The Verkhovna Rada voted in the second reading and as a whole in favor of the draft law "On insurance" (No. 5315), which contains new regulations on the activities of insurance companies and their supervision. This is reported on the parliamentary portal.
235 people's deputies voted for the bill, with a minimum of 226 votes.
According to the explanatory note to the document, the main changes concern the licensing of insurance companies and the expansion of the National Bank's powers to regulate their activities.
So, companies must have transparent ownership structures, disclose information about all owners of significant participation and key participants of the company.
The founders and owners must have an impeccable business reputation, as well as a satisfactory financial and property situation. The NBU will coordinate the owners of significant participation.
Also, when registering, insurance companies will have to submit activity plans for three years. In addition, they will be subject to corporate governance requirements, which will depend on the importance of the company.
According to the law, managers of insurance companies and responsible persons must meet qualification requirements for professional suitability and business reputation, the NBU approves them for positions.
The law establishes a differentiated approach to the minimum amount of authorized capital of insurers. It will be UAH 48 million for life insurance companies, insurers with a license for the liability, credit, surety and reinsurance classes, and UAH 32 million for non-life insurance.
There will also be new requirements for the solvency of insurers, which will be introduced in stages.
The second amendment for insurers is the opportunity to obtain one license instead of many for each separate type of service. Thus, the NBU will switch from licensing individual types of insurance to licensing by class.
Also, the insurance company will be able to change the scope of the license - add new classes or, on the contrary, narrow the scope of the license. The law distinguishes five classes in the framework of life insurance and 18 classes in the direction of non-life insurance. It is impossible to combine directed.
As for changes for consumers, the law provides for mandatory registration of intermediaries and establishes requirements for their training and level of competence, avoidance of conflict of interests, expansion of the list of information that is disclosed to the consumer, etc.
As the NBU explains, for the first time a clear mechanism for the termination of insurers will appear in Ukrainian legislation. It is also possible to introduce a temporary administration in the insurance company to protect the interests of clients.
As a reminder, in the first reading, bill No. 5315 was adopted on July 17, 2021. The law enters into force on the next day after publication and is fully implemented after two years.
