The National Bank changed currency restrictions for insurance companies and foreign investors in OVHZ
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The National Bank continued to soften currency restrictions in the insurance sector and regulated the procedure for operations related to the payment of interest to foreign investors on bonds of domestic government debt (OBGZ). This was reported by the press service of the regulator.
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Easing currency restrictions in the insurance sector
Insurers will be able to make insurance payments in favor of non-residents, as well as return insurance payments in favor of non-residents for prematurely terminated insurance (reinsurance) contracts received by insurers after February 24, 2022, including in the presence of relevant court decisions.
As a reminder, operations for insurance payments are now permitted:
- foreign nuclear pools, carried out by an authorized insurer on behalf of members of the “Nuclear Insurance Pool” association;
- according to “Green Card” international insurance contracts;
- under contracts of personal insurance, other than life insurance, for treatment in medical institutions of a foreign state, transportation of patients connected with the death of citizens abroad (including transport and funeral expenses);
- under insurance contracts of persons traveling abroad.
In addition, the NBU unblocks currency operations for payment of membership fees by insurers to international organizations and international insurance associations. The Motor (Transport) Insurance Bureau of Ukraine will also be able to carry out currency operations upon payment of membership fees to the Council Bureau of the International Automobile Insurance System “Green Card”.
Additional conditions for carrying out operations related to the payment of interest to foreign investors under OVGZ
In order to enable the repatriation of funds received from the payment of interest on OVHZ after April 1, 2023, an additional requirement has been established regarding the minimum continuous period of ownership of this OVHZ by the investor for at least the last 90 consecutive calendar days until the moment of receiving interest.
“This will contribute to the prevention of premature repatriation of investments by foreign investors,” the NBU noted.
Read also: NBU called the “increased” amount in Ukraine due to the ban on foreigners withdrawing funds from OVHZ
As a reminder, the National Bank introduced the possibility of repatriation of funds received from the payment of interest on OVHZ after April 1, 2023, in order to create incentives for non-residents to reinvest the received principal amount and accumulated hryvnia funds on the primary market of OVHZ.
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Source: Ministry of Finance
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