NBU seeks to undermine regulation of insurance companies

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They want to apply exemption in relation to quarantine

The NBU seeks to undermine the control of insurance companies. Photo: mybankingdirect.com

The National Bank of Ukraine suggested that the National Financial Services Commission change the regulation of insurance companies to quarantine to ensure their remote and uninterrupted operations. This was reported on the NBU website.

According to the regulator, the current regulation not only provides for the possibility of remote document management for many business processes of insurance companies, but also requires the personal presence of insurers and customers when signing documents.


National Bank of Ukraine

In this regard, the National Bank suggested that the National Financial Services Commission makes several changes in the control of insurance companies:

  1. In connection with the transition to remote business for the period of quarantine, including penalties, for breach of contract or termination, payment, exceeding the maximum payment period and violation of time limit for responding to requests Not implementing measures of impact.
  2. Non-imposition of remedy in case of non-breach of contract by the insurer for delay in payment of next installments by the insured
  3. Not implementing measures of approval and sanctions to insurance companies for inconsistently advanced training for managers and chief accountants of insurance companies
  4. Provide insurance companies with additional time to approve and publish financial statements for 2019

The National Bank also announced its readiness to apply to the State Tax Service of Ukraine in collaboration with the National Financial Services Commission so that both the original and copies of documents confirming the implementation would be recognized as a tax quarantine:

  • Insurance payment and compensation
  • Redemption amount and pension payment under insurance contract
  • Provision of private pension
  • Retirement Deposit and Trust Management

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Earlier we had written that National Bank had issued Mudra License to an insurance company for the first time. Now the company’s customers will be able to terminate the life insurance contract and receive payment in foreign currency.

Read: Coronavirus virus: how to get it right, how much it costs and why you need it


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