The NBU is revising the rules governing the insurance market
The National Bank of Ukraine has revised the rules for the insurance market and made life easier for insurance intermediaries by cutting red tape and clarifying the requirements for companies’ operations. The changes are intended to make the market more transparent and user-friendly, but businesses have still been given time to adapt. This was reported by the NBU.
The National Bank of Ukraine has approved an updated procedure for the insurance sector that affects several key processes at once—from the registration of insurance intermediaries to the rules for selling insurance and reinsurance products. The regulator says the goal is simple and pragmatic: less unnecessary bureaucracy, clearer rules, and less administrative pressure on the market.
In particular, the NBU has reduced and clarified the list of documents required to enter intermediaries into a special Register. Now, companies will be able to use data from open government sources more often, which means fewer certificates and formal procedures that previously slowed down operations.
Separate, clear rules have been established for multi-agents—intermediaries who work with several insurance companies at once. From now on, they have a more defined status and a clear list of obligations for the insurers that engage them. The regulator has also expanded the ability to quickly remove intermediaries from the Registry if the actual cooperation between the parties ceases. This should make the system more flexible and less formal in cases where business relationships no longer function.
Another innovation is a mechanism for restoring business reputation for those who wish to return to the market after a hiatus or prior restrictions. Additionally, the NBU has clearly defined which financial transactions are permitted for intermediaries with special accounts, including foreign currency transactions.
The approach to training insurance intermediaries has also been updated. Requirements for both basic training and regular professional development are now more clearly defined, depending on the market participant’s category. Transition periods have been established for businesses. Insurance companies and intermediaries have six months to bring their internal documents into compliance with the new rules. A separate six-month period is provided following the full modernization of the NBU’s registry to update all data and integrate the new requirements into the system.
As a result, the regulator is effectively resetting the rules of the game in the insurance market, seeking to make the system simpler, more digital, and more predictable for participants.
The National Bank of Ukraine has published an analytical review of the non-bank financial sector for the first quarter of 2026. The report notes significant market growth: the total share of non-bank financial institutions in assets under NBU supervision increased by 0.2 percentage points and now stands at 9%.
We also remind you that the National Bank of Ukraine has tightened currency restrictions on international payments. This will help prevent unproductive capital outflows from the country.
We previously reported that the Northern Commercial Court of Appeal in Kyiv confirmed that state-owned PrivatBank cannot be returned to its former owner, Ihor Kolomoyskyi.
