New Ukrainian Insurance System
New Ukrainian Insurance System

Summary/Abstract: The article discusses the new insurance system in Ukraine introduced by the Law of Ukraine“On Insurance” dated 18 November 2021, which became effective on 19 December 2021 andwill come into full effect on 1 January 2024. In 2020 the National Bank of Ukraine became thenew regulator of the Ukrainian insurance market and initiated the development of a new regu-latory and oversight model in the insurance sector. The article discusses the problems relatedto the Ukrainian insurance market which are expected to be solved by the new regulation andoversight model. The author presents the most important new solutions introduced by the Law,such as requirements relaed to entering the insurance market, ownership structure, capital , theprotection of consumer rights and exiting the insurance market. The article also shows a briefcomparative analysis of the relevant provisions of the Law and Directive 2009/138/EC. The authorconcludes that the new regulations are comprehensive and consumer-oriented, which will helpto solve existing problems and build a solvent and competitive insurance market.

• Details
• Contents