KUL NASU participated in the scientific-practical seminar from the NBU and the League of Insurance Organizations of Ukraine

Not long ago, the Verkhovna Rada of Ukraine adopted new legislation in the field of insurance, namely the new Law of Ukraine ‘On Insurance’ from № 1909-IX, which came into force on 19.12.2021, but will be implemented on January 1, 2024. The thing is that the new Law fundamentally changes the entire range of requirements for licensing insurers, assessing their solvency and liquidity, corporate governance and risk management, termination of companies’ activities, and the transfer of insurance portfolios, among other things. It was precisely with the aim of informing participants in the insurance services market, primarily insurers, that the START Academy organized a round table on the topic “Current Changes in the Organization of Insurers’ Activities and Reporting”.

The event took place on July 5, 2023, with the support of the Chamber of Commerce and Industry of Ukraine in a hybrid format, attended by over 550 participants – representatives of authorities, businesses, heads of insurance companies and brokers, and scientists.

At the invitation of the organizers, the speakers were: Bohdan Lukasevych, Director of the Accounting Department of the National Bank of Ukraine; Lesya Burbel, Head of the Department of Insurance Market Regulation Methodology of the Department of Methodology for the Regulation of Non-Bank Financial Institutions of the National Bank of Ukraine; Serhiy Rohozny, an expert in International Financial Reporting Standards, a member of the Board, chairman of the Finance and Budget Committee of the Federation of Professional Accountants and Auditors of Ukraine;

Victor Berlin, President of the League of Insurance Organizations of Ukraine; Olha Znachkova, an expert in International Financial Reporting Standards. From the Kyiv University of Law of the National Academy of Sciences of Ukraine, she participated in the seminar as a speaker Oksana Khorvatova, PhD in Law, Associate Professor, Professor of the Department of International Law and Sectoral Legal Disciplines.

The speakers analyzed the main innovations of the adopted Law, namely: organizational aspects of the activities of insurance companies and insurance intermediaries from January 1, 2024; the new licensing procedure and requirements for the authorized capital of insurance companies; features of accounting, reporting, and auditing; important legal aspects of concluding insurance contracts with individuals and legal entities, new rules for the activities and training of insurance agents; requirements for the company’s corporate governance system, in particular, the work of the board and management; qualification requirements for the professional suitability and business reputation of the heads of insurance institutions. At the end of the meeting, the speakers invited the attendees to effective cooperation in building a new system of operations and training. all participants in the insurance market.

Press Center KUL NASU