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RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of January 3, 2025 No. 2

About approval of the Regulations on authorization of insurance intermediaries and conditions of implementation of sales activity of insurance and/or reinsurance products

According to Articles 7, of 15, 55-1, 56 of the Law of Ukraine "About the National Bank of Ukraine", Articles 3, of 16, of 69, of 79, of 81, of 84, 114 Laws of Ukraine "About insurance", for the purpose of establishment of requirements to persons performing sales activity of insurance and/or reinsurance products, procedure for authorization of insurance intermediaries, maintaining the Register of insurance intermediaries and implementation of supervision of them Board of the National Bank of Ukraine decide:

1. Approve Regulations on authorization of insurance intermediaries and condition of implementation of sales activity of insurance and/or reinsurance products (further - the Provision) which is applied.

2. The National Bank of Ukraine (further - National Bank) begins operation of the Register of insurance intermediaries (further - the Register of intermediaries), except complex system of information security (further - KSZI) in the Register of intermediaries, from the date of entry into force of this resolution.

3. KSZI in the Register of intermediaries takes root from the date of placement on the page of official Internet representative office of National Bank of the announcement of implementation of the software of KSZI (further - date of implementation of KSZI).

4. The National Bank before date of implementation of KSZI performs in the Register of intermediaries collection, accumulating and data processing about insurance intermediaries, except information with limited access which list is determined by part two of article 80 of the Law of Ukraine "About insurance" (further - the Insurance law), with ensuring access to such information of rather insurance intermediaries in public part of the Register of intermediaries.

5. The National Bank has power of decision about exception of the insurance and/or reinsurance broker of the state register of insurance and reinsurance brokers (further - the register of brokers) and cancellation of the certificate on inclusion in the register of brokers before completion of all registration actions of National Bank in the register of the brokers provided by this resolution.

6. The insurance and/or reinsurance broker (except the insurance and/or reinsurance nonresident broker), information on which as of the date of entry into force of this resolution is entered in the register of brokers (further - the broker), on condition of reduction of the activities in compliance with requirements of the Section XII of the Insurance law and provision till March 31, 2025 shall be registered in the Register of intermediaries according to the procedure determined by Chapter 9 of the Section III of Provisions in view of the features specified in Item 8 of this resolution.

7. The broker has the right to address to National Bank about the termination of the activities by filing of application in any form of exception of the register of brokers and cancellation of the certificate on inclusion in the register of brokers in which the data determined by part one of article 40 of the Law of Ukraine "About ministerial procedure" shall be specified.

8. The broker or person who intends to perform activities of the insurance and/or reinsurance broker before date of implementation of KSZI for entering of the corresponding record into the Register of intermediaries gives at the same time (within one working day):

1) the electronic request in the form established in appendix 1 to the Provision through public electronic office of the applicant in the Register of intermediaries (further - the electronic request), except information with limited access according to the list determined by part two of Article 80 of the Insurance law and which can contain in information on the insurance intermediary, for entering of record into the Register of intermediaries according to requirements of subitems 3, of 4, of 8, of 12, 13 parts one of Article 80 of the Insurance law;

2) the electronic request in the form established in appendix 1 to the Provision, containing information with limited access on the broker determined by part two of Article 80 of the Insurance law and the documents specified in Item 59 of Chapter 9 of the Section III of Provisions, in electronic form and/or the electronic copy of the original document in paper form signed by imposing of the qualified digital signature, by sending the electronic message for official electronic mailbox of nbu@bank.gov.ua National Bank or other means of electronic communication which are used by National Bank for electronic document management.

Persons specified in Item 8 of this resolution do not submit through public electronic office of the applicant in the Register of intermediaries the documents determined in subitems 1, of 3, of 4, 6-8, 10, of the 14th Item 59 of Chapter 9 of the Section III of Provisions which may contain information with limited access according to the list determined by part two of Article 80 of the Insurance law.

9. The electronic request and copies of originals of documents submitted according to requirements of Item 8 of this resolution to National Bank the broker or person who intends to perform activities of the insurance and/or reinsurance broker are considered according to the procedure, determined by Chapter 9 of the Section III of Provisions, and according to requirements of the Regulations on procedure of administrative production, general requirements to documents and procedure for their submission to the National Bank of Ukraine within separate procedures approved by the resolution of Board of the National Bank of Ukraine of December 29, 2023 No. 200 (with changes) (further - No. Provision 200).

10. The National Bank makes the decisions specified in Items 62, 73 Chapters 9 of the Section III of Provisions within 30 calendar days from the date of giving by the broker or person who intends to perform activities of the insurance and/or reinsurance broker, the electronic request according to Item 8 of this resolution.

11. The National Bank makes the decision on the broker's exception of the register of brokers and cancellation of the certificate on inclusion in the register of brokers and cancels its certificate on inclusion in the register of brokers if:

1) the broker did not make any actions specified in Item 6 of this resolution;

2) the broker submitted the application to National Bank for exception of the register of brokers and cancellation of the certificate on inclusion in the register of brokers in any form in connection with the termination of the activities according to requirements of Item 7 of this resolution;

3) the National Bank made the decision on registration / on refusal in registration of person as the insurance and/or reinsurance broker in the Register of intermediaries.

