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NBU Requests from International Reinsurers and Insurance and Reinsurance Brokers to Suspend Cooperation with the Russian Federation

NBU Requests from International Reinsurers and Insurance and Reinsurance Brokers to Suspend Cooperation with the Russian Federation

The National Bank of Ukraine addressed foreign reinsurers and insurance and reinsurance brokers: Lloyd's, Swiss Re Ltd., Munich Reinsurance Company, Gen Re, Hannover Re, SCOR S.E., PartnerRe Ltd., Arch Re, AIG, Marsh, Willis with a request to stop servicing the agreements on reinsuring risks of insurers of the Russian Federation.

This appeal comes after the Ukrainian authorities imposed martial law, and it aims to facilitate measures required to implement martial law pursuant to Presidential Decree No. 64/2022 On Introducing Martial Law in Ukraine dated 24 February 2022.

“As we take every step necessary to ensure that our country’s financial defense remains impenetrable, we are strongly opposed to the practices allowing the insurers based in the aggressor country to reinsure their risks through international reinsurers and insurance and reinsurance brokers. We believe that the world’s major powers will support peace in Ukraine and completely cut off all contacts with the Russian Federation,” said NBU Deputy Governor Sergiy Nikolaychuk.

For reference

Similar requests were sent by all domestic associations and unions of the insurance market participants: Insurance Business Association, National Association of Insurers of Ukraine, League of Insurance Organizations of Ukraine , Kharkiv Union of Insurer, and Federation of Insurance Intermediaries of Ukraine.

 

 

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Letter to nonresident reinsurers and nonresident insurance and reinsurance brokers
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