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RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of July 30, 2025 No. 88

About approval of Changes in Regulations on determination of technique of assessment of assets and liabilities for the purposes of calculation of the regulatory capital of the insurer

According to Articles 7, of 15, 55-1, 56, of 61 Law of Ukraine "About the National Bank of Ukraine", article 21 of the Law of Ukraine "About financial services and finance companies", Articles 37, 114 Laws of Ukraine "About insurance", for the purpose of enhancement of technique of implementation of assessment of assets and liabilities for the purposes of calculation of the regulatory capital of the insurer Board of the National Bank of Ukraine decide:

1. Approve Changes in Regulations on determination of technique of assessment of assets and liabilities for the purposes of calculation of the regulatory capital of the insurer approved by the resolution of Board of the National Bank of Ukraine of June 21, 2024 No. 71 (further - Provisions) which are applied.

2. Insurers shall bring till December 31, 2025 the activities into accord with requirements of the Provision taking into account the made changes.

3. 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.

4. The resolution becomes effective from the date of, its official publication following behind day.

Approved by the Resolution of Board of the National Bank of Ukraine of July 30, 2025 No. 88

Changes in Regulations on determination of technique of assessment of assets and liabilities for the purposes of calculation of the regulatory capital of the insurer

1. To add Item 2 after subitem 2 with two new subitems 2-1, 2-2 of the following content:

"2-1) control of reliability and completeness of information on cost determination for calculation of the regulatory capital of the real estate unit - check by the National Bank of Ukraine (further - National Bank) reliability and completeness of information of the insurer which moves according to requirements of the legislation of Ukraine, taking into account the value assessment applied by the insurer for calculation of the regulatory capital of the real estate unit according to the report of SOD based on requirements of the legislation of Ukraine concerning property assessment;

2-2) cumulative coupon yield - part of coupon interest income on the bond of the internal or external state loan of Ukraine added from date of issue of such coupon bond (if payment of coupon yield did not happen yet) or payment dates of the last coupon yield on such bond;".

2. State Item 7 in the following edition:

"7. The cost for calculation of the regulatory capital of the real estate unit which is acceptable asset determined according to requirements of Item 6 of this provision is applied by the insurer for the purpose of calculation of the regulatory capital of the insurer in case of simultaneous observance of the following conditions:

1) availability of the existing certificate of SOD which constitutes the report of SOD on determination of market value of the real estate unit, on specialization "Assessment of immovable things (real estate, the real estate), including the parcels of land, and property rights on them";

2) experience of practical activities according to property of SOD which constitutes the report of SOD, constitutes at least five years from the date of receipt of the certificate of SOD according to the legislation of Ukraine concerning property assessment;

Experience of practical activities of appraisers who directly performed assessment of the real estate unit as a part of SOD and/or signed the report of SOD constitutes 3) at least two years from the date of receipt of the certificate of competency of the appraiser according to the legislation of Ukraine concerning property assessment;

4) within three last years preceding the date of assessment of the real estate unit specified in the report of SOD there is no information about:

violation of SOD of regulatory legal acts according to property, property rights and professional estimative activity in Ukraine;

the facts of violation of SOD of the restrictions concerning evaluating property set by the legislation of Ukraine;

availability of reviews of the valuation report of property constituted by SOD, classified by sign "the report does not conform to requirements of regulatory legal acts according to property, is low-quality and (or) nonprofessional and cannot be used";

5) the insurer on demand obtained information from National Bank that in National Bank within the last three years preceding date of its provision there is no information on the review of the valuation report of property constituted by SOD, classified by the following signs:

the report of incomplete degree conforms to requirements of regulatory legal acts according to property and has the considerable shortcomings which affected reliability of assessment, but can be used with the purpose determined in the report after correction of the specified shortcomings;

the report does not conform to requirements of regulatory legal acts according to property, is low-quality and (or) nonprofessional and cannot be used;

6) the report of SOD shall be acting for settlement date of the regulatory capital (if the report of SOD contains the term of its action);

7) term of date of assessment of real estate object specified in the report of SOD before settlement date of the regulatory capital of the insurer shall not exceed one year.".

