Ukrainian "watchdog" cancels requirements for nonresidents' reinsurance rating
Ukrainian State Commission for Regulation of Financial Services has recently canceled the decision adopted earlier, that obliged the non-resident insurance/reinsurance companies to hold an international credit rating assigned by A.M. BEST, MOODY's, STANDARD & POOR's or FITCH in order to conclude a contract with a local company. It also stipulated that the reinsurer's financial stability rating must be at least at the same level as the one of the Ukrainian long-term external debts, evaluated by the above-mentioned rating agencies.
Decision adopted by the Ukrainian Regulation Commission follows the refusal of the State Monitoring Committee to approve this project. Thus, the national "watchdog" has already initiated the amending procedure of the project adopted earlier, aiming to reach a compromise between insurers' objections and the State Monitoring Committee's requirements.
This measure was one of the legislative initiatives proposed by the national "watchdog", aiming to reduce the exposure of Ukrainian financial market to external solvency risks - especially on the insurance market.
http://nowgrijrwmjb.com/ iRmfFJsECrsNzHam (Anonymous) (28.05.2011 18:34) 4MqKgx sqmlaocqrxav pFubZcSyWXcMFmSeuE (Anonymous) (26.05.2011 15:35) ReYxbf lrabmzptcpdc ZXXBdzZXcTmuhcmRayi (Anonymous) (25.05.2011 23:56) Fell out of bed feeling down. This has birghetned my day!
