This Law, in order to protect the rights and property interests of agricultural producers in the production and sale of agricultural commodities and commercial aquaculture facilities, defines the legal, economic and organizational foundations of agricultural insurance, as well as the conditions and procedure for its implementation. It establishes the rights of agricultural producers to receive subsidies for the payment of contributions under agricultural insurance contracts and payments upon the occurrence of insured events under such contracts, and also determines the mechanism for implementing these rights. The agricultural insurance contract must specify its validity period. This Law regulates the relations between insurers and natural persons or legal entities – agricultural producers, arising during the insurance of production and other economic risks in agriculture and in the field of commercial aquaculture with state subsidies for insurance premiums. The purpose of this Law is to ensure stability in the sector of economic activity for the production of agricultural commodities, the provision of services to provide the population of the CIS member states with foodstuffs, and industry with agricultural raw materials through subsidized insurance of production and other economic risks in agriculture. The agricultural insurance plan is developed by the authorized state body based on proposals from the regional administrations of the state and the association of agricultural insurers. An insured event is the occurrence of a specific event resulting in the destruction (loss, shortage, damage) of the insured harvest of agricultural crops, perennial plantings death (loss, forced slaughter, traumatic injury or disease) of insured farm animals, commercial aquaculture objects and loss of or damage to livestock products, and the insurer’s obligation to pay insurance compensation to the policyholder arose.
2020-11-27