Since February, representatives of the National Bank of Ukraine have been holding meetings with participants of the insurance market. The purpose of these meetings has been to discuss urgent and relevant issues arising during the alignment of insurers’ activities with the requirements of the new Insurance Law and regulatory acts of the National Bank adopted for its implementation.
The request for such communication was formulated by the market last year, and in December, during a meeting of insurers with the Board of the National Bank of Ukraine, we received approval for this work. The number of questions, answers, and participants in these meetings, which took place every Tuesday, is measured in hundreds, and the duration – in tens of hours.
Before each meeting, insurers studied the regulatory act, assessed its impact on their activities, identified problematic and unresolved issues, and formulated them. The NAIU office consolidated the requests of its participants and forwarded them to the Regulator. We can only imagine the incredible amount of preparatory work that the NBU has conducted to organize and conduct these meetings, and we can state that as a result, insurers received not only answers regarding the interpretation of individual provisions, but also the regulator’s vision, ideas underlying the norms, and the goal that we jointly strive to achieve.
We are grateful to the National Bank, especially to Serhii Savchuk and Lesia Burbel from the Department of Methodology for the Regulation of Non-Bank Financial Institutions, Tetiana Mosiichuk and Yulia Khristolyubska from the Department of Market Supervision of Non-Bank Financial Services, the Licensing Department, and other departments involved in the meetings. We are convinced that the guidelines received are a significant contribution to the successful preparation of insurers for the updated regulation currently underway.
There is still much work ahead, and questions continue to arise during the implementation of new requirements for insurers. We are grateful that this dialogue continues and that the NBU is open to explanations and communication with market participants.
