The insurance market must operate according to the rules of the European Union from the moment Ukraine joins it, that is, these rules must not be in effect from the first day of Ukraine’s membership in the EU, but must function already on that date. This was announced by the First Deputy Chairman of the NBU, Serhiy Nikolaychuk, speaking at the “All-Ukrainian National Insurance Conference 2026” in Kyiv.
“A single insurance market must operate from the date of accession to the EU. That is, in general, they have expectations that by the date of accession to the EU, everything must work 100%. Here, I think, we will find a common solution with you (insurers – IF-U),” he noted.
According to him, upon accession to the EU, our national insurance legislation will be compared article by article with the requirements of European directives and regulations. If any discrepancies are identified, there will be a negative conclusion, which will become the basis for refusal upon accession to the EU. Therefore, the NBU, together with the insurance market, needs to update all three key laws in the creation of insurance, he emphasized. Nikolaychuk focused on the laws “On Insurance”, “On Compulsory Civil Liability Insurance of Owners of Land Vehicles” (MCLI) and the separate creation of a new law on insurance mediation, which will fix the implementation of insurance products and requirements for insurance contracts.
He also spoke about the structure of European legislation, which conditionally includes Directives and regulations. And in addition to the three Directives: the Solvency II Directive, the Insurance Products Directive -IDD, and the Motor Insurance Directive -MID, there are about 30 regulations that will need to be implemented by the Ukrainian insurance market.
“There is good news, they will be mainly implemented at the level of subordinate regulations, but we immediately warn that this work will affect us all,” he noted.
According to him, a phased implementation of new norms is planned, especially in the part that concerns compliance with solvency requirements.
“But, if we can still adjust these schedules of phased reduction with you, then the final point is unchanged. From the date of accession to the EU, all requirements must be met,” he said.
Nikolaychuk also noted that in addition to methodological work, in addition to the development of draft laws and subordinate regulations, the insurance market itself will have to carry out a huge amount of work to finalize the system for determining the quantitative and qualitative impact of possible changes on its condition. For this, the NBU currently has two tracks, he noted. The first track – the NBU is working with partners from other countries, planning special events, including for insurers, where European insurance companies and regulators will share their own experience in conducting their activities in accordance with the requirements of European legislation. The second track – the Solvency-2 project is now being launched within the framework of the National Bank, which, in particular, will provide for interaction with the market and assistance in the timely implementation of relevant changes so that each insurance company has tools to assess the impact on itself. According to him, the NBU plans to implement all these actions this year. New draft laws aimed at implementing the Eurodirectors should be submitted to the parliament this year and adopted by the Verkhovna Rada of Ukraine by the end of next year. Also, by the end of next year, the National Bank is developing regulations to fulfill the requirements of the regulations.
“We are very much counting on the participation of all insurers, because it is in our common interests to develop these laws, coordinate them and allocate more time for organizational measures necessary for their implementation,” he noted.
