XVIII International Financial Forum continues its work

A qualitative update of the insurance market legislation will only be possible if close cooperation and wide-ranging dialogue between regulators and insurance market participants are attended by international and Ukrainian experts, – said on September 13, 2018, the Head of the NBU Financial Sector Reform Department Yevhen Stepaniuk speaking at the XVIII International Finance Forum in Odessa.

According to him, the National Bank, together with professional associations of market participants, is working on updating the regulatory legal acts on currency regulation to bring them into compliance with the Law of Ukraine “On Currency and Currency Transactions”. In particular, work is underway to introduce amendments to the Regulation on the use of foreign currency in insurance activities in order to facilitate the purchase of foreign currency by insurance companies to form insurance reserves for obligations in foreign currency and to make payments under insurance contracts.

This year’s forum was attended Verhovna Rada deputies of Ukraine, representatives of the National Financial Services Commission, heads of financial organizations and experts in the insurance market. In addition to Yevhen Stepanyuk, the National Bank was represented by Director of the Licensing Department Oleksandr Bevz, member of the NBU Council Vasyl Furman, and Olena Onyshchuk, Head of Projects and Programs of the Department of Financial Sector Reform.

Among the main issues discussed at the forum – a comprehensive program of development of the financial sector of Ukraine until 2020, the formation of a modern monetary policy of Ukraine, legislation governing the insurance market and initiatives to improve it, the main directions of information technology development and the guarantee of cybersecurity in Ukraine.

This year, the forum gathered 150 participants, among them representatives from the financial market of Ukraine and 14 foreign countries – Latvia, Germany, Austria, Switzerland, Canada, the Netherlands, Moldova, Belarus, Tajikistan, Poland, Azerbaijan, Georgia, and others.

The forum was organized by the Center for Business Strategies “Perspective” in conjunction with the LIOU.

Foreign experts, present at the form, shared with their Ukrainian colleague’s international experience in the development of the financial sector. In particular, they talked about the development of credit insurance and receivables insurance in world, changes in the strategy of the presence of international financial groups in Ukraine, assessed the potential of the Ukrainian insurance market and the dynamics of its transformation.

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