Classification of insurers by significance level to be set from 2026 – Ukraine's National Bank
Systemically significant insurers must bring their operations into compliance with updated regulatory requirements by the end of 2026, according to the Financial Stability Report, December 2025, published on the website of the National Bank of Ukraine.
As noted in the document, non-life insurers will be considered significant if, over the past three calendar years, their average annual insurance premiums collected from individuals exceeded UAH 1 billion, while life insurers will be deemed significant if their average technical reserves over the same period exceeded UAH 2 billion.
It is reported that from 2026 another classification by the level of insurers' significance will be introduced — significant volumes of reinsurance. Incoming reinsurance premiums will be calculated based on data for two years.
The NBU notes that significant insurers will be subject to enhanced corporate governance requirements. These financial institutions must establish separate permanent units for risk management, compliance, and internal audit. Compliance and risk management functions may not be outsourced.
In addition, for such insurers a higher minimum number of supervisory board members will be established, along with requirements for the number of independent board members and the list of permanent board committees.
"Differentiating requirements for significant insurers minimizes risks to the sector without creating excessive burdens for smaller participants. Significant insurers must bring their operations into compliance with updated regulatory requirements by the end of 2026."