Ukraine's Verkhovna Rada at a Thursday session approved bill No. 1797-2 on insurance in its first reading.
A total of 242 lawmakers supported the document.
The author of the bill MP Maksym Poliakov said that all remarks and proposals will be taken into account during the preparation of the document for second reading.
"We are working under the law adopted in 2001… Now the insurance market is being destroyed. There are no regulations… We are losing precious time for our development," he said.
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Insurance companies, market experts, civil institutions, scientists and lawmakers took part in drawing up the bill.
A total of 361 insurance companies operated on the market. Assets of the insurance market as of late 2015 totaled UAH 62.5 billion, reserves – UAH 17 billion, insurance payments – UAH 29.7 billion and payments in claims – UAH 8.14 billion.