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RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of December 25, 2023 No. 182

About approval Regulations on characteristics and classification signs of classes of insurance, features of implementation of activities for insurance and the conclusions of agreements on insurance classes

According to Articles 7, of 15, 55-1, 56 of the Law of Ukraine "About the National Bank of Ukraine", to Articles 9, of 21, to Item 30 of the Section VII of the Law of Ukraine "About financial services and finance companies", to Articles 4, of 89, of 93, of 105, of 109, of 110, of 114, of Item 25 of the Section XV of the Law of Ukraine of November 18, 2021 No. 1909-IX "About insurance", for the purpose of determination of characteristics and classification signs of classes of insurance, risks within classes of insurance, the list of risks within insurance classes, and also features of implementation of activities for insurance and the conclusion of agreements on insurance classes the Board of the National Bank of Ukraine DECIDES:

1. Approve Regulations on characteristics and classification signs of classes of insurance, features of implementation of activities for insurance and the conclusions of agreements on insurance classes (further - the Provision) which is applied.

2. The requirements concerning the bases, procedure and effects of change or termination (termination) of insurance contracts determined in Items 141, 142 Chapters 24 of the Section VII, Chapters 28, of the 29th Section VIII of the Provision extend to the insurance contracts signed about day of entry into force of this resolution and continue to be effective after entry into force of this resolution in case of change or the termination (termination) of such insurance contracts according to requirements and taking into account features of Item 22 of the Section XV of the Law of Ukraine of November 18, 2021 No. 1909-IX "About insurance" (dalee-Zakon).

3. Insurers before renewal of licenses for activities on insurance according to Item 17 of the Section XV of the Law sign insurance contracts taking into account requirements of the Section XIII of the Law, item 4 of this resolution, the Provision and based on ratio of the types and classes of insurance determined by Item 18 of the Section XV of the Law.

4. Insurers who had the status of the insurer about day of enforcement of the Law, till June 30, 2024 inclusive:

1) have the right to sign insurance contracts based on internal documents of the insurer (rules of insurance) regulating the conclusion of such insurance contracts before reduction of the activities for insurance in compliance with requirements of the Law taking into account requirements of Item 10 of the Section XV of the Law concerning the conclusion of the insurance contracts according to general terms of insurance product determined by the insurer according to part one of article 89 of the Law. Such insurance contracts are signed taking into account ratio of the types and classes of insurance determined by Item 18 of the Section XV of the Law with indication of in such agreements of class of insurance (risks within such class) and according to requirements of the Section XIII of the Law and requirements of the Provision, except requirements for the conclusion of insurance contracts according to general terms of insurance product;

2) shall bring the activities for insurance into accord with requirements of the Law and the Provision concerning the conclusion of insurance contracts according to the general terms of insurance product determined by the insurer according to part one of article 89 of the Law and to give written assurance of any form of it to the National Bank of Ukraine.

4-1. The National Bank of Ukraine (further - National Bank) under the conditions determined in Item 4-2 of this resolution till December 31, 2024 does not constitute the document in which violation is fixed, and does not apply to the insurer who had the status of the insurer as of January 01, 2024 which insurance agents did not bring activities into accord with requirements of the Provision in time, specified in item 4 of this resolution, corrective actions for violation of requirements of the Provision regarding reduction in compliance with requirements of the Provision of activities of insurance agents of such insurer concerning procedure for the conclusion of insurance contracts with their participation.

4-2. The National Bank does not constitute the document in which violation is fixed, and does not apply corrective actions according to Item 4-1 of this resolution on condition of provision by the insurer to National Bank no later than July 15, 2024:

1) information that insurance agents of the insurer do not bring activities into accord with requirements of provision in the time determined in item 4 of this resolution with reasons for the reasons;

2) descriptions of actions (stages) directed to reduction of the activities in compliance with requirements of the Provision with indication of the term during which activities of its insurance agents will be brought into accord with requirements of the Provision. Date of completion of such term cannot exceed on December 31, 2024.

5. To department of methodology of regulation of activities of non-bank financial institutions (Sergey Savchuk) after official publication to inform insurers information on adoption of this resolution.

