Parliament updates law on insurance

The Verkhovna Rada of Ukraine has approved the draft law “On Insurance” at 1st looking at.

Some 235 MPs voted in favor of the suitable monthly bill, No.5315, an Ukrinform correspondent reported.

The require to adopt a new variation of the legislation on insurance coverage arose thanks to the point that on July 1, 2020, the Countrywide Financial institution of Ukraine became a regulator of nonbank financial solutions markets, which include the coverage marketplace.

“As the present-day Law of Ukraine ‘On Insurance’ was adopted 25 yrs in the past, appropriately, its provisions do not just take into account the most current tendencies in global financial infrastructure, and its regulatory ways require modernization, unification of norms and the creation of a homogeneous regulatory ecosystem,” reads an explanatory be aware to the bill.

In this regard, it was proposed that the Regulation of Ukraine “On Insurance policy” be revised, having into account the methods to regulation and supervision of this sector phase in accordance with European procedures.

The new model, in certain, introduces the involvement of unbiased members in the supervisory board of the insurance company.

The approved cash of the insurance provider have to be not significantly less than UAH 48 million, which include when carrying out its things to do on incoming reinsurance, which does not exceed UAH 7 million. Incoming reinsurance routines value additional than UAH 7 million call for a separate license.

The insurance provider is expected to submit yearly fiscal statements to the regulator with each other with the audit report. Inside six months following the entry into power of the document, the Cabinet of Ministers and the NBU will have to deliver their rules in line with this regulation.


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