The National Bank of Ukraine is working on draft legislative amendments for the full implementation of the Solvency II, Insurance Distribution Directive, and Motor Insurance Directive EU directives in the insurance sector, and plans to submit them to parliament following discussions with the market later this year.

This was announced by Serhiy Savchuk, Director of the NBU’s Department of Methodology for Regulating the Activities of Non-Bank Financial Institutions, during the All-Ukrainian National Insurance Conference (UNIC-2026).

According to him, for Ukraine’s accession to the EU, we must ensure the full implementation of EU directives, which entails amendments to the laws “On Insurance” and “On Compulsory Motor Third-Party Liability Insurance,” as well as the drafting of a new law “On the Sale of Insurance and Reinsurance Products.”

“That is why, together with you, we must update all three laws in the insurance sector: the Law ‘On Insurance,’ the Law ‘On Compulsory Motor Third-Party Liability Insurance,’ and a separate new law ‘On the Sale of Insurance and Reinsurance Products.’ This law will implement the IDD directives. https://www.youtube.com/watch?v=19pmSXkcrRo

“We are currently working on the Solvency II project, which is intended to facilitate interaction with the market so that every insurance company can assess the situation and develop an action plan, understanding what needs to be done, rather than reacting after laws and subordinate legislation have been adopted,” noted Serhiy Savchuk.

Regarding the timeline for implementing these changes, Serhiy Savchuk noted that the adoption of new laws and NBU regulations is expected by the end of 2027, after which insurers will have a transition period to bring their operations into compliance with the new requirements, particularly regarding recapitalization.

“We are very grateful to the professional insurance associations and count on the participation of all insurers, because it is in our mutual interest to draft these laws, agree on them, and devote more time to the organizational measures necessary for their implementation, as the most difficult part will be the stage of their implementation and bringing their operations into compliance,” concluded Serhiy Savchuk.

Ukraine’s insurance market is growing and becoming more transparent during the war, and is also demonstrating a high degree of adaptability to challenges, NBU Governor Andriy Pyshnyy said at the Ukraine National Insurance Conference.

The Ukraine National Insurance Conference (UNIC) was initiated and organized by the Federation of Insurance
Associations of Ukraine (FIAU). According to Viktor Berlin, Chairman of the FIAU Coordination Council, UNIC is an open, professional platform for systematic dialogue between the state, the regulator, insurance companies, and the expert community.

Opening the conference, Andriy Pyshnyy, Governor of the National Bank of Ukraine, emphasized that the insurance market has undergone significant transformations in recent years. Following market consolidation, 57 insurance companies are now operating, yet their assets are 30% higher than before, when there were 215 companies.

“Imagine the year 2026, and we are only now beginning to talk about development. And here it is indeed appropriate to characterize the insurance market at the moment we are currently in. In three words: cleaned up, nearly transparent, profitable. But I will add: investment-attractive and very promising. One that wants to play a role in the development of the economy,” noted the Head of the NBU.

According to Pyshny, another important achievement was that the market has united, insurers have become partners, and this conference is a testament to that.

“They know each other; they understand how important it is to come together; they’ve formed a truly wonderful association. This association speaks not as individual companies serving someone’s interests, but as the voice of the industry. And that voice is being heard today in Ukraine and around the world,” emphasized the head of the National Bank.

“When we organized this event, we wanted everyone to see how many of us there are and who we are. So that we understand what we’re really worth. We’re worth the best. Our main task, in my view, is to gain autonomy. Insurers are investors in the economy; if we develop, we will drive the economy,” emphasized Viktor Berlin, Chairman of the Coordinating Council of the Federation of Insurance Associations of Ukraine.