Over 10 insurance companies operating on the Ukrainian insurance market fall within the scope of the law that took effect from June 28 on the licensing of some types of economic operations, according to which license holder could be deprived of licenses if they are under control of a resident of a country that carries out military aggression against Ukraine.

"There are over 10 these companies on the insurance market. Some of them have been operating for over 10 years, have a large market share and positive reputation," member of the national commission for financial service markets regulation Oleksandr Zaletov told Interfax-Ukraine.

He said that, taking into account the likelihood of the consequences and social response, the commission met representatives of these insurers a month before the law was introduced and notified them on this requirement of the law and explained the actions of the regulator.

"First, insurance companies would receive instructions and if the infringements are not removed, the insurance licenses will be revoked," Zaletov said.

He said that at present, insurers are taking measures to bring their operations in line with the requirements of the law on the licensing of some types of economic operations.