Adopted as a basis the draft law on Insurance (No. 5315).
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.
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