LSOU together with NASU created the Federation of Insurance Associations of Ukraine
Recognizing the need to consolidate efforts to develop a solvent, sustainable, competitive insurance market in Ukraine and proper protection of the rights of consumers of insurance services, the League of Insurance Organizations of Ukraine (LSOU) and the National Association of Insurers of Ukraine (NASU) signed a Memorandum of Cooperation and Partnership.
LSOU and NASU, remaining independent and autonomous associations, in accordance with the terms of the Memorandum, agreed to create the Federation of Insurance Associations of Ukraine (FSOU), the task of which is: to form a unified position of professional associations of insurers for the development of the market in synergy with the regulator.
The main directions of the FSOU are defined as:
- exchange of information and proposals in order to form unified positions on the directions of restoration and development of the insurance market, legislation and amendments to it;
- protection of the interests of insurance companies of Ukraine (members of associations) at the national and international levels;
- forming a positive image of insurance in Ukrainian society by raising awareness among state bodies, business representatives and the public;
- developing codes of ethics and standards of professional conduct for insurers, including in terms of cooperation with insurance intermediaries and other participants in the insurance market, implementing best practices in providing insurance and supporting services;
- developing and implementing principles and approaches to the professional education system. Developing and adopting qualification requirements, organizing educational programs, trainings for advanced training and certification of insurance market participants;
- promoting innovations in the field of insurance and pension provision, conducting surveys, questionnaires, research, etc. to improve insurance products and services;
- promoting social responsibility of insurers-participants (members) of associations.
The Coordination Council has been designated as the working body of the FSOU, which will include 2 representatives of members of the LSOU and NASU, as well as the heads of the two mentioned associations.
The FSOU Council will be headed by a chairman, who will be elected annually from the composition of the KRFSOU. The chairman of the KRFSOU will determine the areas in which a unified position is formed, and will represent the interests of the insurance market according to the agreed positions in the state authorities and management bodies.
The parties to this Memorandum may be exclusively associations that are registered as legal entities, conduct their activities in accordance with the requirements of the legislation, and whose members include insurers, and may also include persons who carry out their activities in the insurance services market and/or in the insurance sector.
The LSOU and the NASU are open to the accession to the FSOU of other professional associations of insurers and call for moving towards each other for the development of the national insurance market.