LIOU participated in the meeting of the Task Team reforms

February 15, 2017 the National Bank of Ukraine held a regular meeting of the Task Team reforms. Among the issues on the agenda was considered improving the quality of assets of insurance companies, further action after strategy session of special team reform, and project register of the updated draft Comprehensive program of financial sector development by 2020.

The meeting was opened Vidyakin Michael, director of strategy and reform of the National Bank of Ukraine.

Alexander Zaletov, member of the National Commission for State Regulation of Financial Services Markets, and Julia Hrystolyubska, director of insurance regulation and supervision National commission, described the current status of the work to improve the quality of assets of insurance companies, aimed at further purification assets of this segment of the financial market .

Representatives of National commission recalled that last February approved the Regulations on the required criteria and standards of adequacy, diversification and quality assets of the insurer. This administrative act came into force in May last year. As a result of this process for the first three quarters of 2016: decreased share of doubtful assets; 112.7% increase in the volume of assets, allowed to represent securities issued by a state, and made 5 bln. UAH. or 14.6% of total assets; yield deposits increased by 25%, 41% bonds. The second phase is planned to increase the quality of assets of insurers in terms of capital adequacy.

President LIOU Alexander Filonyuk noted that the National Commission, which performs state regulation in the field of financial services, conducted a great job and the League of Insurance Organizations of Ukraine supports the initiative, but, to a consistent state regulation and stability of insurers, the insurers of their obligations related offers a set time period to comply assets, which represented equity capital of insurers. In his speech, President LIOU emphasized that the Law of Ukraine “On insurance” should, regardless of the timing of implementation of the redistribution of functions regulators (project SPLIT). Alexander Filonyuk also reminded that improve the quality assets of insurers already has 15-year history, and the question of capitalization of insurers and with it the protection of insurance consumers should be finally resolved.

The meeting discussed the Task Team reforms enlargement ways of working with the Parliament, noting that today there is a lack of systematic coordination and regular communication, there is no institutional relationship with Parliament and the revision of concepts bills after I read.

As part of the implementation of further action after strategic session of Task Team reforms,participants of the meeting agreed that priority should formalize decisions at meetings, synchronize communications Task team reforms members and consider providing expert assessment Task team reforms to finance bill.

At the meeting of the Task Team reforms participated Representatives of the National Bank of Ukraine, the National Commission for State Regulation of Financial Services Markets, National Commission on Securities and Stock Market, Ministry of Finance, representatives of deputies and expert community. Among the participants – Michael Dovbenko, First Deputy Chairman of the Verkhovna Rada of Ukraine on financial policy and banking; Filonyuk Alexander, President League of Insurance Organizations of Ukraine; Irina Denisova, Director of information policy department LIOU; Oleksandr Babenko, General Director of the Association “Nuclear Insurance Pool”; Yuriy Ivanko, Chairman of the Board of the Society of Actuaries and others.