Law No. 356-IV “On insurance”.

This Law primarily focuses on the legal framework governing insurance activities, establishing the foundational principles and regulatory structures necessary for the functioning of the insurance market. It aims to regulate relationships within the insurance sector, ensuring compliance with national laws and international agreements. Key legal principles include the mandatory nature of regulatory legal acts for all participants in the insurance market and the exclusion of certain areas, such as state pension insurance and medical insurance, from its scope. The document outlines several critical measures, including the establishment of prudential standards that insurance entities must adhere to, ensuring their financial stability and payment capacity. It specifies the rights and responsibilities of insurance providers, including the prohibition of insurance companies from creating or participating in insurance brokerage firms. Additionally, it emphasizes the necessity for insurance entities to report any evidence of insolvency to the regulatory authority promptly. The text also highlights the rights of insured parties to enter into mandatory and voluntary insurance contracts. Implementation of the outlined measures involves the oversight of a designated state authority responsible for monitoring compliance with the insurance legislation. The document stipulates that state authorities may only intervene in the operations of insurance entities within the limits of their legal authority. It also addresses the resolution of disputes arising from unwarranted interference by state officials, which must be settled through judicial processes. The text underscores the importance of stakeholder engagement in the insurance sector, ensuring that all parties are aware of their rights and obligations under the law.