The National Bank has identified a list of significant insurers in Ukraine

The National Bank of Ukraine has published for the first time a list of 13 insurance companies that were designated as “significant” as of January 1, 2026. The list includes leading market players, among them two life insurers and eleven general insurance companies. 

Interfax-Ukraine reports on the introduction of stricter requirements for financial institutions and the publication of their list. 

The following companies have been recognized as significant: Grave Ukraine Life Insurance, TAS Insurance Company, Oranta, INGO, UNICA, Universalna, ARKS, “PZU Ukraine,” “Knyazha Vienna Insurance Group,” “TAS Insurance Group,” “USG,” “VUSO,” and “Arsenal Insurance.” The status was determined based on financial reporting indicators for the last two calendar years preceding the assessment date.

For such institutions, stricter corporate governance standards have been established, including the mandatory presence of a supervisory board consisting of at least five members, with three independent directors. Significant insurers are prohibited from outsourcing critical risk management and compliance functions, as well as from combining key management positions. The internal audit and control systems in these companies must meet the highest standards of transparency to minimize risks. The NBU will supervise the activities of these entities in accordance with the new requirements of the Law “On Insurance.” 

Companies must bring their operations into full compliance with the established standards by December 31, 2026. These measures are aimed at strengthening the market’s financial stability amid challenges posed by Russia’s aggression. The timely identification and control of material risks among major players will help protect the rights of insurance consumers. The regulator emphasizes the importance of an effective actuarial function and reporting systems to ensure the sector’s reliability. The development of a transparent insurance market remains a priority of state policy. Updating the requirements will facilitate the integration of the Ukrainian financial sector into European standards.