On July 22, the President of Ukraine signed Law No. 1601-IX “On Amendments to Certain Laws of Ukraine on Improving the Legal Regulation of Insurance of Agricultural Products with State Support”.

The law defines the mechanism of providing state support to agricultural producers for the insurance of their products, as well as the requirements for market participants who can be provided with such assistance.

According to the Law, legal entities, natural persons – entrepreneurs, and legally competent natural persons who have concluded insurance contracts with insurers or are policyholders in accordance with the law are recognized as policyholders.

The document defines insurance products, risks and insurance cases with state support. The amount of partial compensation to agricultural producers of insurance payments is set at the level of up to 60%. 

Also, the Law introduced changes to the Tax Code of Ukraine in terms of increasing the income tax rate for agricultural product insurance contracts by 0.5 percentage points with the aim of further directing these funds to support agricultural product insurance.

Source: www.minagro.gov.ua