UKRAINE: NBU extends deadlines for submitting annual reports until March 31

7 March 2022 — Marina MAGNAVAL
In connection with the martial law throughout Ukraine, the National Bank (NBU) has extended the deadline for submitting annual reports by non-banking financial institutions for 2021 until March 31, 2022, Forinsurer said.

Also, NBU, as a regulator of the insurance market, recommends that insurers simplify the procedure for settling insurance events, as to make maximum use of electronic documents, copies of necessary documents if it is impossible or difficult to obtain originals, and other means of remote settlement of insured events.

According to the resolutions of the NBU Board dated February 24, 2022, settlements in foreign currency are temporarily limited. NBU recommends that insurers carry out necessary communications with foreign brokers and reinsurers to extend the terms of reinsurance payments for a period until restrictions on foreign exchange payments are lifted.

During martial law, NBU will not conduct inspections of participants in the insurance and non-banking financial services market.

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