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Governance, Risk and Compliance – The Ukrainian Insurance Industry

Published: May-2015 | Format: PDF | Timetric | Number of pages: 38 | Code: MRS - 22298


Timetric’s 'Governance, Risk and Compliance - The Ukrainian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Ukraine. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.


The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Ukraine, including:

• An overview of the insurance regulatory framework in Ukraine.

• The latest key changes and changes expected in Ukraine's insurance regulatory framework. 

• Key regulations and market practices related to different types of insurance product in the country.

• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Ukraine.

• Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.

• Details of the tax and legal systems in the country.


• This report covers details of the insurance regulatory framework in Ukraine.

• The report contains details of rules and regulations governing insurance products and insurance entities.

• The report lists and analyzes key trends and developments pertaining to the Ukrainian insurance regulatory framework.

• The report analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.

• The report provides details of taxation imposed on insurance products and companies.

Reasons To Buy

• Gain insights into the insurance regulatory framework in Ukraine

• Track latest regulatory changes and expected changes impacting the Ukrainian insurance industry

• Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country

• Understand key regulations and market practices relating to various types of insurance product

Key Highlights

• The State Commission for the Regulation of Financial Services is responsible for regulation and supervision of the Ukrainian insurance industry.

• FDI is permitted up to 100% in insurance business.

• Motor third-party and expatriate health insurance are key classes of compulsory insurance.

• Composite insurance is not permitted. 

• Non-admitted insurance is not permitted in the Ukrainian insurance industry.

Companies Mentioned

ALICO Ukraine 
PZU Ukraine Insurance Company 
Fidem Life
Generali Life Insurance Ukraine
Europa Insurance Group
Hannover Re
UIB Group
1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party civil liability insurance
2.4.2 Workers’ compensation
2.4.3 State pension insurance
2.4.4 Expatriate health insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 State Commission for Regulation of Financial Services
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer

Table 1: Insurance Industry Definitions
Table 2: Ukraine – Life Insurance Regulatory Framework
Table 3: Ukraine – Property Insurance Regulatory Framework
Table 4: Ukraine – Motor Insurance Regulatory Framework
Table 5: Ukraine – Liability Insurance Regulatory Framework
Table 6: Ukraine – Corporate Tax Rates in Ukraine for the Year 2015

Figure 1: Ukraine – Insurance Regulatory Framework
Figure 2: Ukraine – Insurance Supervision and Control at Various Levels
Figure 3: Ukraine – Insurance Regulatory Frameworks for Company Registration and Operation

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