Recognizing the need to consolidate efforts for the functioning of a solvent, stable, competitive insurance market in Ukraine and proper protection of the rights of consumers of insurance services, the League of Insurance Organizations of Ukraine (LIOU) and the National Association of Insurers of Ukraine (NAIU) signed a Memorandum of Cooperation and Partnership (hereinafter the Memorandum).
LIOU and NAIU, remaining independent and autonomous associations, in accordance with the terms of the Memorandum, agreed to establish the Federation of Insurance Associations of Ukraine (FIOU), the task of which is to form a unified position of professional associations of insurers for the development of the market in synergy with the regulator.
The main areas of activity of the FIAU are defined as follows:
- Exchange of information and proposals to form unified positions on the restoration and development of the insurance market, relevant legislation, and proposed amendments.
- Protection of the interests of Ukrainian insurance companies (members of the associations) at the national and international levels;
- Promoting a positive image of insurance in Ukrainian society by raising awareness among government agencies, business representatives, and the public.
- Developing codes of ethics and professional standards for insurers, including cooperation with insurance intermediaries and other participants in the insurance services market, and implementing best practices in insurance and related services.
- Developing and implementing principles and approaches for the professional education system: adopting qualification requirements, organizing educational programs, training courses for professional development, and certifying insurance market participants.
- Encouraging innovation in insurance and pensions through surveys, questionnaires, research, etc. to improve products and services.
- Promoting social responsibility among association member insurers.
The Coordination Council has been designated as the working body of the FIOU, which will include 2 representatives-members of the LIOU and NAIU, as well as the heads of the two mentioned associations.
The FIOU Council will be headed by a chairman, who will be elected annually from among the members of the CC FIOU. The chairman of the CC FIOU will determine the areas on which a unified position is formed, and will represent the interests of the insurance market in accordance with the agreed positions in state authorities and management bodies.
Parties to this Memorandum may only be associations registered as legal entities, carrying out their activities in accordance with the requirements of the legislation, and which include insurers, and may also include persons carrying out their activities in the insurance services market and/or in the insurance sector. The LIOU and the NAIU are open to the accession to the FIOU of other professional associations of insurers and call for moving towards each other for the development of the national insurance market.