The President of Ukraine Volodymyr Zelensky signed the Law №1601-IX "On Amendments to Some Laws of Ukraine on Improving the Legal Regulation of Insurance of Agricultural Products with State Support", which was adopted by the Verkhovna Rada on July 1, 2006 . This was announced on July 22 by the presidential press service.

According to the report, the signed law is designed to ensure the financial stability of producers in adverse weather conditions, to increase the number of insured agricultural land and expand the insurance market for such products.

In particular, the document increases the income tax rate under insurance contracts for agricultural products by 0.5 percentage points in order to further direct these funds to support the insurance of these products.

The law also defines the mechanism for providing state support to agricultural producers to insure their products, as well as the requirements for market participants who can receive such assistance. In addition, the objects of insurance, insurance products, risks and cases of insurance with state support are determined.

The amount of partial reimbursement of insurance payments to agricultural producers is set at up to 60%. At the same time, it is noted that the specific amount of compensation is determined based on the capabilities of the state budget in the appropriate order of use of budget funds.

At the same time, the document abolishes the provisions on insurance of agricultural products through the Agrarian Insurance Pool.

"The law enters into force on the day following the day of its publication," the statement said.

Source: АПК Информ