In Ukraine, the Verkhovna Rada adopted in the first reading draft of law No. 5104 "On amendments to the Tax Code of Ukraine and other Laws of Ukraine concerning improving legal regulation of insurance of agricultural products with state support", Forinsurer reported.

This document proposes the determination of a mechanism for providing state support to agricultural producers for insurance of agricultural products and to amend the Tax Code of Ukraine in terms of increasing the tax rate on income under agricultural insurance contracts by 0.5 pp in order to transfer these funds to support insurance of agricultural products.

The amendments provided for by the draft law also determine the requirements for participants in the agroinsurance market, their rights and obligations; insurance objects, insurance products, insurance risks, insured events, requirements for insurance contracts with state support. The amount of partial compensation of insurance premiums to agricultural producers is determined at the level of up to 60%.