Abstract
The article discusses the new insurance system in Ukraine introduced by the Law of Ukraine On Insurance dated 18 November 2021, which became effective on 19 December 2021 and will come into full effect on 1 January 2024. In 2020 the National Bank of Ukraine became the new regulator of the Ukrainian insurance market and initiated the development of a new regulatory and oversight model in the insurance sector. The article discusses the problems related to the Ukrainian insurance market which are expected to be solved by the new regulation and oversight model. The author presents the most important new solutions introduced by the Law, such as requirements relaed to entering the insurance market, ownership structure, capital , the protection of consumer rights and exiting the insurance market. The article also shows a brief comparative analysis of the relevant provisions of the Law and Directive 2009/138/EC. The author concludes that the new regulations are comprehensive and consumer-oriented, which will help to solve existing problems and build a solvent and competitive insurance market.
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