The NBU is discussing changes to the rules for reporting by insurance and financial services market participants
The National Bank proposes for discussion with market participants changes to the Rules for drawing up and submitting reports by non-bank financial services market participants.
The purpose of the changes to the Rules is to bring the reporting in line with the current requirements of the legislation of Ukraine and regulatory legal acts of the regulator in accordance with international reporting standards and prudential requirements.
In the draft of amendments to the Rules:
firstly, changes were made to the list of non-bank financial services market participants subject to the Rules, namely: the list was supplemented by collection companies and insurance and/or reinsurance brokers and lessors were excluded from it. Lessors after January 1, 2024 (before they acquire the status of a financial institution) must submit reports in accordance with the requirements established for financial companies;
secondly, the content of files with reporting indicators was conceptually revised and updated. At the same time, the file structure remained unchanged:
– IR6 “Data on reinsurance transactions;
– IR12 “Data on acquisition of ownership / carrying out additional valuation of real estate”;
– FR0 “Financial reporting data”;
– FR1 “Consolidated financial statement data”;
– OS1 “Data on the final key participants and owners of significant participation in the non-banking financial services market participant”;
– OS2 “Data of registration documents of natural persons – ultimate key participants and natural persons – owners of significant participation in a participant of the non-banking financial services market”;
– OS3 “Data on the manager and executor of information on the final key participants and owners of significant participation in the non-banking financial services market participant.”
At the same time, the list of respondents and the reporting period were changed in the specified files:
– excluded insurers from the list of suppliers of files FR0, FR1;
– credit unions are excluded from the list of suppliers of the FR0 file;
– the list of suppliers submitting the FR1 file is supplemented by pawnshops;
– the list of suppliers who submit OS1, OS2, OS3 files is supplemented by collection companies;
– in files with reporting indicators IR6, IR12, the reporting period has changed: they will be submitted for quarters, and not as a cumulative total from the beginning of the year;
thirdly, the explanatory note to the insurer’s reporting was updated, while the actuarial report was canceled. The submission of an explanatory note to the credit union’s reporting was also canceled.