The League of Insurance Organizations of Ukraine (LIOU) and the National Association of Insurers of Ukraine (NAU) have signed a Memorandum of Cooperation and Partnership.
“The League of Insurance Organizations of Ukraine and the National Association of Insurers of Ukraine, while remaining independent and autonomous associations, agreed to establish the Federation of Insurance Associations of Ukraine (FIAU) in accordance with the terms of the Memorandum, whose task is to form a common position of professional associations of insurers for the sake of market development in synergy with the regulator,” the League said.
It is specified that the main directions of the FSOI, in particular, will be: exchange of information and proposals for the formation of common positions on the development of the insurance market, legislation and amendments to it, protection of the interests of Ukrainian insurance companies at the national and international levels; formation of a positive image of insurance in Ukrainian society; development of codes of ethics and standards of professional conduct for insurers, in particular in terms of cooperation with insurance intermediaries and other participants in the insurance market, in particular in the field of insurance services.
In addition, it is envisaged to: develop and implement principles and approaches to the system of professional education; develop and adopt qualification requirements; organize educational programs, training for professional development and certification of insurance market participants; promote social responsibility of insurers, improve insurance products and services.
The FSOI’s working body is the Coordination Council, which will include two representatives of each of the LIOU and NASU, as well as the heads of the two associations.
The FSFU Council will be headed by a chairman who will be elected annually from the Coordination Council.
The report also clarifies that the parties to the Memorandum may only be associations registered as legal entities operating in accordance with the requirements of the law, which include insurers, and may also include persons operating in the insurance market and/or in the field of insurance.
“The FOSU and the National Association of Insurers are open to other professional associations of insurers joining the FOSU and call for moving towards each other for the development of the national insurance market,” the statement said.
