The ongoing war necessitates unpopular and difficult decisions. They are usually difficult for everyone, as are the circumstances in which such decisions are made and implemented.
We are confident that the NBU’s decision on currency restrictions is one of them. Aimed at ensuring financial stability and adopted on the first day of the large-scale invasion, it has undoubtedly positive consequences for the life of the state. However, it was difficult for insurers to adapt their activities in such conditions, and we, together with the Regulator, were looking for solutions to balance the interests of business and the state. Already in December, we achieved the first result and agreed to continue working on the possibilities of further unblocking foreign exchange operations, taking into account the needs of financial market and business representatives and the task of protecting international reserves and maintaining macrofinancial stability. This week we have seen the next stages of such a dialog, which we are confident will have positive consequences for the work of insurers.
The issue of solvency is not a martial law issue, as it has been raised and resolved in recent years. However, this issue is also challenging for the insurance community and the Regulator, and necessitates balanced and timely steps. The NBU’s decision to clarify the requirements for acceptable assets, which are taken into account by insurers to comply with the standards, is made public. It is intended to improve the solvency of market participants. The path to such changes was outlined by the NBU more than two years ago, which allowed insurers to prepare and take this into account in their operations.
The NAIU continues to be on the path of reform, renewal and adaptation. We are confident that we must go this way together.
The NBU’s timely responses to rapidly changing circumstances ensured the highest possible level of cooperation between the regulator and insurers in an unprecedentedly difficult operating environment. The path from panic to planning and development that we have taken would not have been possible without such cooperation.
