GrECo Group corporate logo
Contact Us
End of International Coverage for Russia / Belarus / Ukraine?

Key Changes in Ukrainian Insurance Law: What You Need to Know

Tetyana Mieshkova

< 1 Min Read

In the last three months of 2024, the Ukrainian government has passed several new laws affecting both companies and individuals throughout the country.

Starting from 1st January 2024, significant changes in Ukraine’s insurance law came into effect, with market participants required to implement these norms by 1st July 2024. These changes aim to simplify the insurance process, enhance customer protection, and ensure better regulatory compliance.

Legislative Changes to be Aware of:

  • Decreased List of Insurance Classes: The number of insurance classes has been reduced from 50 to 23, as approved by the NBU.
  • New Insurance Policy Forms: All insurance policies must now mention the insurance intermediary, and descriptions of insurance products must be easily accessible on insurers’ or intermediaries’ websites.
  • Customer Protection Policy: Customers now have the right to cancel their policy within the first 30 days and receive a full refund of the premium.
  • Organisational Requirements for Insurers: New rules regarding the solvency of insurers, minimum authorised capital, and management and ownership structures have been introduced.
  • Regulation of Key Functions: Detailed regulations on the structure and content of key functions such as risk management, compliance, actuarial functions, and internal audit functions.
  • Requirements for Intermediaries and Brokers: Professional qualifications, business reputation, and experience requirements have been established. Professional liability insurance is now mandatory, and information about insurance products and partners must be readily available on websites.

For more information or to discuss how these changes might impact businesses in your region, please contact our expert team.

Tetyana Mieshkova

Head of International

T +38 050 414 89 02

Pulse: News and Trends in Health & Benefits

In today’s competitive job market, your organisation’s Health & Benefits offering plays a crucial role in attracting and retaining the best of the best. Pulse, our Health & Benefits news hub, is dedicated to keeping you updated about the constant evolution of Health & Benefits across Central and Eastern Europe.
Visit our Pulse portal

Related Industries & Solutions

Health & Benefits

Share this article

Related Insights

Emerging Health & Benefits Market Trends in Slovenia 

Looking ahead, several trends are expected to shape the health and benefits market in Slovenia over the next few years.

Upcoming Pension Reform in Slovenia 

Slovenia is undergoing significant health reforms aimed at improving the overall healthcare system.

Slovenia Paves the Way for a Healthier Future

By improving the quality of healthcare services and making them more accessible, these health reforms are set to bring about significant changes in the Slovenian healthcare landscape

We only use a strictly necessary and functional cookie used by the website to function properly and to display the website’s contents in the language of your choice.