A Danger Foreseen is Half Avoided

Though the Ukrainian insurance market is very young it is increasing rapidly. According to Sergey Shklyar, partner of Arzinger & Partners law firm, the volume of legal services that insurance companies outsource to legal firms remains very small in Ukraine compared with European countries. Besides, this tendency will change by leaps and bounds within the next few years. Therefore, the development of an insurance culture is significant for the Ukrainian market. “Close cooperation in the future between insurance companies and legal firms is extremely necessary. The extension of insurance cases will cause quantitative growth of judicial projects both on direct and counter suits. The rising number of property insurance cases will lead to the necessity of legal advice from leading law companies. Hereupon insurance companies will be motivated to create a constant outsourcing partnership that is profitable both from economic and professional standpoints. As a result, experienced professionals in insurance law will be sine qua non, emphasizes,” Mr. Shklyar stressed.

Konnov & Sozanovsky’s lawyers advise insurance companies which are clients on a broad scope of issues. Given the foreign investments in this market, attorneys at law are servicing the purchase of Ukrainian insurance companies by foreign investors and the creation of new insurance companies. The scope of services provided to such clients is not limited to the standard one, which includes registration of the company, obtaining the necessary permits and licenses, advising on current legal issues. Konnov & Sozanovsky developed a comp lex approach to the business needs of clients, elaborating a scheme of business for clients in Ukraine and abroad. Its lawyers advise on tax planning, protection of businessfrom third party illegal actions and development of the internal structure of a company.

The wide spectrum of services rendered by Gramatskiy & Partners attorneys at law in the sphere of insurance includes consulting on issues regarding interpretation of the provisions of current insurance legislation, liability and risks, representation of the interests of insurers or insured parties in courts on actions of rescission of insurance contracts, etc. The reputation of key specialists of Gramatskiy & Partners in the field of insurance was gained by Anton Yanchuk and Artem Pivnenko.

Having become a legal advisor of a market leader in life insurance (Alico AIG Life Ukraine), the Spenser & Kauffmann law firm aims to strengthen its position in other spheres of insurance law, such as property insurance, health insurance as well as voluntary and compulsory insurance. The finance and insurance practice of Spenser & Kauffmann, which is headed by Tatiana Daniltseva, represents a unique practice group consisting of 4 lawyers, all of whom have an insurance background and are, therefore, capable of providing the full scope of legal services for insurance companies and their clients. Viktor Kharchenko received special references as a qualified legal professional in insurance.

One of the recent 2007 insurance-related transactions of the Kiev office of DLA Piper was provision of legal advice and support to the shareholders of the Vesko Insurance Company, Ukraine’s sixth largest property and casualty insurer, on their sale of 99% of the company’s capital to French insurance company AXA and UkrSibbank, a subsidiary of BNP Paribas. Partner Oleksandr Kurdydyk is recommended as is senior associate Illya Muchnyk.

The Kiev office of Baker & McKenzie provided BNP Paribas with advice on the joint acquisition with AXA of two leading Ukrainian insurance companies, VESKO and Ukrainian Insurance Alliance, and subsequent integration of two Ukrainian insurance companies. The transaction marks the entry of one of the largest European insurance groups into the Ukrainian insurance market. Serhiy Chorny and Ihor Olekhov are involved in counseling insurance related matters.

After their acquisition of Ukrainian insurance companies, the AXA insurance company is likely to become a prominent player on the Ukrainian insurance market. International law firm Salans acted as a legal council to AXA. The Salans team includes Ihor Mehedynyuk and Oleg Batyuk. Mykola Melnykov, a partner of the International Law Offices, represented foreign P&I clubs and insurance companies in a settlement of claims and on issues of insurance agreements. Clients include British Marine, Russian P&I Pool, Ingosstrakh, Uralsib and others.

In 2007 the Aries law firm completed several projects in insurance law. Within the framework of comprehensive legal advice its lawyers provided current consulting services and representation in courts: litigation procedures regardingrefusal of payments by reinsurance in traffic accidents, vehicle theft. The list of Aries projects includes disputes regarding jurisdiction in insurance cases by subsidiaries of insurance companies, legal support to insurance of property complex SPA resort. The above-mentioned projects were carried out by managing partner Oleg Davidenko and lawyer Jugin Artyukhov. Oleg Davidenko, who is head of the Insurance Law Committee in the Ukrainian Bar Association, was frequently mentioned during the poll as an insurance expert.

It is worth mentioning that the Committee, in cooperation with the Insurance Organizations League of Ukraine, looked into the new addition of the On Insurance Act of Ukraine and prepared changes and amendments to it.

International law firm Arzinger & Partners provides legal advice in insurance law, e.g., insurance in investment matters, business and property insurance (real estate, factories, business risks, etc.). The firm’s professional experts also consult insurance companies on ownership legitimacy of subjects that are to be insured and on other issues like protection against unfair competition, anti-competitive coordinated actions. The Vienna Insurance group is on the list of the firm’s clients. Company partners Sergey Shklyar and Pavlo Khodakovskiy are competent specialists in insurance law issues.

Having profound experience in various issues of the insurance field, Integrites offers its clients’ highly-qualified services of risk management policy. Cooperating with a team of economists, the company’s lawyers provide a comprehensive analysis of a target company, its business activities and legal status; professionally evaluate possible consequences of any transaction; assist in post-transaction relationships. In addition, lawyers led by Olena Malyovana provide advice on the tax aspects of insurance and reinsurance (taxation of insurance companies and brokers, taxes on insurance premiums and payments) and represent clients in litigation proceedings arising from insurance sales or claims.

AstapovLawyers has experience of litigations related to insurance matters, primarily in transportation and storage insurance, including consulting on insurance policies and the legal regime, litigations on matters of insurance premiums, premium reimbursement and payment of compensation. The firm names Vitaliy Prohorenko its leading expert in this field. Economics and Law Consultants Union headed by Igor Godetskyi, practice insurers’ rights representation against insurer companies in connection with insurance money payment.

Legal due diligence procedures in respect of insurance companies and legal advice regarding conclusion of insurance agreements are handled by Vadim Voloschenko, Dmytro Pavlenko, Oleksiy Katasonov, lawyers of the Kiev office of Deloitte & Touche. The ANK law firm (Andrey Selyutin) and Pavlenko, Statsenko & Osinchuk (Oleksandr Pavlenko) were also named during the poll.