The League of Insurance Organizations of Ukraine (LIOU) and the National Association of Insurers of Ukraine (NAIU) have signed a Memorandum of Cooperation and Partnership.
"LIOU and NAIU, while remaining independent and autonomous associations, have agreed under the terms of the Memorandum to establish the Federation of Insurance Associations of Ukraine (FIAU), whose task is to form a unified stance of professional associations of insurers for the development of the market in synergy with the regulator," the LIOU reported.
It is specified that the main directions of FIAU will include, in particular: exchanging information and proposals to form unified positions on the development of the insurance market, legislation, and its amendments, protecting the interests of insurance companies in Ukraine at both national and international levels; creating a positive image of insurance in Ukrainian society; developing codes of ethics and standards of professional conduct for insurers, including in terms of cooperation with insurance intermediaries and other participants in the insurance services market, and implementing best practices in providing insurance and ancillary services.
Moreover, it is planned to: develop and implement principles and approaches to professional education; formulate and adopt qualification requirements; organize educational programs and training for skill enhancement and certification of insurance market participants; promote social responsibility among insurers, and improve insurance products and services.
The working body of FIAU will be the Coordinating Council, which will include two representatives each from LIOU and NAIU, as well as the heads of the two mentioned associations.
The Council of FIAU will be headed by a chairperson, who will be elected annually from the members of the Coordinating Council.
The statement also clarifies that the parties to the Memorandum can only be associations registered as legal entities that operate in accordance with legal requirements, which include insurers, and may also include individuals engaged in activities in the insurance services market and/or in the field of insurance.
"LIOU and NAIU are open to other professional associations of insurers joining FIAU and encourage moving towards each other for the development of the national insurance market," the message emphasizes.