The decisions specified in Item 11 of this resolution are accepted by Committee on questions of supervision and regulation of activities of the markets of non-bank financial services of National Bank.

12. National Bank within three working days from the date of decision making specified in Item 11 of this resolution and in Items 62, 73 Chapters 9 of the Section III of Provisions:

1) enters the corresponding record about the made decision in the register of brokers and/or the Register of intermediaries;

2) places information on such decision on the page of official Internet representative office of National Bank.

The National Bank notifies person about the decisions specified in Items 10, 11 these resolutions, in writing instantly made on it, but no later than the next working day from the date of decision making, and in the presence of the reasonable reasons - no later than three working days from the date of its acceptance.

13. The statements, petitions, documents which arrived in National Bank from the face for inclusion of such person in the register of brokers according to Regulations on registration of insurance and reinsurance brokers and condition of implementation of intermediary activities in the sphere of the insurance approved by the resolution of Board of the National Bank of Ukraine of June 30, 2022 No. 135 (with changes) (further - No. Provision 135) on which as of January 01, 2025 the National Bank did not make the decision on inclusion in the register of brokers or on refusal in inclusion in the register of brokers are left without movement.

14. The National Bank within 15 working days from the date of entry into force of this resolution sends to the person specified in Item 13 of this resolution, the notification in writing (paper or electronic) about leaving of the statement without movement (further - the notification), with indication of the revealed shortcomings with reference to the violated requirements of the legislation, method and term of remedial action, and also method, procedure and terms of appeal of the decision on leaving of the statement without movement.

15. Person specified in Item 13 of this resolution has the right to eliminate the revealed defects in time, determined in the message, and to submit to National Bank the electronic application and necessary copies of originals of documents according to the list of documents, the Section III of Provisions determined in Item 59 of Chapter 9.

16. The National Bank in case of the receipt of the electronic request from the face specified in Item 13 of this resolution or in case of failure to carry out by such person of the actions specified in Item 15 of this resolution no later than 30 calendar days from the date of receipt of the electronic request or the termination of term for elimination by person of shortcomings according to Item 15 of this resolution, accepts one of the decisions specified in Item 73 of Chapter 9 of the Section III of Provisions.

17. The broker from the date of entry into force of this resolution and about day of adoption by National Bank of the decision on entering of record about the broker into the Register of intermediaries and/or exception it from the register of brokers has the right to perform activities for provision of intermediary services based on information entered in the register of brokers.

18. The broker who filed the documents determined in Item 8 of this resolution for the purpose of entering of record about it into the Register of intermediaries within three months from the date of implementation of KSZI shall update information on himself in the Register of intermediaries according to the procedure determined in Item 83 of Chapter 10 of the Section III of Provisions.

19. The insurance and/or reinsurance nonresident broker who reported about the intention to perform activities in the territory of Ukraine as of the date of entry into force of this resolution is considered notified National Bank on the intention according to requirements of part two of Article 72 of the Insurance law.

20. The insurance and/or reinsurance nonresident broker and the insurance nonresident agent before implementation in the territory of Ukraine of sales activity of insurance and/or reinsurance products, but not later than five working days prior to such activities, shall notify National Bank on intention to perform activities in the territory of Ukraine according to requirements of Chapter 15 of the Section V of the Regulations by submission of the notification of the insurance and/or reinsurance nonresident broker, insurance nonresident agent on intention to perform activities in the territory of Ukraine in the form established in appendix 6 to the Provision.

21. The insurer whose realization of insurance products is enabled by insurance agent additional insurance agent, the subagent, on condition of reduction of the activities regarding relations with insurance agents, additional insurance agents, subagents and ensuring reduction of activities of the insurance intermediaries in compliance with the Insurance law and provisions taking into account Item 36 of this resolution shall register till March 31, 2025 the insurance intermediaries in the Register of intermediaries according to the procedure determined by Chapter 12 of the Section IV of Provisions taking into account the features determined in Item 22 of this resolution.

22. The insurer before date of implementation of KSZI enters record in the Register of intermediaries about insurance agent, additional insurance agent, the subagent by submission of the electronic request in the form established in appendix 1 to the Provision except information with limited access, according to the list determined by part two of Article 80 of the Insurance law and which can contain in information on the insurance intermediary for entering of record into the Register of intermediaries according to requirements of subitems 3, of 4, of 8, of 12, 13 parts one of Article 80 of the Insurance law.

23. The insurer, information on whose insurance intermediaries is entered in the Register of intermediaries according to Item 22 of this resolution, within three months from the date of implementation of KSZI shall update information on such intermediaries according to the procedure, determined in Items 117-119 of Chapter 13 of the Section IV of Provisions.

24. Agreements based on which there are powers of insurance agent, additional insurance agent, the subagent concluded by the insurer or insurance agent since January 01, 2025 (including introduction of amendments to such agreements), and the contracts with insurance intermediaries signed till January 01, 2025 (including introduction of amendments to such agreements) are considered acting about day of registration of insurance intermediaries in the Register of intermediaries.

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