3. In Item 8:

In paragraph one the word "if" shall be replaced with words 1) "in the presence of such conditions";

2) in the paragraph the second subitem 1:

"Fund of state-owned property of Ukraine" to add the paragraph after words with the word and letters "(further - FGIU)";

exclude the words "Ukraine (Further — National Bank)";

Subitem 2 to state 3) in the following edition:

"2) for the parcels of land - the available review of the report on expert money value of the parcel of land performed by advisory council which is specially created by self-regulatory organization of appraisers (further - SRO), at the request of National Bank, with the conclusion about discrepancy of the report of SOD to requirements of regulatory legal acts by assessment, including the conclusion about unauthenticity of assessment of the parcel of land;";

Item to add 4) with the new subitem of the following content:

"4) the insurer did not provide/provided in insufficient amount documents/information (the report of SOD with all appendices to it, the consent of the insurer to transfer of the constituted SOD of the valuation report of property to reviewing to FGIU or the report on expert money value of the parcel of land on reviewing in SRO) for control of reliability and completeness of information on cost determination for calculation of the regulatory capital of the real estate unit.".

4. To add provision after Item 8 with four new Items 8-1-8-4 of the following content:

"8-1. The National Bank in the procedure determined by it exercises control of reliability and completeness of information on cost determination for calculation of the regulatory capital of the real estate unit determined by the insurer according to Item 5 of this provision based on information specified in the report of SOD submitted by the insurer on request of National Bank within the terms determined in such request.

8-2. The insurer provides on request of National Bank for control of reliability and completeness of information on cost determination for calculation of the regulatory capital of the real estate unit the report of SOD with all appendices to it, and also has the right to provide consent to transfer of the constituted SOD of the valuation report of property to reviewing to FGIU or the report on expert money value of the parcel of land on reviewing in SRO.

8-3. The National Bank directs the valuation report of property constituted by SOD to reviewing in FGIU or the report on expert money value of the parcel of land - to SRO if by results of control of reliability and completeness of information on cost determination for calculation of the regulatory capital of the real estate unit at National Bank the weight of evidence suggests that the cost determined in the report by SOD for calculation of the regulatory capital of the real estate unit for date of assessment exceeds for 10 and more percent average market value of such real estate unit, and in the presence of consent (permission) of the insurer to transfer to the constituted report SOD to reviewing.

8-4. The National Bank after carrying out reviewing of FGIU/SRO notifies the insurer on results of the performed reviewing. Cost for calculation of the regulatory capital of the real estate unit is accepted equal to zero if by results of the carried-out reviewing there is review determined in subitems 1, 2 Items 8 of this provision.".

5. In Item 9 of the word and figures "in Item 7" shall be replaced with words also in figures "in Items 7, 8-1, 8-2, 8-4".

6. State Item 12 in the following edition:

"12. Cost for calculation of the regulatory capital of the OVDP which are acceptable assets for the purpose of calculation of the regulatory capital of the insurer is determined:

1) for the OVDPs nominated in hryvnia (further - hryvnia OVDPs), according to information on fair value of hryvnia OVDPs for date which matches with settlement date of the regulatory capital of the insurer or is the last working day preceding the settlement date of the regulatory capital of the insurer placed by National Bank on the page of official Internet representative office of National Bank;

2) for the OVDPs nominated in foreign currency (further - currency OVDPs), according to information on the fair value of currency OVDPs determined in the corresponding currency for date which matches with settlement date of the regulatory capital of the insurer or is the last working day preceding the settlement date of the regulatory capital of the insurer placed by National Bank on the page of official Internet representative office of National Bank in hryvnia equivalent on the official rate of hryvnia to the corresponding foreign currency for settlement date of the regulatory capital.

The cost for calculation of the regulatory capital of the OVDP specified in subitems of 1,2 of Item 12 of this provision is determined by the insurer taking into account cumulative coupon yield by such OVDPs for date which matches with settlement date of the regulatory capital of the insurer or is the last working day preceding settlement date of the regulatory capital of the insurer.".

7. To add provision after Item 13 with three new Items 13-1-13-3 of the following content:

"13-1. The insurer determines in the internal documents type of data applied by it in case of cost determination to calculation of the regulatory capital of the OVDP according to subitems 1-3 of Item 13 of this provision including data of rather maximum/minimum price of the demand/offer on such OVDPs and period of time on which such price is created.

13-2. The cost for calculation of the regulatory capital of the OVDP specified in subitems 1-4 of Item 13 of this provision is determined taking into account cumulative coupon yield by such OVDPs for date which matches with settlement date of the regulatory capital of the insurer or is the last working day preceding settlement date of the regulatory capital of the insurer.

13-3. The insurer independently expects cumulative coupon yield on the OVDP settlement date of the regulatory capital according to internal documents of the insurer if information source determined in subitems 1-4 of Item 13 of this provision does not contain information of rather cumulative coupon yield on such OVDPs.".

8. In Item 16 of figure "14" to replace with figures "15".

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