The NBU offers a public discussion of the requirements for the management system of insurers
The National Bank of Ukraine announced a public discussion of the draft resolution of the Board of the National Bank of Ukraine “On approval of the Regulation on requirements for the management system of the insurer”.
The document contains a number of requirements for the management system of insurers in accordance with the Law of Ukraine “On Insurance”. In particular, requirements for the organization of the internal control system with the distribution of responsibilities between responsible employees, for the risk management system taking into account the measurement of the expected material risks, for the organization and performance by the insurer of the actuarial function, control over the observance of norms (compliance), internal audit and risk management.
The document also prescribes the criteria for assigning insurers to the significant category and the procedure for reporting key persons of the insurer.
From the press release of the National Bank of Ukraine, it is known from the Internet resource UkrStrahuvannya that the new requirements will enter into force on January 1, 2024, but a transition period until July 1, 2024 is foreseen for insurers to organize the management system according to the new rules.
The discussion will continue until December 4, 2023.