Business news from Ukraine

UKRAINIAN INSURANCE COMPANIES BOOST PREMIUMS VIA RESIDENT BROKERS BY 24% IN 2020

Ukrainian insurance companies in 2020 collected UAH 215.3 million of premiums under insurance contracts concluded through resident brokers, which is 24.3% more compared to 2019 (UAH 169.1 million).
According to the website of the National Bank of Ukraine (NBU), during this period 10,747 contracts were concluded through resident brokers, while in the same period a year earlier, according to the former regulator of the National Commission for Financial Service Markets Regulation it was 24,724.
The amount of remuneration for the provision of such intermediary services for the specified period decreased 28.8%, to UAH 20.02 million.
Reinsurance payments received by resident insurers under 166 contracts amounted to UAH 30.747 million, while a year earlier under 128 contracts it was UAH 12.660 million.
According to the NBU, nonresident reinsurers through brokers received UAH 1.085 billion for reinsurance under 244 contracts, while in the previous year it was UAH 920.7 million under 258 contracts.
Insurance payments compensated by nonresident reinsurers for the reporting period amounted to UAH 422.519 million, which is 2.9 times more.
The NBU does not provide indicators of remuneration for brokers for the reporting period; at the end of 2019, they amounted to UAH 34.619 million.

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NATIONAL COMMISSION FOR COMMUNICATIONS PERMITS TO FREELY IMPORT PCS, GADGETS MEETING UKRAINIAN TECHNICAL REGULATIONS

The National Commission for Communications and Informatization Regulation (NCCR) has permitted free imports and turnover of 15 types of radio electronic equipment, including PCs, audio systems, mobile phones, personal electric transport and other things if they meet the requirements of the technical regulation for radio electronic equipment approved on May 24, 2017. “This decision minimizes the burden on producers thanks to a clear definition of the types of radio electronic equipment that does not need to be registered and that is considered to have a high level of compliance with the essential requirements of the radio electronic equipment technical regulations. However, this does not exempt producers, importers and other economic entities in the radio equipment supply chain in Ukraine from performing their responsibilities to provide high-quality products,” the commission said on its website.
The list of goods allowed for import into Ukraine and not requiring entering the Register of radio electronic equipment and radiating equipment includes: e-books, laptops, tablets, interactive whiteboards and accessories, desktop computers, servers; smartphones, GPS-navigators, wristwatches, smart watches, wrist GPS trackers, fitness bracelets, wireless headphones, loudspeakers, stereo headphones, active speakers, multimedia speakers, voice recorders, audio systems, home theaters, music centers, mini and micro-audio systems, car audio systems, radio receivers, home theaters with a wireless adapter, a radio module, self-balance scooters, self-balancing personal transporters, a self-balancing unicycle with a wireless adapter, radio module, and other devices.
The use of these devices in the public radio frequency bands and free flow on the territory of Ukraine is carried out in the presence of a declaration of compliance with the requirements of the radio electronic equipment technical regulations approved by Cabinet of Ministers of Ukraine resolution No. 355 dated May 24, 2017.
The NCCR, at the request of Ukraine’s State Center for Radio Frequencies (UCRF), also entered information on outdoor base stations, wireless access points, Internet gateways and other similar equipment that is used for the installation of outdoor radio and radio equipment used for organization of the provision of telecommunication services with a working frequency range of 2400-2483.5 MHz and an output power of the transmitter of more than 101 mW (20.04 dBm) into the list of radio-electronic equipment prohibited for use and importation into Ukraine.

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NATIONAL COMMISSION FOR SECURITIES AND STOCK MARKET WANTS TO BE REGULATOR ON CRYPTOCURRENCY MARKET

A concept of regulating transactions with cryptocurrencies names the National Commission for Securities and the Stock Market of Ukraine the main regulator on the cryptocurrency market and authorizes the commission to license cryptocurrency exchanges and cryptocurrency exchange points, according to materials posted on the website of the commission. In particular, it is proposed that the National Commission for Securities and the Stock Market will classify and define tokens as financial tools, regulate the exchange and purchase and sale of cryptocurrency through cryptocurrency exchanges, as well as Initial coin offerings (ICO).
At the same time, according to the concept, State Financial Monitoring Service is authorized to supervise cryptocurrency exchanges, and the Ministry of Finance and the State Fiscal Service – to supervise payment of taxes on income from operations with cryptocurrencies.
In addition, the concept proposes to define the concept of a cryptocurrency and a token. In particular, the token is proposed to be considered a “centralized or decentralized unit of accounting, which is based on mathematical calculations using a computer network and has cryptographic protection.” “Cryptocurrency is a token that functions as a way of exchanging and preserving value,” the commission said on the website.

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