UKRAINE: insurance supervision department set up within National Bank

28 January 2020 — Marina MAGNAVAL
The National Bank of Ukraine created two new departments - on methodology for regulating activities of non-banking financial institutions and on insurance market supervision, Forinsurer reports with reference to Interfax-Ukraine.

Until July 1, 2020, both departments will develop proposals for effective transfer of their functions from the National Commission for financial services market to the National Bank.

Starting July this year, the insurance market supervision department will be responsible with the implementation of prudential supervision of insurance companies, specialized reinsurers and insurance intermediaries.

The National Bank also updated the structure of the licensing department, which will deal with the licensing of credit institutions, insurance companies, financial companies and payment services.

The functions of regulation of non-banking financial services markets, according to the "split" law, will be transferred from the National Commission for financial services market to the National Bank as well, starting July 1, 2020.



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