The National Bank of Ukraine is working on draft legislative amendments for the full implementation of the Solvency II, Insurance Distribution Directive, and Motor Insurance Directive EU directives in the insurance sector, and plans to submit them to parliament following discussions with the market later this year.
This was announced by Serhiy Savchuk, Director of the NBU’s Department of Methodology for Regulating the Activities of Non-Bank Financial Institutions, during the All-Ukrainian National Insurance Conference (UNIC-2026).
According to him, for Ukraine’s accession to the EU, we must ensure the full implementation of EU directives, which entails amendments to the laws “On Insurance” and “On Compulsory Motor Third-Party Liability Insurance,” as well as the drafting of a new law “On the Sale of Insurance and Reinsurance Products.”
“That is why, together with you, we must update all three laws in the insurance sector: the Law ‘On Insurance,’ the Law ‘On Compulsory Motor Third-Party Liability Insurance,’ and a separate new law ‘On the Sale of Insurance and Reinsurance Products.’ This law will implement the IDD directives. https://www.youtube.com/watch?v=19pmSXkcrRo
“We are currently working on the Solvency II project, which is intended to facilitate interaction with the market so that every insurance company can assess the situation and develop an action plan, understanding what needs to be done, rather than reacting after laws and subordinate legislation have been adopted,” noted Serhiy Savchuk.
Regarding the timeline for implementing these changes, Serhiy Savchuk noted that the adoption of new laws and NBU regulations is expected by the end of 2027, after which insurers will have a transition period to bring their operations into compliance with the new requirements, particularly regarding recapitalization.
“We are very grateful to the professional insurance associations and count on the participation of all insurers, because it is in our mutual interest to draft these laws, agree on them, and devote more time to the organizational measures necessary for their implementation, as the most difficult part will be the stage of their implementation and bringing their operations into compliance,” concluded Serhiy Savchuk.