The National Commission for Financial Service Markets Regulation of Ukraine plans to actively work on market purification.

"Our key goal, as in the banking sector, is first the purification of the market, as the financial service market requires this work to be done. We've started it: I can say that in four months we've removed over 60 licenses from insurance companies, and the work will continue," commission head Ihor Pashko said, while presenting the comprehensive program on developing the financial sector until 2020 at a meeting of the parliamentary financial committee in Kyiv on Wednesday.

He said that the regulator does not have enough instruments to purify the market.

"Unfortunately, we don’t have real tools to purify the market. The commission plans to ask to authorize it with the right to initiate bankruptcy of financial institutions and the transfer of portfolios from insolvent companies to solvent ones," he said.

Pashko said that another goal of the program is toughening supervision and improving quality.

The regulator would work on facilitating the licensing procedure, as the commission believes that the new law on licensing only complicates the procedure, instead of relaxing it.

Pashko said that special attention will be paid to the development of agricultural insurance, life insurance, and credit insurance.