Open an insurance company in Kyiv

The insurance business in Ukraine continues to develop and is one of the most promising areas in the field of financial services. 

At the same time, more than a year ago the licensing authority that issues permits to start financial, including insurance activities, has changed. Today such a licensing body is the NBU, which issues all types of Financial Licenses.

Working in this area since 2009, we provide services for registration of any type of financial companies in Ukraine. Based on our experience we will explain all procedural aspects of the insurance company registration with a new licensing authority, and what you should think about before starting your business.

If you still have questions after reading this material or you want to get information on registration of your particular insurance company, please contact our specialists for a personal consultation.

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How to open your own insurance company for business?

The very process of registering an insurance company can be conditionally divided into three stages:

  • LLC registration;
  • Obtaining the status of a financial institution;
  • Obtaining an Insurance License.

Let's focus on the most important aspects of each stage.

Registration of a company to obtain an Insurance License.

The insurance company must be registered only in the form of:

  • joint-stock company;
  • an additional liability company;
  • unlimited company;
  • limited liability company.

An insurance company must have at least three founders, and they can be both individuals and legal entities. Foreign persons can also act as founders.

When drafting the company's Charter and constituent documents, it must be taken into account that an insurance company cannot engage in other economic activities, which must be reflected in the qualifying economic activities and the provisions of the Charter. Life insurance companies also have no right to provide services of other types of insurance.

The preparatory stage will also include opening a bank account for the insurance company and the formation of its authorized share capital, which must meet a few specific rules:

  • The authorized share capital must be formed only in cash;
  • The authorized share capital must be formed before submitting documents to the NBU;
  • The origin of funds (source of funds) used for formation of the authorized share capital must be confirmed;
  • Amount of the authorized share capital for the life insurance company must be 10 mln. euro in UAH equivalent, for all other companies - 1 mln. euro in UAH equivalent.

Please note! Following the formation of the authorized share capital of the insurance company, it will be necessary to obtain an auditor's report on the formation of the authorized share capital and capital compliance with regulations. With this report the documents can be submitted to the NBU.

Registration in the register of financial institutions and obtaining an Insurance License.

Today, these two processes can be carried out simultaneously at the NBU. For this purpose, you should submit two sets of documents to the NBU, which must be properly executed beforehand. 

Among the important aspects of this stage we can highlight the requirements that an insurance company must meet to successfully obtain a license and be included in the register. We have already mentioned the part concerning business activity and authorized share capital:

  • Personnel requirements - there are detailed requirements for the director, accountant and person responsible for financial monitoring;
  • Requirements for internal regulations, as well as developed sample agreements with clients;
  • Requirements for availability of accounting and reporting system;
  • Requirements to have the material and technical basis for providing financial services to the clients. For example, own premises (a rented one will do), computer equipment, etc.;
  • The insurance company must have its own website, which will contain certain information required by the NBU.

This is only a part of the requirements, the full list can be obtained at a personal consultation.

The timeframe for obtaining an Insurance License with us and registering the company in the register is about 2 months.

Please note! Apart from the registration procedure and all its stages, the insurance company should take care of fulfilling the requirements concerning financial monitoring. So, even before providing its services, but after obtaining a license, the insurance company must:

  • appoint a person responsible for financial monitoring (such employee must have an appropriate certificate in financial monitoring);
  • develop and approve the rules of internal financial monitoring.

The procedure for registering an insurance company is difficult to understand simply by reading information on the Internet. Not only does the procedure have many peculiarities, but the legislation, as well as the practice of the licensing authority, can change quite often. 

When large sums of money are at stake, it is not worth risking them or wasting your own time - turn to professionals who will find the best solution for you and provide a 100% result.

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Legal services for registration of an insurance company in Kyiv

Our company offers you a full range of services for starting a business in Ukraine. Our services include:

  • Advice on the period, cost and procedure of registering an insurance company;
  • Analysis of available documents, material and technical basis, personnel to obtain an Insurance License for insurance activities;
  • Registration of the company in order to obtain a license;
  • Obtaining of license for insurance activities;
  • Inserting the insurance company into the register of financial institutions - obtaining the status of a financial institution;
  • Assistance in developing insurance agreement templates and technical documentation of the insurance company.

Please note! We advise our Clients to start with the consultation, because it is often a way to get answers to your questions from a lawyer at once, before you start the work. You will understand how much time it will take to prepare the project, what else you need to do to start the procedure, and the terms in general.

The cost of the consultation in the company starts from UAH 2,500 and depends on the complexity of the issue. When further ordering the service, the consultation will be included in its cost.

The period for registering the insurance company with us is about 2 months. The speed of the registration procedure depends on the timely provision of our lawyers with the required documents from the Client.

See the cost of obtaining an Insurance License here.

See the cost of registration of an insurance company, including in the register, here.

If you want to create your own individual package of services, don’t hesitate to contact our specialists.

Do you want to start an insurance company in Ukraine? We will not only help you to get the necessary license, but will provide you with legal support on each step of the insurance business start-up. Order a turnkey insurance company registration!

Didn’t find an answer to your question?

Everything about the procedure of obtaining the desired Financial License here.

Full procedure and cost of financial company registration here.

Publication date: 06/10/2021

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