According to the Head of the Sub-Committee on tariff and non-tariff regulation, the draft law is part of a block to completely update the legislation related to activities in the markets of non-banking financial services.
The purpose of the bill is to update relations in the field of insurance, the general legal framework for insurance activities, as well as to determine the powers of the National Bank of Ukraine to implement planned measures of state supervision (control) of insurers in accordance with international best practices.
The bill proposes to: improvement of terminology; updating the approach to licensing insurers; improving the requirements for owners of significant participation of the insurer; introduction of a new approach in regulating the activities of persons who have the right to sell insurance and reinsurance products; improving corporate governance, internal control and risk management of the insurer; introduction of new approaches to the required available capital and requirements for the solvency of the insurer; introduction of effective procedures for the insurer to exit the market; updating supervision procedures.
In addition, the bill proposes to amend a number of legislative acts that correspond to the provisions proposed by the draft law.
The representative of the National Bank informed about the support of the bill in the first reading
The members of the Committee noted the extreme importance of the bill and, at the same time, stressed the need for it's significant revision before the second reading.
Representatives of insurance associations also supported the updating of legislation and its approximation to the European and expressed their remarks and suggestions.
Among the main remarks made to the bill: the granting of discretionary powers to the regulator, a large number of reference and declarative rules.
The Committee decided to recommend to the Verkhovna Rada to include the draft law No. 5315 to the agenda of the fifth session of the Ukrainian Parliament and as a result of consideration in the first reading, to adopt it as a basis.
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