The National Bank of Ukraine has revised FX restrictions in the insurance sector. Specifically, the NBU has amended some provisions on FX transactions restrictions in the insurance sector introduced by NBU Board Resolution No. 18 On Operation of Banking System Under Martial Law dated 24 February 2022 (as amended), to bring them in line with Law of Ukraine No. 1909-IX On Insurance dated 18 November 2021 (the Insurance Law) and Law of Ukraine No. 1953-IX On Financial Services and Finance Companies (the Financial Services Law) dated 14 December 2021, which came into force on 1 January 2024.
The amendments effective from 20 February 2024:
- clarify the new insurance classes, new requirements for solvency capital, and minimum capital prescribed by the Regulation On Establishing Requirements for Ensuring Insurer’s Solvency and Investment Activities, approved by NBU Board Resolution No. 201 dated 29 December 2023, as well as the terminology used in the Insurance Law
- harmonize the requirements for an impeccable business reputation for the purposes of being included in the List of Insurers with the requirements of the Financial Services Law and the Regulation On Authorization of Financial Service Providers and Requirements for Provision of Financial Services, approved by NBU Board Resolution No. 199 dated 29 December 2023.
Said technical amendments were approved by NBU Board Resolution No. 22 On Amendments to NBU Board Resolution No. 18 dated 24 February 2022 dated 16 February 2024, which comes into effect on 20 February 2024.