An insurer shall submit to the National Bank of Ukraine (NBU) a letter of intent from an investor as an integral part of the insurer's business recovery plan or financing plan if the measures envisaged by them are to be implemented using investors' funds.
This is stipulated in a draft resolution approving amendments to the Regulation on the procedure for preparing and updating an insurer's business continuity plan, business recovery plan and financing plan, which the NBU has proposed for public discussion, the regulator said on its website.
A letter of guarantee will be required if the plan provides for: an increase in the insurer's authorized capital; the purchase of assets that are not included in eligible assets for calculating regulatory capital; or the raising of funds in the form of subordinated debt.
In the letter of guarantee, the investor will confirm its intention to ensure the implementation of the respective measures in the amount and within the time frames specified in the plan, as well as indicate the sources of funds and undertake to provide the documents necessary for approving the plan and implementing measures to restore the insurer's financial condition, the statement said.
The National Bank is accepting comments and proposals on the draft until October 5, 2026.
