The National Bank has updated requirements for insurance intermediaries
8 January 2025 04:03
Insurance and reinsurance brokers (except for non-resident brokers) included in the register of brokers are obliged to register in the Register of Insurance Intermediaries, which is being launched by the National Bank of Ukraine, by March 31, 2025. This is reported by the press service of the NBU, "Komersant Ukrainian" informs
It is noted that the regulator has updated the requirements for the activities of insurance intermediaries and the conditions for the implementation of activities for the sale of insurance and/or reinsurance products.
This was another step towards the approximation of the NBU’s insurance regulations to EU standards and will help improve the quality of insurance intermediary services.
Thus, according to the NBU Resolution dated January 3 “On Approval of the Regulation on Authorization of Insurance Intermediaries and Conditions for Carrying Out Activities for the Sale of Insurance and/or Reinsurance Products”, which came into force on January 7, the following were determined
- requirements for persons engaged in the sale of insurance and/or reinsurance products, including employees of insurers;
- the procedure for maintaining the Register of Insurance Intermediaries by the National Bank (to be carried out by means of the Integrated Information System of the National Bank of Ukraine (NBU CIS));
- registration system and procedure for authorization of insurance intermediaries by the insurer and the National Bank;
- the procedure for notifying the NBU of the intention to carry out activities in Ukraine by non-resident insurance intermediaries;
- the procedure and requirements for disclosure of information in the list of sales employees of the insurer and insurance intermediary;
- the procedure for the National Bank’s supervision of insurance intermediaries and the specifics of administrative proceedings in the course of authorization procedures for insurance intermediaries.
The new requirements also define the main aspects of activities in the sale of insurance and/or reinsurance products in the insurance market and the procedure for regulating relations between insurers, insurance intermediaries and their clients.
At the same time, a transitional period is provided for insurers and insurance intermediaries to register in accordance with the new requirements.
As the NBU emphasizes, until a broker is included in the Register of Intermediaries, it has the right to provide intermediary services on the basis of information entered in the current register of brokers.
A broker that has submitted documents for inclusion in the Register of Intermediaries must update its information in the Register of Intermediaries within three months from the date of implementation of the CISS.
A non-resident insurance and/or reinsurance broker that has notified the NBU of its intention to operate in Ukraine by January 7, 2025, is deemed to have already notified the NBU.
Agreements on the basis of which the powers of an insurance and reinsurance broker arise, except for agreements with non-residents, concluded from January 1, 2025 (including amendments to such agreements), are considered to be valid from the date of entry into force of this resolution until the date of registration of such broker in the Register of Intermediaries.
At the same time, brokers are obliged to bring such agreements into compliance with the new requirements within three months from the date of registration in the Intermediaries Register. Agreements concluded before January 1, 2025, are considered valid until the end of their term.
