Requirements for insurance intermediaries have been updated in line with EU regulations
The NBU has updated the requirements for insurance intermediaries and the conditions for carrying out activities related to the sale of insurance and/or reinsurance products.
The Regulation on the Authorization of Insurance Intermediaries and Conditions for the Sale of Insurance and/or Reinsurance Products (hereinafter - the Regulation) approved by the Board of the National Bank of Ukraine is another step towards harmonizing the NBU's insurance regulations with EU standards and will help improve the quality of intermediary services in the insurance sector.
The Regulation was developed to ensure the implementation of Directive 2016/97/EU of the European Parliament and of the Council of 20 January 2016 on the sale of insurance products and the Law of Ukraine "On Insurance" and defines
- requirements for persons engaged in the sale of insurance and/or reinsurance products, including employees of insurers
- the procedure for maintaining the Register of Insurance Intermediaries by the National Bank (to be carried out by means of the Integrated Information System of the National Bank of Ukraine (NBU CIS));
- registration system and procedure for authorization of insurance intermediaries by the insurer and the National Bank;
- the procedure for notifying the NBU of the intention to carry out activities in Ukraine by non-resident insurance intermediaries;
- the procedure and requirements for disclosure of information in the list of sales employees of the insurer and insurance intermediary;
- the procedure for the National Bank's supervision of insurance intermediaries and the specifics of administrative proceedings in the course of authorization procedures for insurance intermediaries.
The new requirements also define the main aspects of activities in the sale of insurance and/or reinsurance products in the insurance market and the procedure for regulating relations between insurers, insurance intermediaries and their clients.
The Regulation was approved by Resolution of the NBU Board No. 2 dated January 3, 2025, which comes into force on January 7, 2025.
At the same time, a transitional period is provided for insurers and insurance intermediaries to register in accordance with the new requirements.