NBU allows insurers to make payments in favour of non-residents

The National Bank announced the easing of currency restrictions in the insurance sector. New rules have also been established for conducting operations with the payment of interest to foreign investors for government securities.

This is reported on the NBU website.

The National Bank reminds that operations with the execution of insurance payments are already permitted:

• to foreign nuclear pools, performed by an authorised insurer on behalf of the Nuclear Insurance Pool association;
• Green Card international insurance contracts;
• personal insurance contracts related to treatment in institutions of foreign states, transportation of patients, associated with the death of citizens abroad (including transport and funeral expenses);
• insurance of people travelling abroad.

In addition, the NBU unblocks currency operations of insurers for the payment of membership fees to international organisations and associations of insurers. It is reported that the Motor Insurance Bureau of Ukraine will also be able to conduct currency operations for the payment of membership fees to the Green Card Bureau Council.

An additional requirement has been established for the repatriation of funds received from the payment of interest on government securities after April 1, 2023. It is noted that the investor must own government securities for the last 90 days in order to receive interest.

Background. From April 1, non-residents will be able to withdraw funds from the payment of interest on government securities.