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Insurance market:New Regulation – What to Expect
Kinstellar, Kyiv, Ukraine,
Jan 19, 2022
Kinstellar is a member of U.S.-Ukraine Business Council (USUBC)
Following the implementation in July 2020 of the so-called “split”, the National Bank of Ukraine (NBU or Regulator) took over regulation of the insurance market. As the regulator, the NBU initiated a new Law on Insurance (the Law), which was adopted by the Ukrainian parliament on 18 November 2021.
Provisions of the Law took effect on 19 December 2021 and will come into full effect on 1 January 2024. The Law replaces the current insurance law, which dates back to 1996 and no longer meets current requirements.
Compared with the current law, the new regulation is more comprehensive, with certain aspects to be regulated by future legislation. The new progressive approach to regulation and oversight in Ukraine’s insurance market that the Law introduces are in line with the best global and European practices.
Please refer to the infographics in the PDF document for details about the new regulation, requirements and other novelties introduced by the new laws.
Download the whole report: UK_Insurance_Report_2022_eng.pdf