By KYIV. Jan 10 (Interfax-Ukraine) – The National Bank of Ukraine has regulated the activity of the Export Credit Agency (ECA) as an insurer with a special status by the regulations on licensing and the conditions for its activities in insurance, reinsurance, and the provision of guarantees approved on January 6.
According to the website of the regulator, in particular, these documents normalize the procedure for including the ECA in the state register of financial institutions, licensing the ECA and the conditions for its activities in insurance, reinsurance, and the provision of guarantees.
In addition, requirements have been established for the internal control system, risk management system, reporting, risk reinsurance, as well as qualification requirements for ECA managers and key persons. As an insurer with a special status, requirements for the capital adequacy and solvency ratio are established. The features of the ECA formation of insurance reserves are also determined.
As reported, the ECA was created to stimulate the export of goods (works, services) of Ukrainian origin and support resident exporters of Ukraine through insurance, reinsurance, and the provision of guarantees under contracts that provide for the development of exports.
From January 7, 2023, the National Bank received the authority to regulate the activities of the Export Credit Agency, which should bring it into line with the requirements established by the said resolution and submit documents for obtaining a license in the manner specified by the regulator until July 7, 2023.
