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NBU shapes new requirements for activities of insurance brokers
KYIV. Sept 22 (Interfax-Ukraine) – The National Bank of Ukraine (NBU) has prepared and proposed to the market for discussion a draft resolution on approval of the regulation on registration of insurance and reinsurance brokers and the conditions for carrying out intermediary activities in the field of insurance and on amendments to some normative legal acts of the NBU developed in pursuance of the requirements of the law on insurance.
As reported on the website of the regulator, this is about the specifics of registration and implementation of intermediary activities in the field of insurance (reinsurance).
The draft establishes the procedure for registration of resident insurance and/or reinsurance brokers, the procedure for notifying nonresident insurance and/or reinsurance brokers (including permanent establishments of such brokers) of their intention to operate in Ukraine. In addition, the document contains a list of intermediary services in insurance and reinsurance, requirements for the professional suitability of resident brokers who are sole proprietors, heads of resident brokers who are legal entities, the procedure and requirements for the implementation of intermediary activities for the conclusion of insurance (reinsurance) contracts with nonresident insurers and termination of the intermediary activities of an insurance broker.
The document provides for the obligation of persons included in the State Register of Insurance and Reinsurance Brokers to inform the NBU about the appointment of managers and their training. Brokers must have their own website, and brokers – legal entities must have separate checking accounts with banking institutions to carry out their business activities and to carry out transactions with policyholders (reinsurers).
At the same time, the regulation cancels the obligations of brokers to submit reports to the NBU.
Comments and suggestions to the draft resolution are accepted until October 21, 2021.
