The Association Agreement between Ukraine and the European Union is without exaggeration the most ambitious package of agreements in the history of independent Ukraine, president of the League of Insurance Organizations of Ukraine (LIOU) Oleksandr Zaletov has said.
‘According to the document, Ukraine undertakes to start the gradual convergence of the national legislation on insurance with the standards of the corresponding EU regulations,’ he said.
According to Zaletov, the agreement foresees the possibility of establishing measures of prudential supervision on the insurance market in order to protect investors, policyholders and beneficiaries, as well as ensuring the integrity and stability of the financial system. At the same time, these measures should not be too burdensome or discriminatory in terms of financial services providers on the other side of the document.
LIOU expects significant growth in the share of reinsurers in Germany, Britain, Switzerland, Austria, France and the enhancing of the role of reinsurers in Poland, Ireland, Italy, Slovenia and Spain (on the background of a significant reduction in the share of reinsurance in Russia), and the opening in Ukraine of the subsidiaries and affiliates of European insurers, the expert said.
In addition, it is planned to reform auto insurance, perform pension and health reforms, introduce new types of insurance (insurance of responsibility for the quality of products/goods/services, investment life insurance).
