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Parliament updates law on insurance

The Verkhovna Rada of Ukraine has approved the draft law “On Insurance” at first reading.

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

The need to adopt a new version of the law on insurance arose due to the fact that on July 1, 2020, the National Bank of Ukraine became a regulator of nonbank financial services markets, including the insurance market.

“As the current Law of Ukraine ‘On Insurance’ was adopted 25 years ago, accordingly, its provisions do not take into account the latest tendencies in global financial infrastructure, and its regulatory approaches require modernization, unification of norms and the creation of a homogeneous regulatory environment,” reads an explanatory note to the bill.

In this regard, it was proposed that the Law of Ukraine "On Insurance" be revised, taking into account the approaches to regulation and supervision of this market segment in accordance with European practices.

The new version, in particular, introduces the involvement of independent members in the supervisory board of the insurer.

The authorized capital of the insurer must be not less than UAH 48 million, including when carrying out its activities on incoming reinsurance, which does not exceed UAH 7 million. Incoming reinsurance activities worth more than UAH 7 million require a separate license.

The insurer is required to submit annual financial statements to the regulator together with the audit report. Within six months after the entry into force of the document, the Cabinet of Ministers and the NBU must bring their regulations in line with this law.

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