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It is registered

Ministry of Justice of Ukraine

July 31, 2013

No. 1285/23817

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

of July 11, 2013 No. 2262

About approval of Requirements to the ratings of financial reliability (stability) of insurers and nonresident overcautious persons and procedure for their confirmation and recognition voided some orders of State commission on regulation of the markets of financial services of Ukraine

(as amended on 20-08-2015)

According to Item 7 parts of the eighteenth article 2 of the Law of Ukraine "About insurance", Item 160.6 of article 160 of the Tax Code of Ukraine, Items 1 and 4 of part one of article 28 of the Law of Ukraine "About financial services and state regulation of the markets of financial services" the National commission performing state regulation in the sphere of the markets of financial services decided:

1. Approve Requirements to the ratings of financial reliability (stability) of insurers and nonresident overcautious persons and procedure for their confirmation which are applied.

2. Recognize invalid:

the order of State commission on regulation of the markets of financial services of Ukraine of December 3, 2004 No. 2885 "About approval of Requirements to the ratings of financial reliability (stability) of insurers and overcautious persons of nonresidents", registered in the Ministry of Justice of Ukraine on December 23, 2004 at No. 1627/10226 (with changes);

3. In the subitem "an" of Item 1 of the Section 5 of appendix 4 to the Procedure for creation of reporting these insurers approved by the order of State commission on regulation of the markets of financial services of Ukraine of February 3, 2004 No. 39, "Gosfinuslug approved by the order registered in the Ministry of Justice of Ukraine on April 23, 2004 for No. 517/9116, of the word and figures of 03.12.2004 No. 2885, registered in the Ministry of Justice of Ukraine 23.12.2004 for No. 1627/10226" shall be replaced with words "established Natskomfinuslug,".

4. Before the end of operation of the agreements of reinsurance signed with nonresident overcautious persons of member countries of the Common economic space before entry into force of this order, the rating of financial reliability (stability) of such overcautious persons shall correspond to ratings not below, than on classification of such international rating agencies:

"A.M.Best" (USA) - "B";

"Moody" s Investors Service" (USA) - "Ba";

S "Standard & Poor"" (USA) - "BB";

"Fitch Ratings" (Great Britain) - "BB".

5. To provide to department of insurance regulation and supervision together with department of legal providing and maintaining the register of financial institutions submission of this order to the Ministry of Justice of Ukraine for state registration.

6. This order becomes effective from the date of its official publication.

7. To provide to the sector of public relations and the protocol promulgation of this order after its state registration.

8. Control over the implementation of this order to assign V. M to the member Natskomfinuslug of Berlin.

Acting as commission chairman

V. Berlin

It is approved:

Minister of the income and charges of Ukraine

 

A. V. Klimenko

First Deputy Minister economic

development and trade of Ukraine

 

A. A. Maksyuta

Chairman of Public service

financial monitoring of Ukraine

 

S. Gurzhy

Approved by the Order of the National commission performing state regulation in the sphere of the markets of financial services of Ukraine of July 11, 2013 No. 2262

Requirements to the ratings of financial reliability (stability) of insurers and overcautious persons of nonresidents and procedure for their confirmation

1. Action of these Requirements extends on:

the nonresident insurers having the right to perform insurance activity in Ukraine according to the legislation of Ukraine (further - insurers nonresidents);

insurers (overcautious persons) - nonresidents with whom insurers residents or reinsurance brokers sign contracts of reinsurance (further nonresident overcautious persons);

reinsurance brokers, including permanent missions of brokers of nonresidents (further - reinsurance brokers), through or with mediation of which resident insurers sign contracts of reinsurance with nonresident overcautious persons regarding submission by reinsurance brokers of information on reinsurance at the nonresident overcautious person whose rating of financial reliability (stability) conforms to these requirements;

resident insurers who sign contracts of reinsurance with nonresident overcautious persons.

2. The rating of financial reliability (stability) of the nonresident insurer for date of the conclusion of the insurance contract with such nonresident insurer shall correspond to ratings not below, than on classification of such international rating agencies:

"A.M.Best" (USA) - "In +";

"Moody" s Investors Service" (USA) - "Baa";

S "Standard & Poor"" (USA) - "BBB";

"Fitch Ratings" (Great Britain) - BBB.

The rating of financial reliability (stability) of the nonresident overcautious person for date of the conclusion of the contract of reinsurance with such nonresident overcautious person shall correspond to ratings not below, than on classification of such international rating agencies:

"A.M.Best" (USA) - "B";

"Moody" s Investors Service" (USA) - "Ba";

S "Standard & Poor"" (USA) - "BB";

"Fitch Ratings" (Great Britain) - "BB".

3. If nonresident insurers and nonresident overcautious persons have the corresponding registration and/or the location in offshore zone which is included in the list of offshore zones determined according to the legislation of Ukraine or the country (in the territory) which does not participate in international cooperation in the sphere of prevention and counteraction of legalization (washing) of income gained in the criminal way or to terrorism financing, the ratings of financial reliability (stability) of these insurers and overcautious persons of nonresidents are considered such which do not answer Item 2 of these Requirements.

4. The rating of financial reliability (stability) of the nonresident insurer and nonresident overcautious person is recognized Ukraine in case of its promulgation in bulletins of the international rating agencies specified in Item 2 of these Requirements or on the official sites of the relevant agencies on the Internet.

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