.9. bonus-malus - adjusting factor by means of which the insurer adjusts insurance premium depending on whether there were insured events in relation to object of insurance in certain period";

Articles 4, 6 and 7 to state 2) in such edition:

"Article 4. Subjects of compulsory insurance of civil responsibility

Subjects of compulsory insurance of civil responsibility are insurers and other persons whose responsibility is insured, insurers, Motor (transport) insurance bureau of Ukraine (further - MTSBU), victims";

"Article 6. Insured event

Insured event is the road accident which happened with the participation of the secure vehicle by which civil responsibility of person whose responsibility is insured, for the harm done to life, health and/or property of the victim is caused.

Article 7. Determination of the size of insurance payment

7.1. The size of insurance payment (fee, award) is established by the insurer independently by the work of the size of basic insurance payment and values of the corresponding adjusting factors which affirm according to Item 7.2 of this Article, and also taking into account provisions of Item 13.2 of article 13 of this Law. The insurer is forbidden to establish or suggest to establish the size of insurance payment calculated by different way.

7.2. The size of basic insurance payment, the list, value of adjusting factors and procedure for their application, affirm Authorized body on representation of MTSBU. Offers of MTSBU concerning the size of basic insurance payment and values of adjusting factors are confirmed by actuarial calculations taking into account loss ratio of this type of insurance in general on industry for the last settlement period which constitutes at least a year, and statistical data. If the Authorized body within 60 calendar days from the date of introduction of MTSBU of the offer did not approve the size of basic insurance payment, the list, value of adjusting factors and procedure for their application, the previous adjusting factors, procedure for their application and the size of basic insurance payment are effective.

7.3. For agreements of the international compulsory insurance of civil responsibility of owners of land vehicles the Cabinet of Ministers of Ukraine establishes the maximum sizes of insurance payments within which MTSBU establishes the single sizes of insurance payments, obligatory for the complete members, under such agreements";

3) in Article 8:

a) in Item 8.1 of the word "coefficient of insurance rates" and "coefficient" shall be replaced with words "adjusting factor";

b) add with Item 8.5 of such content:

"8.5. Value of this adjusting factor and procedure for its application can be reviewed by Authorized body according to Item 7.2 of article 7 of this Law";

Article 9 to state 4) in such edition:

"Article 9. Insurance sum

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