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Some 88% of insurers continue to fulfill obligations under insurance contracts in full, in due term – NBU governor

KYIV. May 3 (Interfax-Ukraine) – At present, 88% of insurance market participants continue to fulfill their obligations under insurance contracts in full and in due term, Governor of the National Bank of Ukraine (NBU) Kyrylo Shevchenko has said.

"After the victory, we plan that they will join the restoration of the economy and social protection of the population. The main requirement of the NBU for insurers will remain their compliance with solvency and liquidity standards," he wrote in a column for NV.Business publication.

According to Shevchenko, the credit cooperation market continues to operate, despite the decrease in the number of credit unions. The next stage in the development of this market segment will be associated with the launch of a system for guaranteeing deposit fees for members of credit unions and building a two-tier system of credit unions in Ukraine.

He also said that as a result of the deterioration of the property position of borrowers, the task of financial companies engaged in lending is the qualitative restructuring of overdue debts and the introduction of credit holidays on consumer loans.

"We continue focusing on market behavior, a transparent ownership structure and consumer protection in their regulation. At the same time, due to the war, we almost do not introduce prudential requirements," the governor of the National Bank said.

The nonbank financial sector continues to operate. To support it, the NBU softened a number of regulations and postponed the introduction of new requirements for the activities of financial companies, Shevchenko said.