By KYIV. Nov 24 (Interfax-Ukraine) – The National Association of Insurers of Ukraine proposes to replace compulsory types of insurance with the obligation to have an insurance contract concluded in compliance with the relevant mechanisms for regulating such contracts, according to proposals to the draft law on amendments to the Customs Code of Ukraine to bring it into line with the law on insurance.
According to the association’s website, it also considers it expedient not to create burden on the corporate resources of insurers when complying with the requirements of financial monitoring legislation, in particular, when establishing business relations by types of insurance, where there is no money laundering/terrorist financing risk at all.
"The FATF (Financial Action Task Force) recommendations also do not require including insurance in the financial monitoring system. Therefore, the association proposes to provide an opportunity to freely conclude insurance contracts with an insurance premium of up to UAH 40,000 with individuals and legal entities without due diligence of customers in life insurance (under contracts that do not contain funded component) and non-life insurance," the statement says.
