11:37 09.04.2014

Non-banking financial market presents consolidated position on requirements to financial service markets watchdog head

2 min read

Kyiv, April 9 (Interfax-Ukraine) – The head of the national commission for financial service markets regulation is obliged to be in line with three requirements: know the market well, not to be members of any groups and not to be appointed using a quota of a certain party, President of the Ukrainian Insurance Federation Andriy Peretiazhko said at a press conference at Interfax-Ukraine on April 8, 2014.

He said that taking into account the fact that the insurance market, as the whole economy of the country, is in crisis similar to 2008-2009, it is better if the new head of the commission knows the market well, and knows shareholders of companies and how they do their businesses, etc. If there were problems this will allow quickly make decisions, help to retain business and protect the rights of consumers.

In addition, a knowledgeable head of the regulator would be able to introduce changes more quickly both in a narrow market segment, such as OSAGO or medical insurance, and on the market in general. In particular, each of the insurance associations has drawn up proposals for amendments to the legislation.

"We don't propose a reshuffle of all of the members of the commission, we only present the requirements to the head of the regulator. We want to knock at the doors of the country's leaders until we are heard and hold meetings on the discussion of the candidate," Peretiazhko said.

Chairman of the Board of the League of Insurance Organizations of Ukraine (LIOU) Oleksandr Filoniuk said that the head of the commission should first be professional, work transparently and be open for the market. He said that clear rules that the regulator and insurers will use should be drawn up.

An advisor to President of the Insurance Business Association Viacheslav Cherniakhosky said that a person with an untainted reputation, and good business and personal qualities should come to the market.

Among the top-priority tasks on the non-banking financial service market is the creation of equal conditions for all companies; sanctions imposed by the regulator should be consistent and not aimed at destroying companies; there should be a change of the procedure for receiving permits to remove corruption and the introduction of only electronic document turnover, he said.

"Corruption could be removed from the market only via removing the preconditions for it," Cherniakhosky said.

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