Ukraine’s National Bank requires insurance, reinsurance brokers to register in intermediary registry by March 31

Insurance and reinsurance brokers (excluding nonresident brokers) listed in the broker registry must register in the Insurance Intermediary Registry by March 31, 2025. This registry is managed by the National Bank of Ukraine (NBU).

This requirement is stipulated in the NBU's Resolution No. 3 dated January 3, "On Approval of the Regulation on Authorization of Insurance Intermediaries and Conditions for Conducting Activities in Selling Insurance and/or Reinsurance Products," which came into effect on January 7.

According to the resolution, the NBU began managing the Insurance Intermediary Registry (Intermediary Registry) from the date the resolution became effective, excluding the comprehensive information security system (CISS) in the registry.

Until a broker is included in the Intermediary Registry, they are permitted to provide intermediary services based on information in the existing broker registry. A broker who submits documents for inclusion in the Intermediary Registry must update their information within three months of the CISS implementation date.

Nonresident insurance and reinsurance brokers who notify the NBU of their intent to operate in Ukraine before January 7, 2025, are considered to have fulfilled their notification requirement.

Contracts empowering insurance and reinsurance brokers (excluding those with non-residents) that are concluded from January 1, 2025, onwards, or amended thereafter, will be deemed valid from the resolution’s effective date until the broker is registered in the Intermediary Registry. Brokers are required to align such contracts with the new requirements within three months of registration. Contracts concluded before January 1, 2025, remain valid until their expiration.

The regulation also mandates that brokers provide clients with their registration number in the broker registry and a link to the NBU's official website, where the broker registry is available, to verify their registration status on the contract date.