Head of International Corporate Law and Fintech Practice
Expert in fintech, crypto, and international corporate law with over 20 years of experience. Specializes in crypto licensing (VASP/CASP), iGaming business support, and international structuring, asset protection, and OSINT analytics for risk assessment and due diligence.
PROCEDURE FOR OBTAINING A LICENSE IN THE FIELD OF INSURANCE
Insurance is an important component of modern economic life in conditions of uncertainty, providing protection against risks and emergencies, providing constant business development, and protecting citizens’ interests.
From a legal point of view, insurance is a civil-law relationship that provides protection of the property interests of citizens and legal entities in the event of insured events, determined by insurance contracts or legislation at the expense of monetary funds, which are formed by paying insurance premiums by policyholders and the income of these funds.
The procedure for receiving a license in sphere insurance enough complicated and responsible and is regularly reviewed and improved by lawmakers. The legal company “Prikhodko and Partners” has many years of experience in this field and always has up-to-date information.
In our previous article “Order licensing financial services” we in detail considered the general requirements of the National Bank for licensees who plan to carry out various types of financial activities, which also apply to insurance companies.
Therefore, in this publication, we will focus on the additional requirements of the regulator for insurance license holders.

In accordance with the provisions of the Law of Ukraine “On Insurance Activities” (hereinafter – the Law), insurance companies that have the right to carry out insurance activities on the territory of Ukraine can be:
- financial institutions, in the form of joint-stock, full, limited partnerships, or partnerships with additional liability. Have at least three participants, meet other requirements of the Law, and have received a license to carry out insurance activities;
- permanent representative offices of branches of foreign insurance companies registered with the NBU that have received a license to carry out insurance activities;
- Non-resident insurers – financial institutions established and licensed to carry out insurance activities in accordance with the legislation of the states in which they are/
An export credit agency is considered a resident insurer with a special status.
The subject of the insurer’s activity can be only insurance, reinsurance, and financial activities related to the formation, and placement of insurance reserves and their management.
Societies, not they can acquire status the of insurers if they are engaged in other types of activity.
Insurers are obliged to follow the following conditions for software solvency:
- available paid-up statutory fund for resident insurers or guarantee deposit for branches of non-resident insurers and insurer guarantee fund;
- creation of insurance reserves sufficient for future payments of insurance sums and insurance indemnities;
- the minimum size of the statutory fund should be the equivalent of – 1 million euros for an insurer engaged in types of insurance other than life insurance and 10 million euros for an insurer engaged in life insurance;
- The charter capital must be paid exclusively in cash. It is allowed to form the authorized capital with state securities, but not more than 25% of the authorized capital.
It is forbidden to use promissory notes, funds from insurance reserves, funds received on credit, loans, and collateral, and to contribute intangible assets to form the authorized capital.
The formation of reserves for life insurance, medical insurance, and mandatory types of insurance is carried out separately from other types of insurance.
The National Bank issues a license to insurers for specific types of proceedings insurance in accordance with the procedure established by the legislation of Ukraine.
Insurers do not have the right to engage in other types of insurance if they have received a life insurance license.
So, we have outlined the main requirements for insurance license applicants, but the current legislation contains many nuances and details that must be taken into account when submitting an application and a package of documents to the National Bank.
Our team of lawyers is ready to take on all the hard work of preparing documents and providing advice and legal support at all stages of the insurance licensing process.
Our experience and knowledge will help you avoid unnecessary difficulties and ensure the necessary results. All you have to do is contact us and focus on the development and prosperity of your business.
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