6. The resolution becomes effective since January 1, 2024.

Approved by the Resolution of Board of the National Bank of Ukraine of December 25, 2023 No. 182

Regulations on characteristics and classification signs of classes of insurance, features of implementation of activities for insurance and the conclusions of agreements on insurance classes

I. General provisions

1. Basic provisions and terms

1. This Provision is developed according to the Law of Ukraine "About the National Bank of Ukraine", the Law of Ukraine "About financial services and finance companies", the Law of Ukraine of November 18, 2021 No. 1909-IX "About insurance" (further - the Law).

2. Terms in this Provision are used in such value:

1) the assisting company subject of managing, acting on the basis of the contracts with the insurer and giving help (the assisting services) to insured persons or other persons, the defined insurance contract, on the conditions provided by such insurance contract;

2) the assisting services - the help (services) which (which) in accordance with the terms of the insurance contract can (can) be provided directly by the insurer by the assisting company or other person based on the relevant agreement on provision of such help (such services) and according to requirements of the legislation of Ukraine and can (can) include coordination of actions of the insured person or other person defined by the insurance contract and/or persons rendering helps/services in case of loss occurrence, the organization and control of provision of such help / such services and also accomplishment by the assisting company or other person rendering such help / such services, other actions directed to settlement of the event having signs of insured event including payment by the assisting company (other person) of the cost of such help / such services if it is provided by conditions of the relevant contract with the insurer;

3) the agreement of complex insurance - the insurance contract signed on two or more risks within one class of insurance or on two or more classes of insurance (to risks within such classes of insurance);

4) insurance contracts from losses - the insurance contracts signed on the classes of insurance 3-9, 14-17 and/or 18 on risk specified in the subitem 2 of Item 96 of Chapter 20 of the Section V of this provision;

5) insurance contracts of responsibility - the insurance contracts signed on classes of insurance 10-13;

6) life insurance contracts and/or health - the insurance contracts signed on the insurance classes 1, 2 and/or 18 on risk specified in the subitem 1 of Item 96 of Chapter 20 of the Section V of this provision (further - insurance contracts of health), and also the insurance contracts signed on insurance classes 19, of 20, 23 (further - life insurance contracts);

7) auxiliary risks risks which for the purposes of this provision are understood as insurance risks others, than the main risks connected with life, health and/or working capacity of insured person [including accidental death, injuries, critical diseases, diseases, bodily harms, temporary and/or permanent (permanent) loss by insured person of working capacity] which can be included in the life insurance contract in addition to the main risks in case of accomplishment of the conditions provided by part eight of article 11 of the Law taking into account requirements of this provision;

8) general terms of insurance product - the internal document of the insurer determined according to part one of article 89 of the Law taking into account requirements of the Law and this provision establishing general rules (conditions), procedure and features of implementation of insurance on insurance product;

9) unfortunate case - sudden, accidental, limited on time, unpredictable and independent of will of the insured person and/or other person defined by the insurance contract, event which took place owing to external impact and led to damnification of life, health and/or operability of the insured person and/or other person defined by the insurance contract;

10) the main risks risks which for the purposes of this provision are understood as the insurance risks connected with life and/or provision of pensions of insured person (depending on insurance class: survival of insured person to the age defined by the agreement or dates or marriages, or the child's births, the death of insured person), inclusion in the life insurance contract of one or several of which is obligatory and is determined by requirements of this provision to the corresponding class of life insurance;

11) person whose responsibility is insured, - the insurer and/or other person determined in the insurance contract which responsibility for damage suffered to the injured third party and/or his property is object of insurance according to the insurance contract;

12) the injured third person - the legal entity, physical person entrepreneur, physical person and/or the state of Ukraine, Autonomous Republic of Crimea, territorial communities, foreign states and other subjects of the public law to whom harm by person whose responsibility is insured, owing to approach of the event provided by the insurance contract (insurance risk) is done;

13) risk within insurance class - the separate subclass within insurance class (part of class of insurance) which is characterized by general terms of insurance coverage and allocated within such class for the purpose of establishment of separate requirements for implementation of activities for insurance and the conclusion of insurance contracts on such risk within insurance class.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info