Insurance brokers must register in the intermediary registry by March 31, according to the National Bank of Ukraine.

Insurance and reinsurance brokers (excluding non-resident brokers) listed in the broker registry are required to register in the Insurance Intermediaries Register, which is being established by the National Bank, by March 31, 2025.

This requirement is outlined in NBU Resolution №2 dated January 3, which came into effect on January 7.

In accordance with the NBU resolution, the establishment of the Insurance Intermediaries Register will commence upon the enactment of this document, including the implementation of a comprehensive information protection system (CIPS) within the specified register.

Prior to a broker's inclusion in the Intermediaries Register, they may provide intermediary services based on the information contained in the existing broker registry. Brokers who have submitted documents for inclusion in the new register must update their information within three months after the implementation of CIPS.

Insurance and/or reinsurance non-resident brokers who have expressed their intention to operate in Ukraine by January 7, 2025, are considered to have already submitted the necessary notification to the NBU.

Contracts entered into after January 1, 2025 (or amended after this date) will be valid from the moment the resolution takes effect until the day the broker is registered in the Intermediaries Register. After registration, brokers must adapt such contracts to the new requirements within three months. Contracts signed before January 1, 2025, remain valid until the end of their term.

Furthermore, brokers are obliged to provide clients with their registration number in the brokers' register and a link to the official NBU website for verification of their registration status at the time of contract conclusion before entering into insurance or reinsurance agreements.

Background. Earlier, Mind reported that NBU updated the rules for insurers. The regulator clarified its approaches to assets and reserves, taking into account the state of war and updated legislation.