LAW OF UKRAINE

of July 7, 2005 No. 2774-IV

About introduction of amendments to the Law of Ukraine "About insurance"

The Verkhovna Rada of Ukraine decides:

I. Bring in 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) following changes:

1. In Article 2:

Part one to replace 1) with three parts of the following content:

"The insurers having the right to perform insurance activity in the territory of Ukraine are:

financial institutions which are created in the form of joint-stock, complete, limited companies or additional liability companies according to the law of Ukraine "About economic societies" taking into account that participants of each of such financial institutions there shall be at least three, and other features provided by this Law and also obtained in accordance with the established procedure the license for implementation of insurance activity (further - resident insurers);

the permanent missions in form of branches of foreign insurance companies registered by Authorized body according to this Law and the legislation of Ukraine which also obtained in accordance with the established procedure the license for implementation of insurance activity (further - branches of strakhovshchikovnerezident).

Financial institutions which are created are considered as non-resident insurers and have the license for carrying out insurance activity according to the legislation of those foreign states in which they are registered.

The provisions of this Law applied to strakhovshchikamrezidenta are applied to branches of non-resident insurers with the features established by this Law".

With respect thereto the second - the thirteenth to consider parts respectively parts four - the fifteenth;

To replace 2) in part seven of the word "During Creation of the Insurer" and "authorized capital of the insurer" respectively with the words "During Creation of the Resident Insurer" and "authorized fund of the resident insurer";

To add 3) after part eight with four new parts of the following content:

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