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NBU Authorizes a Number of Insurance Payments Abroad

NBU Authorizes a Number of Insurance Payments Abroad

The National Bank of Ukraine has expanded the list of exceptions to the ban on cross-border transfers for insurance market participants.

As of 22 April 2022, insurance market participants can buy foreign currency to transfer funds to make the following insurance payments:

  • health insurance abroad (insurance payments to accounts of nonresident assisting companies under life insurance contracts with individuals going abroad)
  • Green Card (insurance premiums by the Motor (Transport) Insurance Bureau of Ukraine under reinsurance contracts and insurance payments to policy holders for damages under the international insurance agreements Green Card)

Said amendments and a number of other clarifications were approved byNBU Board Resolution No. 81 On Amendments to NBU Board Resolution No. 18 dated 24 February 2022 dated 22 April 2022. The document is effective 22 April 2022.

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