The National Bank of Ukraine proposes for discussion the draft Regulation on the procedure for applying the provisions of the Tax Code of Ukraine in the insurance activities

The National Bank of Ukraine proposes for discussion the draft Regulation on the procedure for applying the provisions of the Tax Code of Ukraine in the insurance activities

The National Bank of Ukraine (NBU) has initiated the discussion of a draft new Regulation on the procedure for applying the provisions of the Tax Code of Ukraine in the insurance sector. This is a pertinent issue for insurance companies and their clients, as it pertains to crucial aspects of taxation of insurance payments.

Legislative Basis

According to subparagraphs 165.1.27 and 165.1.28 of paragraph 165.1 of Article 165, Section IV of the Tax Code of Ukraine, amounts of insurance payments, reimbursements, or surrender values under insurance contracts are not included in the total monthly (annual) taxable income of an individual for tax purposes, provided that a specific order of confirmation is followed.

Purpose and Content of the Draft Regulation

The draft regulation updates the documentation procedure for insurance payments, considering the latest changes in Ukrainian legislation in the fields of insurance and healthcare. The draft specifies the following key aspects:

Requirements for the list and names of medical documents, used by insurers when deciding on making insurance payments under insurance contracts in case of harm to the life and/or health of the insured person.

The possibility of using electronic services and remote service channels for clients when settling insurance claims under such contracts. This ensures convenience and prompt interaction between insurance companies and their clients.

Simplified procedures for providing insurers with information and/or documents in electronic form. This innovation aims to reduce bureaucratic barriers and speed up the process of settling insurance claims.

Importance and Expected Changes

Once approved, the draft regulation will replace the order of the State Commission for Regulation of Financial Services Markets of Ukraine dated December 24, 2010, No. 997 (with amendments), which has become outdated. This step aims to align the regulatory framework with the modern requirements and realities of the insurance market.You may be interested in the following articles:  Analysis, consultation, evaluation. legal analysis of the situation, lawyer's consultation, lawyer's consultation, analysis of documents, legal analysis of the situation, written consultation, verification of documents by a lawyer, lawyers' documents, lawyer's help online, lawyer online, legal opinion, legal opinion of a lawyer, lawyer online.

Invitation to Discussion

The National Bank of Ukraine welcomes comments and suggestions on the draft regulation. Comments and suggestions are accepted until April 18, 2024. This provides an opportunity for all interested parties to participate in the formation of new rules and standards in the insurance sector.

Conclusion

The draft regulation on the procedure for applying the provisions of the Tax Code of Ukraine in the insurance activities is an important step in the development and improvement of the insurance market in Ukraine. Taking into account new requirements and opportunities, such as the use of electronic services and simplified procedures, will contribute to increasing the efficiency and transparency of insurance payments. The participation of the public and professional community in discussing this draft will ensure its quality and relevance to market needs.