The National Bank has published its first list of significant insurers: who made the list
25 April 01:43
The National Bank of Ukraine has published, for the first time, a list of insurers that have been designated as significant insurers as of January 1, 2026. The list includes 13 companies, for which the NBU has established stricter requirements regarding corporate governance, risk management systems, compliance, and internal audit. This was reported by the regulator’s press service , according to "Komersant Ukrainian"
The National Bank made its first determination of significant insurers based on regulatory reporting indicators and the average volume of operations over the previous two calendar years. The NBU is required to publish this list no later than May 1 of the current year.
Who made the list of significant insurers
According to an official statement from the NBU, 13 companies received the status of significant insurers, including 11 property and casualty insurance companies and 2 life insurance companies. The list includes:
PJSC NASK “Oranta”
JSC “IC “INGO”
PrJSC “Insurance Company “UNICA”
PrJSC “Insurance Company “Universala”
JSC “IC “ARKS”
PJSC “Insurance Company “PZU Ukraine”
PJSC “USK “Knyazha Vienna Insurance Group”
JSC “Insurance Group “TAS”
PJSC “Insurance Company “USG”
PJSC “Insurance Company “VUSO”
PJSC “Insurance Company “Arsenal Insurance”
PJSC “Grave Ukraine Life Insurance”
JSC “Insurance Company “TAS” in the life insurance segment.
Thus, the National Bank has publicly identified for the first time the largest and systemically important players in the insurance market, to whom it will apply a separate supervisory approach.
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What does the status of a significant insurer mean?
Significant insurer status means that the company must comply with stricter requirements regarding the organization of its operations. This is not merely a formal status but a new level of regulatory oversight and requirements for internal management systems.
The National Bank explicitly states that supervision of such insurers will be conducted taking into account their significance to the market.
Special rules apply to significant insurers, as defined by the Law of Ukraine “On Insurance” and Regulation No. 194. Among the key requirements:
- the supervisory board must consist of at least five members;
- the supervisory board must include at least three independent directors;
- the supervisory board is required to establish standing committees:
- audit;
- risk management;
- on compensation and appointments;
- the chair of each of these committees must be an independent director;
- companies are prohibited from outsourcing risk management and/or compliance functions;
- one person may not simultaneously serve as chief risk officer, chief compliance officer, and responsible actuary;
- the internal control system must be organized in a manner commensurate with the scale and role of a significant insurer;
- the risk management system must ensure the identification, measurement, monitoring, control, reporting, and mitigation of all material risks;
- the internal audit department must assess the effectiveness of corporate governance, internal control, risk management, compliance, and the actuarial function.
- The NBU emphasized that insurers that have acquired significant status are required to bring their operations into compliance with the requirements of the Law “On Insurance” and Regulation No. 194 by December 31, 2026, inclusive.
The NBU had previously announced at the end of 2023 that the rules for classifying insurers as significant would take effect on January 1, 2026. Thus, the current publication of the list is effectively the first practical application of the new insurance supervision rules, which are part of the process of aligning the Ukrainian insurance market with EU standards.
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