Insurers may transition to monthly reporting, likely starting next year – First Dpty Governor of Ukraine's National Bank
The National Bank of Ukraine (NBU) plans to require insurance companies to submit monthly reports on key business activities, possibly starting next year, said Kateryna Rozhkova, First Deputy Governor of the NBU.
"Insurance companies sell policies daily and handle claims settlements. We want to receive key business activity data on a monthly basis. Changes will likely take effect at the beginning of next year, though initially for specific indicators," she stated.
Rozhkova clarified that this will not apply to the entire reporting framework.
"It's crucial for us to monitor market developments in real-time. As we progress towards Solvency II, our priority is to have sufficient information," she said.
She emphasized that insurers will be granted a transition period to ensure a smooth shift to the new reporting requirements.
"Additionally, EU regulations mandate stress testing for insurers. We haven't reached that level yet, but we must gradually implement all requirements," Rozhkova added.