Insurance and reinsurance brokers (excluding non-resident brokers) listed in the brokers' registry are required to register in the Register of Insurance Intermediaries maintained by the National Bank of Ukraine (NBU) by March 31, 2025.
This regulation is established by the NBU resolution dated January 3, "On the Approval of the Regulation on the Authorization of Insurance Intermediaries and the Conditions for Conducting Activities Related to the Sale of Insurance and/or Reinsurance Products," which came into effect on January 7.
According to this regulation, the NBU will begin maintaining the Register of Insurance Intermediaries (Intermediaries Register), in addition to the comprehensive information protection system (CIPS) in the Intermediaries Register, from the date this resolution comes into force.
It is also noted that until a broker is included in the Intermediaries Register, they are permitted to provide intermediary services based on the information recorded in the existing brokers' registry.
A broker that has submitted documents for inclusion in the Intermediaries Register must update their information in the Intermediaries Register within three months from the implementation date of the CIPS.
A non-resident insurance and/or reinsurance broker that notifies the NBU of their intention to operate in Ukraine before January 7, 2025, is considered to have informed the National Bank.
Contracts that establish the powers of the insurance and reinsurance broker, except for contracts with non-residents, signed from January 1, 2025 (including amendments to such contracts), are deemed valid from the date this resolution comes into effect until the day the broker is registered in the Intermediaries Register. Brokers are required to align such contracts with the new requirements within three months from the date of registration in the Intermediaries Register. Contracts signed before January 1, 2025, are considered valid until the end of their term.
The regulation also requires brokers, prior to concluding an insurance (reinsurance) contract, to inform the client of their registration number in the brokers' registry and provide a link to the official NBU website page where the brokers' registry is published, to verify their registration status on the date of the contract's conclusion.