The NBU proposes to regulate insurance agents instead of the Cabinet of Ministers
The NBU also suggests expanding the opportunities of non-resident broker representatives for crediting and transferring insurance premiums
The NBU has developed a draft of updated requirements for regulating intermediary activities in the field of insurance and reinsurance. In particular, it is proposed to give the NBU the right to regulate the activities of insurance agents, which is currently regulated by an act of the Cabinet of Ministers.
It is reported that among other proposals is the regulator's right to exclude from the State Register of Insurance Brokers individuals associated with the aggressor country.
In addition, it is proposed to define fixed deadlines for brokers to submit a questionnaire and documents to the National Bank, which will confirm the compliance of their activities.
The National Bank noted that these initiatives have been made public for discussion.
Reminder: On 19 December 2021, the Verkhovna Rada adopted an updated law On Insurance, it is due to take effect on 1 January 2024. The law provides for the introduction of new approaches to regulating the activities of insurance intermediaries, which will be implemented in two stages.
Background. Mind previously reported that the NBU had allowed insurers to make payments in favour of non-residents.
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