On 23 January 2020, the NBU decided to grant TAS Insurance Company JSC a license to make FX transactions, specifically to conduct FX settlements in Ukraine under life insurance agreements.
TAS Insurance Company JSC has become the fist life insurance company to acquire a license to make FX transactions. The license enables the company to receive insurance premiums and make insurance payments in foreign currency under life insurance agreements.
Licensing life insurers to make FX transactions has been made possible with the adoption of the Law of Ukraine On Currency and Currency Operations as part of a currency liberalization.
Granting life insurance companies the right to make FX transactions will help develop Ukraine’s insurance market by making insurance products more attractive for final consumers, attracting new clients, and reviving competition in the insurance market.
From now onward, individuals who care for their health, decent life in retirement, and the future of their children will be able to enter into FX life insurance agreements and to receive FX payments.
For more on nonbank financial institutions that hold general or FX licenses, follow the link.