KIEV, Jan. 14 – Parliament has passed a draft law on amendments to the law on insurance regarding the cancellation of requirements for reinsurance to be conducted only in countries that are members of the World Trade Organization.

A total of 259 out of 423 lawmakers registered in the session hall supported the draft.

"In case with reinsurance, the condition regarding the WTO membership of the state where non-resident insurers are registered is not applied," read the law posted on the cabinet's Web site.