By KYIV. Nov 9 (Interfax-Ukraine) – The National Bank of Ukraine (NBU) plans to soon present legislative proposals to reform the auto insurance market and bring its regulation in line with European directives, NBU Governor Andriy Pyshny said.
"Currently, the National Bank continues to pursue a targeted policy to improve regulation of the non-bank market and its development … The market is moving closer to the best European standards," Pyshny said in a response to Interfax-Ukraine.
He recalled that from January 1, 2024, new laws on financial services and financial companies and on insurance would come into force, which would significantly improve regulation and expand opportunities for the non-bank financial market.
The head of the National Bank added that from August 1, 2022, the law on payment services came into force, which significantly expanded the possibilities of non-bank companies to provide payment services, in particular, provided for their right to maintain payment accounts, issue payment cards, etc.
"The National Bank is pursuing a consistent policy to improve regulation and supervision in the non-bank market in order to increase its transparency and efficiency. At the same time, we are focused on expanding the opportunities of the non-bank market," Pyshny emphasized.
He noted that in connection with the war, the National Bank adopted a number of easing in regulation of the non-bank market in order to help pass this period with minimal losses, but "the war did not become a reason to curtail strategic plans."
