On April 24, 2026, the National Bank of Ukraine впервые published a list of insurers that obtained the status of significant as of January 1, 2026. The list includes 13 companies, two of which operate in life insurance.
The status of a significant insurer is determined based on regulatory reporting indicators in accordance with NBU Resolution No. 123. The assessment was carried out based on average activity volumes over the previous two calendar years.
The list includes, among others: GRAVE Ukraine Life, TAS Life, ORANTA, INGO, UNIQA, UNIVERSALNA, ARX, PZU Ukraine, KNYAZHA Vienna Insurance Group, TAS Insurance Group, USG, VUSO, Arsenal Insurance and others.
Enhanced governance requirements
Obtaining significant status implies transition to higher standards of corporate governance, internal control, and risk management. Key requirements include:
- expanded and independent supervisory board;
- mandatory committees (audit, risk, remuneration, nominations);
- strengthened internal audit function;
- prohibition of outsourcing risk management and compliance functions;
- enhanced internal control and risk management systems.
Special emphasis is placed on the effectiveness of internal audit, which must assess governance, risk management, compliance, and actuarial functions.
Deadline for compliance
Significant insurers must comply with the Law of Ukraine “On Insurance” and NBU Regulation No. 194 by December 31, 2026. Enhanced supervisory approaches will apply.
How to prepare
New requirements increase the importance of independent assessment of control and governance functions. Kreston Ukraine provides:
- audit and assurance services;
- External Quality Assessment (EQA) of internal audit;
- governance, risk, and internal control assessment;
- advisory support for NBU compliance.
Engaging an independent auditor enhances both compliance and stakeholder trust.
If your company is listed as significant or preparing for stricter regulation, now is the time to act.
Contact Kreston Ukraine for assessment and practical recommendations.
