Report on Legal Framework of the Insurance Sector in Ukraine
The scope of this report – by Rokas (Kiev) – is to present the legal regime framework related to insurance in Ukraine, some of them follow below
INSURANCE AND REINSURANCE COMPANIES, BRANCH OFFICES OF FOREIGN INSURANCE COMPANIES AND DIRECT PROVISION OF INSURANCE SERVICES, WHEN APPLICABLE
Pursuant to the Ukrainian legislation an insurer can be a legal entity, which obtained the license, and incorporated in
the following types:
Joint Stock Company (public or private);
General Partnership;
Commandite Company/Limited Partnership;
Additional Liability Company/Unlimited Partnership.
The number of shareholders shall be no less than three.
The international insurers are prohibited from maintaining insurance activity directly at the territory of Ukraine with
the exceptions provided by the Law on Insurance.
The Financial Services Commission of Ukraine (hereinafter – the Commission) provides separate insurance license
for general (non-life) insurance services and for life insurance services companies.
All insurance/reinsurance companies and brokers are registered at the State Register of Financial Institutions which
is kept by the Commission
INSURANCE SUPERVISION
The Commission is the only state authority empowered to supervise insurance in Ukraine; provides insurance
license for insurers and certificates for insurance brokers and keeps records of all registered insurance/reinsurance
companies and brokers.
QUALIFICATIONS AND SUPERVISION OF THE MANAGEMENT
In accordance with the Ukrainian legislation a general manager and a chief accountant of an insurer should meet the
following requirements:
advanced professional skills and a good business reputation;
a general manager shall hold a university (or equivalent) degree in law or economics and have at least 5 years
of relevant work experience;
a chief accountant shall hold a university degree in economics and have at least 5 years of relevant work
experience;
both of them shall:
a) complete the appropriate professional skills enhancement courses organized by the Commission;
b) not have been a senior manager or a chief accountant of a financial institution recognized as bankrupt or
subject to compulsory liquidation over the previous 5 years;
c) not have any standing or unsuspended conviction for a deliberate crime including crimes in the commercial
and administrative field
Download: 