The National Bank of Ukraine has made changes to a number of legal acts related to the registration and functioning of insurance market participants, with the aim of implementing new requirements stipulated by the Laws of Ukraine "On Financial Services and Financial Companies" and "On Insurance". These changes will enter into force on January 1, 2024. This was reported by the press service of the National Bank of Ukraine.
The updated legislative acts are aimed at improving the regulation of the non-banking financial services market in accordance with the standards of the European Union in order to increase its stability. Among the key changes, it is worth noting the introduction of risk-oriented supervision, strengthening the protection of consumer rights, and establishing clear requirements for corporate governance and internal control.
Regulations concerning the characteristics and classification features of insurance classes, as well as other regulatory documents related to the insurance sector, were approved by the National Bank of Ukraine. They provide for the transition from types of insurance to classes and establish the procedure for reissuing valid licenses of insurers, as well as determine the requirements for concluding and executing insurance contracts depending on the group of insurance classes.
The updated regulations define the qualification requirements for specialists and establish new terms for registration and compliance with the requirements, taking into account the transition periods for insurance companies.
