Parliamentary committee supports bill on agricultural insurance in Ukraine

Parliamentary committee supports bill on agricultural insurance in Ukraine

The Verkhovna Rada Committee on Agrarian and Land Policy considered bill No.5104, which introduces another tool to support farmers - agricultural insurance with state support, the press service of the Ministry of Economy, Trade and Agriculture Development reports.

“With the cooperation of a wide range of stakeholders in the agricultural and insurance markets, a legislative initiative was developed - agricultural insurance with state support. In the current conditions of climate change, turbulent weather conditions and other factors, agricultural insurance will be a reliable and transparent tool to support farmers, which minimizes the risks of farmers, promotes financial stability and development of the agricultural sector," said Minister of Economy, Trade and Agriculture Development Ihor Petrashko.

The bill amends the Law of Ukraine "On peculiarities of insurance of agricultural products with state support". In particular, the document stipulates the mechanism for providing state support to agricultural producers for agricultural insurance. It defines participants of the agricultural insurance market that receive state support, requirements to them, their rights and obligations.

The document also determines the objects of insurance, insurance products, insurance risks, insurance cases, requirements to insurance contracts, etc.


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