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Results of the meeting between NBU, Committee for Regulation of Financial Services, Ukrainian Insurance Federation (UIF) and CEOs of the leading banks and insurance companies

The meeting between NBU and Committee for Regulation of Financial Services of Ukraine’ management with representatives of the banking and insurance sector took place on February 13, 2009, by order of the President of Ukraine. The meeting was aimed at generating the mutual position of the government and financial markets’ representatives in solving the problems related to the overcoming of the financial crisis impact on insurance and banking markets.

Among the meeting participants were: executive director —  O. Kireev, director of Direction for Banking regulation and oversight; V. Shevchenko, Deputy Chairman of the Committee for Regulation of Financial Services; I. Priyanchuk, A. Bakhmach, K. Otchenash, committee members; O. Zavada, President of UIF; CEOs of the leading banks and insurance companies — UIF members.

In the first place, meeting participants discussed the importance of the dialog between representatives of the both segments of Ukrainian financial markets — banking and insurance.

Provision of the legal rights and interests of the insurers attracted the biggest attention. Particularly, the methods of banking and insurance liquidity maintenance, carrying out the mutual settlements between insurers and banks-beneficiaries according to the mortgage insurance, cooperation between insurers and the temporarily appointed management in banks.

In addition, the necessity of improvement the cooperation between insurers and banks during the process of insurance companies’ accreditations in banking institutions and the exercise of the insurance agent’ functions by banks on the basis of transparency and nondiscrimination.

Accordingly, participants of the meeting have approved:

  • to initiate the operating information exchange in case of non-fulfillment by banks and insurance companies their obligations and to take the necessary steps in terms of their capacity;
  • to get involved to the coordinating committee with the assistance of the representatives of NBU, Committee for Regulation of Financial Services and UIF, as well as the banking institutions;
  • to urgently consider the UIF proposals concerning the anti-crisis law and changes in regulatory and legal acts of NBU, the Cabinet of Ministers of Ukraine, to provide the constant insurance payments to insured parties and beneficiaries, trust enhancement in financial markets from the insured;
  • to hold the meeting under the NBU aegis with the temporarily appointed management in the banking institutions to create the mechanisms of cooperation for improvement the predictability of their activity and obtaining more information disclosure.

The meeting participants declared, that they understand the inability, in terms of financial turmoil, to support one sector at the expense of the other without damaging the whole market, as well as the readiness to make the mutual efforts for the market stabilization, reducing the crisis consequences and elaborating the foundation for future insurance and banking markets development on equal and parity rights.

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