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RESOLUTION OF THE NATIONAL BANK OF UKRAINE

of December 20, 2023 No. 168

About approval of the Regulations on procedure and conditions of the conclusion of the insurance contract of responsibility of the subject of auditor activities to the third parties

According to Articles 7, 15, 55-1, 56 of the Law of Ukraine "About the National Bank of Ukraine", Articles 21, Item 30 of the Section VII of the Law of Ukraine "About financial services and finance companies", article 43 of the Law of Ukraine "About financial records audit and auditor activities", Item 25 of the Section XV of the Law of Ukraine of November 18, 2021 No. 1909-IX "About insurance" for the purpose of establishment of procedure for the conclusion of the insurance contract of responsibility of the subject of auditor activities to the third parties and conditions on which such agreement of Board of the National Bank of Ukraine DECIDES: is signed

1. Approve Regulations on procedure and conditions of the conclusion of the insurance contract of responsibility of the subject of auditor activities to the third parties (further - the enclosed Provision).

2. Insurance contracts of responsibility of the subject of auditor activities performing statutory audit of the financial reporting before the third parties imprisoned about day of entry into force of this resolution are not subject to reduction in compliance with requirements of the Provision.

3. Insurers before renewal of license for activities on insurance according to requirements of the Law of Ukraine upon November 18, 2021 No. 1909-IX "About insurance" (further - the Law) sign insurance contracts of responsibility of the subject of auditor activities to the third parties for class of insurance 13 "Insurance of other responsibility (except determined in classes 10, of 11, of 12)", certain Item 13 parts one of article 4 of the Law, based on ratio of the types and classes of insurance determined by Item 18 of the Section XV of the Law taking into account requirements of the Section XIII of the Law and the Provision.

4. To department of methodology of regulation of activities of non-bank financial institutions (Sergey Savchuk) after official publication to inform insurers information on adoption of this resolution.

5. The resolution becomes effective since January 1, 2024.

Chairman

A. Magnificent

Approved by the Resolution of Board of the National Bank of Ukraine of December 20, 2023 No. 168

Regulations on procedure and conditions of the conclusion of the insurance contract of responsibility of the subject of auditor activities to the third parties

I. General provisions

1. This Provision is developed according to the laws of Ukraine "About the National Bank of Ukraine", "About financial services and finance companies", the Law of Ukraine "About financial records audit and auditor activities (further - the Law on audit), the Law of Ukraine of November 18, 2021 No. 1909-IX "About insurance" (further - the Insurance law).

2. This provision establishes procedure for the conclusion of the insurance contract of responsibility of the subject of auditor activities performing statutory audit of the financial reporting before the third parties (further - the insurance contract of responsibility of the auditor) and conditions on which the insurance contract of responsibility of the auditor is signed.

3. Terms in this Provision are used in the following values:

1) the requirement claim and/or the claim of the third party to the insurer for indemnification, caused to the third party by wrongful acts or failure to act of the insurer;

2) wrongful acts or failure to act of the insurer - wrongful acts or failure to act, including mistakes, omissions, oversight, imprudence of the insurer which led to failure to carry out (improper execution) of obligations by the insurer by provision of the auditor services in statutory audit of the financial reporting determined by the legislation of Ukraine, international standards of audit and/or the agreement based on which activities are performed;

3) the injured third person - the legal entity, physical person entrepreneur and/or physical person, including the customer of auditor services in statutory audit of the financial reporting to which harm by the insurer, owing to its wrongful act or failure to act by provision of auditor services in statutory audit of the financial reporting is done;

4) insured event according to the insurance contract of responsibility of the auditor (further - insured event) - the event is provided by the insurance contract of responsibility of the auditor which risk of origin is insured with which approach there is obligation of the insurer to perform insurance payment, namely: causing losses to the injured third party wrongful acts or failure to act of the insurer through his fault by provision of auditor services in statutory audit of the financial reporting owing to what the insurer had obligation to indemnify the loss caused to the injured third party;

5) the insurer - the subject of auditor activities who is performing statutory audit of the financial reporting and signed the insurance contract of responsibility of the auditor.

Other terms in this provision are used in the values given in the Law of Ukraine "About financial services and finance companies", the Law on audit, the Insurance law, other laws of Ukraine and regulatory legal acts of Ukraine in the sphere of insurance and in the sphere of auditor activities.

4. Requirements of this provision extend to the insurers who obtained license for activities on insurance, insurance intermediaries and subjects of auditor activities.

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