This version of the page http://www.konnov.com/section/1169651456147/ (0.0.0.0) stored by archive.org.ua. It represents a snapshot of the page as of 2007-12-08. The original page over time could change.
Konnov & Sozanovsky - Insurance
 
 

Konnov & Sozanovsky – a results-oriented approach to law

The Ukrainian insurance market is actively developing due to substantial investments into the insurance business made in recent years. In 2005, the total amount of insurance contributions in Ukraine amounted to UAH 12 852 million (approximately Euro 2 billion), which is four times more than in 2001. The gross amount of insurance payments in 2005 amounted to 14,7%. The most significant portion of insurance contributions relate to insurance of property and financial risks.

Despite the capitalization tendency at the Ukrainian insurance market (for instance, recently the threshold of authorized capital of insurance has been raised to Euro 1 million, and for the life insurance companies – to Euro 1,5 million), the number of insurance companies continues to grow. As of the beginning of 2006, there were 298 of insurance companies operating in Ukraine.

Further insurance market development is being forecast. The main prerequisites of such development are the country's economic development in general, recent changes in the social security and pension legislation and compulsory insurance of drivers’ liability. According to the forecasts of experts, only 10 % of risks are insured in Ukraine.

Konnov & Sozanovsky's lawyers advise clients-insurance companies on a broad scope of issues. Given the foreign investments in this market, we are servicing the purchase of Ukrainian insurance companies by foreign investors and the creation of new insurance companies. The scope of services we provide to such clients is not limited to the standard one, which includes registration of the company, obtaining of necessary permits and licenses, advising on current legal issues. We developed a complex approach to clients' business needs, elaborating a scheme of business for the client in Ukraine as well as abroad. Our lawyers advise on tax planning, protection of business from the third parties illegal actions, elaboration of inner structure of the company. The professional approach and experience of Konnov & Sozanovsky's lawyers enable them to resolve any legal issues arising in connection with business activity of the Ukrainian insurance companies – clients of our firm.

Leading Lawyer Key Practice Office Position  
Derbal, Yevgenia Tax law Kiev (Ukraine) Senior associate
Gluhovskaya, Tatiana Intellectual property law Kiev (Ukraine) Managing partner
Hvaley, Anastasiya Corporate law Nicosia (Cyprus) Head of office
Konnov, Sergei Corporate law Kiev (Ukraine) Senior partner
Lobovyk, Borys Ñommercial law Kiev (Ukraine) Senior associate
Marks, Ronald Competition law Kiev (Ukraine) Partner
Popko, Helen Corporate law Kiev (Ukraine) Senior associate
Pustovit, Alexey Ñompetition law Kiev (Ukraine) Senior associate
Semeniy, Julia Intellectual property law Kiev (Ukraine) Senior associate

13.12.2004

Legal framework for insurance in Ukraine

»»