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RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of October 20, 2021 No. 107

About approval of the Regulations on reinsurance at the insurer (overcautious person) of the nonresident

According to Articles 7, of 15, 55-1, 56 of the Law of Ukraine "About the National Bank of Ukraine", article 12 of the Law of Ukraine "About insurance" and for the purpose of establishment of procedure and requirements of implementation by the insurer (overcautious person) of reinsurance at the insurer (overcautious person) of the nonresident the Board of the National Bank of Ukraine DECIDES:

1. Approve Regulations on reinsurance at the insurer (overcautious person) of the nonresident which are applied.

2. The resolution becomes effective from the date of, its official publication following behind day.

Chairman

K. Shevchenko

Approved by the Resolution of Board of the National Bank of Ukraine of October 20, 2021 No. 107

Regulations on reinsurance at the insurer (overcautious person) of the nonresident

I. General provisions

1. This Provision is developed according to Articles 7, of 15, 55-1, 56 of the Law of Ukraine "About the National Bank of Ukraine", article 12 of the Law of Ukraine "About insurance", for the purpose of establishment of procedure and requirements to insurers (overcautious persons) which perform activities for reinsurance at insurers (overcautious persons) of nonresidents, during the conclusion insurers (overcautious persons) of contracts of reinsurance with such insurers (overcautious persons) by nonresidents.

2. Requirements of this provision extend to insurers (overcautious persons) who perform activities for reinsurance at insurers (overcautious persons) of nonresidents.

3. This Provision determines:

1) requirements to insurers (overcautious persons) which perform activities for reinsurance at insurers (overcautious persons) of nonresidents;

2) requirements to insurers (overcautious persons) of nonresidents in case of the conclusion of contracts of reinsurance with such insurers (overcautious persons) by nonresidents;

3) procedure the National Bank of Ukraine (further - National Bank) control of observance by insurers (overcautious persons) of requirements of this provision.

4. Requirements of this provision are not applied during confirmation by the insurer (overcautious person) of information on the rating of financial reliability (stability) of the insurer (overcautious person) of the nonresident presented according to requirements of the legislation of Ukraine in the central executive body which realizes the state tax policy.

5. In this Provision terms are used in the values given in the Law of Ukraine "About insurance" and other legal acts of Ukraine.

II. General requirements to insurers (overcautious persons) who perform activities for reinsurance at insurers (overcautious persons) of nonresidents

6. The conclusion is allowed by insurers (overcautious persons) of contracts of reinsurance with insurers (overcautious persons) by nonresidents if the rating of financial reliability (stability) of the insurer (overcautious person) of the nonresident for date of the conclusion of the contract of reinsurance with such insurer (overcautious person) by the nonresident corresponds to ratings not below, than on classification of such international rating agencies (further - the international rating agencies):

"A-" [A. M. Best (USA)];

"A3" [Moody "s Investors Service (USA)];

"A-" [Standard & poor "s (USA)];

"A-" [Fitch Ratings (Great Britain)].

The rating of financial reliability (stability) of the insurer (overcautious person) of the nonresident is confirmed by the insurer (overcautious person) information posted on official websites of the international rating agencies on the Internet.

The rating of financial reliability (stability) of the insurer (overcautious person) of the nonresident is confirmed by availability at the insurer (overcautious person) of the nonresident of rating of one of the international rating agencies according to the list provided in Item 6 of the Section II of this provision.

7. The conclusion insurers (overcautious persons) of the contracts of reinsurance with insurers (overcautious persons) by nonresidents in case of discrepancy of rating of the insurer (overcautious person) of the nonresident to ratings specified in Item 6 of the Section II of this provision, or its absence is allowed if:

1) the insurer (overcautious person) the nonresident has experience of production of continuous insurance (reinsurance) activity at least than three years before date of the conclusion of the contract of reinsurance with such insurer (overcautious person) by the nonresident;

2) the insurer (overcautious person) the nonresident is registered in the state which legislation provides the state supervision of insurance and reinsurance activity.

8. The requirements specified in Items 6, of the 7th Section II of this provision are not applied in case of the conclusion of agreements of reinsurance on placement of risks in foreign nuclear pools at the request of members of the combining "Nuclear Insurance Pool".

9. Control of the accuracy of the information confirming compliance of the insurer (overcautious person) of the nonresident to requirements of this provision is assigned to the insurer (overcautious person).

10. The conclusion by insurers (overcautious persons) of contracts of reinsurance with insurers (overcautious persons) nonresidents is forbidden, the state (jurisdiction) of the registration/location of which acknowledged Verkhovna Rada of Ukraine государством-агрессором/государством-оккупантом and/or does not carry out or in an inadequate way implement recommendations of the international, intergovernmental organizations involved in the sphere of fight against legalization (washing) of income gained in the criminal way, either financing of terrorism or financing of distribution of weapons of mass destruction.

11. Insurers (overcautious persons) have the right to sign contracts of reinsurance with participation of insurance and/or reinsurance brokers which perform intermediary activities, according to the procedure, established by the legislation.

12. Insurers (overcautious persons) bear responsibility for non-compliance with requirements of this provision according to the legislation of Ukraine.

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