The National Bank of Ukraine has expanded opportunities for insurance companies. This applies to the payment of insurance premiums under reinsurance contracts concluded with non-resident reinsurers. The requirements for conducting such transactions have also been clarified. This was reported by the NBU’s press service.
“Yes, starting February 14, insurers, insurance brokers, and reinsurance brokers will be able to make payments under relevant contracts without restrictions based on the date such contracts were concluded, provided certain conditions are met,” the statement reads.
To simplify the procedure for making cross-border payments, the NBU has created a List of Insurers and established a procedure for deciding whether to include or exclude an insurer from the list. The grounds for leaving an application unconsidered have also been revised.
To have an insurer included in the List, a corresponding application must be submitted to the National Bank. This list will be compiled by the regulator and published on the official website under the section “Supervision of the Non-Bank Financial Services Market.”