10:53 18.12.2017

Regulator of nonbank financial market should have more powers, be independent in decision making

2 min read
Regulator of nonbank financial market should have more powers, be independent in decision making

The regulator of the nonbank financial market in Ukraine should have more powers and be independent in decision making, the League of Insurance Organizations of Ukraine (LIOU) has said.

"The LIOU's position on this issue is unchanged: we support the preservation of the integrity of the professional team of the National Commission for Financial Service Markets Regulation, including as a structure of the National Bank of Ukraine. However, we believe and insist that in this case it is necessary that the regulator has more authority and is independent in making decisions," President of LIOU Oleksandr Filoniuk said.

According to him, today the form or model of the future regulator are primary, but the purpose of introducing these changes, the state support of participants in the insurance business of Ukraine and the entire non-banking financial market.

"It is not that the insurance company's belonging to the group of large or medium-sized insurers is important, not the number of its customers, but the liquidity of assets, transparency of work, capitalization and other factors that contribute to the growth of insurance business and trust," the president of LIOU said.

"We are sure that transparency of the insurance market is the necessary condition for disclosing the significant potential of insurance in Ukraine. We want to see an increase in the level of confidence in the sector and an increase in the penetration of insurance into the life of Ukrainians. However, the facts show that in 2016 gross insurance premiums amounted to about 1.5% of nominal GDP," he said.

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