By KYIV. Sept 1 (Interfax-Ukraine) – To ensure the fulfillment of obligations by insurance companies to customers, from September 2, the National Bank of Ukraine (NBU) will allow insurance companies, the ultimate beneficial owners of which are residents of Russia or Belarus, to make payments under insurance contracts.
As reported on the regulator’s website, this is crucial for protecting the rights of consumers of insurance services in Ukraine.
Other restrictions on expenditure operations of such insurance companies remain, the National Bank said.
As reported, in 2022, the National Bank suspended licenses for the provision of financial services to insurers whose ultimate beneficial owners are residents of Russia or Belarus. They lost the right to enter into new insurance contracts or increase obligations under existing ones.
The NBU said that the mitigation concerns the fulfillment of obligations under insurance contracts concluded before the date of entry into force of the NBU decision on temporary suspension by these insurers.
Earlier, on February 24, 2022, after Russia’s full-scale invasion of Ukraine, the NBU blocked the spending operations of insurers whose ultimate beneficial owners are residents of Russia or Belarus.
In April 2022, the NBU unblocked only certain debit transactions for the fulfillment of part of their obligations by such insurers, namely payments under compulsory civil liability insurance contracts for owners of land vehicles and voluntary medical insurance when paying to healthcare institutions.
At the same time, before the introduction of the current changes, insurers were not able to make insurance payments under other insurance contracts.
