The number of insurance companies in Ukraine has decreased to 98 in 2024
In February, the number of non-bank financial market participants increased from 1,058 (as of January 31, 2023) to 1,060 (as of February 29, 2024), the number of banks remained unchanged at 63.
One financial company was forcibly excluded from the registers and one insurer was excluded at the initiative of the applicant. At the same time, one insurance broker and three collection companies are included in the register.
During February, two institutions – a financial company and an insurer – had all their licenses revoked voluntarily (on the basis of their applications). With regard to two other financial companies, a decision was made to approve a change in the scope of the license, in particular, one financial company was approved to expand the scope of the license for the activity of providing financial services, while another financial company was approved to narrow the scope of the license for the activity of providing financial services.
On January 1, 2024, the Law of Ukraine “On Financial Services and Financial Companies” came into force, and the Resolution of the Board of the National Bank of Ukraine dated December 29, 2023 No. 199 “On Approval of the Regulations on the Authorization of Financial Services Providers and the Conditions for Their Activities to Provide Financial Services” entered into force “.
In accordance with the new requirements of the legislation, during February, the National Bank reissued licenses for 59 lessors (which acquired the status of a financial company), 49 pawnshops and 12 financial companies. Also, as a result of the re-registration, 36 licenses were canceled for credit unions to conduct business activities in the provision of financial services, and 19 licenses were issued to conduct credit union activities (17 standard and 2 simplified).
As of February 29, 586 financial companies (in January there were 528), 86 non-life insurers (there were 87), 12 life insurers (the number did not change), one insurer with a special status, 125 pawnbrokers (the number did not change) worked in the non-banking market ), 129 credit unions (the number did not change), 10 leasing companies (there were 69), 37 insurance brokers (there were 36), 74 collection companies (there were 71).
In addition, 18 banking groups (there were 19) and 21 non-banking groups (there were 20) were recognized on the market.
There are 18 payment systems created by residents, including state ones (there were 19), and 15 international payment systems created by non-residents (there were 16) on the payment market. Cancellation of registration of two payment systems took place at the request of the operators of these payment systems (that is, voluntarily).
In addition, providers of financial payment services operate on the market, including 20 payment institutions (there were 19), 11 financial institutions that have the right to provide payment services (the number has not changed), one bank – an issuer of electronic money (the number has not changed) and one postal operator (the number has not changed).
Other entities operating in the payment market include 36 commercial agents (there were 34) and 35 technological operators of payment services (the number did not change). Information about all payment market participants is available here.
In February, the National Bank received 261 requests from market participants for registration and licensing actions. The number of inquiries regarding financial companies, pawnshops and lessors was 172, regarding banks – 14, credit unions and collectors – 3, payment service operators – 2, insurers – 70.