The National Bank of Ukraine updated currency restrictions in the insurance sector
The National Bank of Ukraine updated currency restrictions in the insurance sector. In particular, amendments have been made to certain regulations of the Resolution of the Board of the National Bank of Ukraine dated February 24, 2022 No. 18 “On the operation of the banking system during the introduction of martial law”, which relate to restrictions on currency operations in the insurance sector.
This was done in order to bring them into line with the Law of Ukraine dated November 18, 2021 No. 1909-IX “On Insurance” (hereinafter – the Law on Insurance) and the Law of Ukraine dated December 14, 2021 No. 1953-IX “On Financial Services and Financial Companies” ” (hereinafter – the Law on Financial Services), which came into effect on January 1, 2024.
Yes, from February 20, 2024:
- clarifications were made regarding new classes of insurance, new requirements for solvency capital and minimum capital established by the Regulation on establishing requirements for ensuring the solvency and investment activities of the insurer, approved by Resolution No. 201 of the Board of the National Bank of Ukraine dated December 29, 2023. The terminology used was also clarified in the Law on Insurance;
- brought into compliance with the requirements of the Law on Financial Services and the Regulation on the Authorization of Financial Service Providers and the Conditions for Their Performance of Financial Services Activities, approved by the Resolution of the Board of the National Bank of Ukraine dated December 29, 2023 No. 199, requirements regarding an impeccable business reputation for the purposes of staying in List of insurers.
The specified technical changes were made by the resolution of the Board of the National Bank of Ukraine dated February 16, 2024 No. 22 “On Amendments to the Resolution of the Board of the National Bank of Ukraine dated February 24, 2022 No. 18”, which will enter into force on February 20, 2024.