Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

It is registered

Ministry of Justice of Ukraine

July 6, 2018

No. 782/32234

THE ORDER OF THE NATIONAL COMMISSION PERFORMING STATE REGULATION IN THE SPHERE OF THE MARKETS OF FINANCIAL SERVICES OF UKRAINE

of June 7, 2018 No. 850

About approval of the Regulations on obligatory criteria and capital adequacy ratios and solvency, liquidity, profitability, qualities of assets and risk-taking of transactions of the insurer

(as amended on 08-08-2019)

According to item 4 of part one of article 28 of the Law of Ukraine "About financial services and state regulation of the markets of financial services" and to the subitem 18 of item 4 of the Regulations on the National commission performing state regulation in the sphere of the markets of financial services, No. approved by the Presidential decree of Ukraine of November 23, 2011 1070, the National commission performing state regulation in the sphere of the markets of financial services, POSTANOVILA:

1. Approve Regulations on obligatory criteria and capital adequacy ratios and solvency, liquidity, profitability, qualities of assets and risk-taking of transactions of the insurer (further - the Provision) which is applied.

2. Declare invalid the order of the National commission performing state regulation in the sphere of the markets of financial services, of February 23, 2016 No. 396 "About approval of the Regulations on obligatory criteria and standard rates of sufficiency, diversification and quality of assets of the insurer and recognition voided some regulatory legal acts of State commission on regulation of the markets of financial services of Ukraine", registered in the Ministry of Justice of Ukraine on March 21, 2016 for No. 417/28547.

3. This order becomes effective since June 30, 2018, but not earlier than day of its official publication.

4. To insurers to bring the activities into accord with requirements:

the Section IV, the Section V of the Provision till December 31, 2018;

the Section III of Provisions taking into account that when calculating the standard rate of solvency and capital adequacy in compliance srazdely III Provisions:

from December 31, 2018 to June 29, 2019 inclusive - 30% of size K and 30% of size NZP are applied;

from June 30, 2019 to June 29, 2020 inclusive - 60% of size K and 60% of size NZP are applied;

since June 30, 2020 - sizes K and NZP are applied in full.

From the date of entry into force of this order and till December 30, 2018 inclusive requirements of the Section III of Provisions are applied with the following features:

the standard rate of solvency and capital adequacy is determined as the amount of acceptable assets which for any date shall be at least size of long-term and current obligations and providing which is calculated according to the legislation and is determined as the total size of the Sections II-IV of liability of balance (The report on financial condition) which form and structure of Articles are determined by the National provision (standard) of financial accounting 1 "General requirements to the financial reporting" approved by the order of the Ministry of Finance of Ukraine of February 7, 2013 No. 73, registered in the Ministry of Justice of Ukraine on February 28, 2013 for No. 336/22868, including the size of insurance reserves which is calculated according to the legislation.

Determine that requirements of the subitem 12 of Item 6 of the Section II, the subitem 6 of Item 2 of the Section V of the Provision do not extend to rights to claim against nonresident overcautious persons under agreements of risks reinsurance concerning life insurance contracts with physical persons which essential conditions are risks reinsurance at the nonresident overcautious person which were concluded till January 01, 2005 inclusive and continue to be effective after entry into force of provision.

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.