On January 24, Danylo Hetmantsev, Chairman of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy, met with Denis Yastreb, CEO of the National Association of Insurers of Ukraine.
The NAIU noted the strong support of the Finance Committee in promoting the introduction of the best insurance standards, which are undoubtedly necessary for the reconstruction and strengthening of our country.
During the meeting, topical issues of the insurance market, legislative changes and action plans for its improvement were discussed.
In particular, the issue of adopting a new Law on MTPL was considered. On behalf of NAIU, Denis Yastreb expressed his gratitude for the support of this draft law in the relevant Committee and in the Verkhovna Rada. The NAIU hopes that the draft law will be adopted as soon as possible and will come into force next year.
Attention was also paid to the Recovery Plan of Ukraine, which includes the positions of the NAIU to stimulate the development of personal insurance through legislative changes.
One of the points of discussion was the liberalization of certain provisions of the Law on Financial Monitoring, which excludes the obligation to conduct due diligence when establishing business relations if the total insurance premium under the relevant agreements does not exceed UAH 40 thousand.
In addition, the participants discussed the Law of Ukraine “On Insurance”, which will come into force in less than a year. The participants of the meeting agreed to further cooperate in working out issues that may arise during its implementation.
Since insurers will be implementing IFRS 17 in 2023, practical taxation issues may arise in this context. Accordingly, the NAIU is counting on the Committee’s support in harmonizing the relevant legislation.
Summarizing the meeting, the participants discussed in general the incentives for insurance on a “non-coercive” basis, and the incentives for employers and other consumers of insurance services.
The NAIU expresses its gratitude to Mr. Hetmantsev for a meaningful dialog and continues fruitful cooperation.
