Insurers may switch to monthly reporting, probably from next year – First Deputy Head of the National Bank of Ukraine
Facts Economy Sports Investments Diplomacy Regions Projects
Special topics:
Red Cross Ukraine Reconstruction Military Energy Open4business
The National Bank of Ukraine (NBU) intends to require insurance companies to provide monthly reports on key areas of their activities, possibly starting next year, said First Deputy Head of the NBU Kateryna Rozhkova.
“Insurance companies sell policies and settle claims every day. We aim to receive key data on business activity on a monthly basis. The changes are likely to come into effect early next year, although they will initially focus on specific indicators,” she said.
Rozhkova explained that this will not cover the entire reporting system.
“It is vital for us to monitor market developments in real time. As we move towards Solvency II, having sufficient information is our priority,” she added.
She stressed that insurers would be given a transition period to ensure a smooth implementation of the new reporting requirements.
“In addition, EU rules require insurers to conduct stress testing. We have not yet reached this level, but we must gradually implement all requirements,” Rozhkova added.
Source: Source
