Verkhovna Rada on 28 October 2026 adopted bill No. 15269, which extends for existing insurers the period for applying the simplified approach to solvency assessment by two years — until 1 January 2029. The bill was approved in full by 235 members of parliament.
The text of the adopted bill contains a provision on switching to the basic approach from 1 January 2029 for insurers that meet the requirements of part five of Article 38 of the Law “On Insurance”. “Insurers that meet the criteria and conditions set out in part five of Article 38 of this Law (the Law “On Insurance”) shall carry out solvency assessment under the basic approach in accordance with the requirements of this Law from 1 January 2029,” reads the adopted bill.
Previously, under the current wording of the law, insurers that obtained licences to carry out insurance activities before the law came into force (1 January 2024) were entitled to apply the simplified approach for three years — until 1 January 2027. The new decision extends this transitional period by a further two years.
As commented by the chief executive of the association «Insurance Business», Vyacheslav Cherniakhovskyi, “the application of the simplified approach does not mean the absence of oversight over solvency.” He set out this position with regard to maintaining market supervision.
Insurers continue to meet current requirements for capital, technical reserves and eligible assets and remain under the supervision of the National Bank of Ukraine (NBU). The document states that the Ukrainian insurance market as a whole has a sufficient level of solvency, and that established reserves sometimes exceed the actual level of payouts.
