NBU regulates procedure for supervising activities of MTIBU

The National Bank has regulated the procedure for supervising the activities of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) in order to exercise its powers.

This is stated in the NBU's message, the Ukrainian News agency reports.

The powers of the National Bank to supervise the activities of MTIBU are determined by the Law of Ukraine "On Compulsory Civil Liability Insurance of Owners of Land Vehicles", which comes into force on January 1, 2025.

The Regulation on Supervision of MTIBU establishes, in particular:

- qualification and other requirements for the Chairman and members of the Board of MTIBU, the risk manager, the compliance manager and the internal auditor of MTIBU;

- the procedure for approving the candidacies of the Chairman and members of the Board of MTIBU and persons responsible for performing key functions in MTIBU;

- the procedure for approving the charter of MTIBU and amendments to it;

- the procedure for approving the conclusion and termination of an outsourcing agreement and requirements for the person responsible for outsourcing in MTIBU;

- the procedure for approving the appointment and removal of an audit entity from providing audit services to MTIBU;

- requirements for the regulation and report on remuneration of members of the MTIBU Board;

- the procedure and terms for submitting MTIBU reports and information to the National Bank;

- the list and procedure for publishing MTIBU generalized information on mandatory civil liability insurance of owners of land vehicles;

- the procedure for supervising the activities of MTIBU, including making decisions on the application of measures provided for by the Law;

- the procedure for submitting proposals on strategic areas of MTIBU activity.

The Regulation was approved by the Resolution of the Board of the National Bank of Ukraine dated December 31, 2024 No. 194, which comes into force on January 1, 2025, except for the provisions on MTIBU reporting, which come into force on July 1, 2025.

As the Ukrainian News agency earlier reported, the Motor (Transport) Insurance Bureau warns that from January 1, 2025, the "Green Card" policy (mandatory civil liability insurance for vehicle owners in European countries) when traveling abroad will need to be issued in advance, and not on the day of departure.