The XIV International Carpathian Insurance Conference started its work

On February 15, 2018, the XIV International Carpathian Insurance Conference, organized by the Center for Business Strategies “Perspective” and the League of Insurance Organizations of Ukraine, began its work in Yaremche.

Opening the conference, Oleksandr Filonyuk, President of the League of Insurance Organizations of Ukraine, Chairman of the Organizing Committee of the Conference, wished everyone fruitful and active work in solving the common tasks of the insurance market, and emphasized that the International Carpathian Insurance Conference became a professional platform where the problems and plans of the industry are discussed annually for subsequent periods. “I am very pleased that the tradition of winter Carpathian meetings, launched 14 years ago by the League of Insurance Organizations of Ukraine and the Center for Business Strategies

“Perspective”, has been actively supported by professional participants in the financial business of Ukraine. This year, the participants of the conference were representatives of the insurance markets of Belarus, Georgia, Canada, Latvia, Moldova, Germany and Ukraine. These are specialists who today form new relationships in the financial system of the country, representatives of state authorities, managers of insurance companies, reinsurers, brokers, investment companies, law firms, financial analysts, scientists, journalists “, – said the President of LIOU.

Within the framework of the conference “STRATEGY OF DEVELOPMENT OF THE FINANCIAL SECTOR OF UKRAINE”, participants considered trends, economic opportunities and reforms in Ukraine; mechanisms of state regulation of financial markets; European experience and practice of insurance business development; legislative basis for the development of insurance business in Ukraine; Issues of consolidation of functions on state regulation of financial services markets; Initiatives of the National Commission, which carries out state regulation in the field of financial services markets for 2018, and the macroeconomics of the state: its content and forecasts.

Mykhailo Dovbenko, Deputy of Ukraine, First Deputy Chairman of the Verkhovna Rada Committee on Financial Policy and Banking Activities, described in detail the preparation and main provisions of the revised draft Law of Ukraine “On Compulsory Civil Liability Insurance of Owners of Land Vehicles (Reg. No. 3670 -d), which is recommended for consideration by the Verkhovna Rada of Ukraine. In particular, he focused on issues related to increasing the amount of insurance premiums, simplifying the procedure for settling insurance claims, introducing a system of direct damages, wider introduction of electronic technologies, improving state supervision, strengthening the liability of the insurer for violation of payment periods. Also, M.Dovbenko stressed on the revitalization of consideration of issues related to insurance in the Verkhovna Rada Committee.

Oleksandr Zaletov, Member of the National Commission for State Regulation in the Financial Services Markets, reviewed the state of the Ukrainian insurance market and spoke about the work of the National Financial Services Commission for the support and drafting of draft laws, and alignment of regulatory and legal acts with current laws of Ukraine. O. Zaletov also noted that such issues as the strengthening of the institutional capacity of the regulator, the lack of an effective mechanism for the withdrawal of troubled financial institutions from the market and the lack of an integrated system of consumer rights protection need to be addressed.

Yevhen Stepanyuk, Head of the NBU Financial Sector Reform Department, spoke about the results of the analysis of the insurance market of Ukraine in comparison with the insurance market of the European Union. The expert recalled that Ukraine was obliged to implement European standards on solvency in the insurance market, and noted the need to achieve an increase in insurance premiums at the level of at least 20% per annum, the creation of a mechanism for guaranteeing payments under life insurance contracts, the development of a comprehensive program for the development of the insurance market and strengthening the capacity of the Regulator. Y.Stepaniuk noted that the results of the work required to obtain such effects as a consolidated supervision and an increase in capitalization. Speakers also were Svitlana Lupashka, Director General of Insurance Supervision under the NCFM (Moldova) and Eric Naiman, Managing Partner of Capital Times (Ukraine).

The XIV International Carpathian Insurance Conference takes place in Yaremche from February 14 to February 17, 2018.