2013-11-28
A Memorandum of Understanding was signed with the National Commission for the State Regulation of Financial Services Markets in Ukraine
The Bank of Lithuania and the National Commission for the State Regulation of Financial Services Markets in Ukraine today signed a memorandum of understanding regarding mutual co-operation and exchange of information in the field of insurance supervision, which will help ensure the protection of the interests of insurance undertakings and insurers as well as the integrity, stability and efficiency of the insurance sector in both countries.
“The memorandum, after changes in relevant Ukrainian legislation, will be one of the means allowing insurers registered in Lithuania to open branches in Ukraine. The document defines the system of cooperation between the supervisory institutions of the two countries and indicates the channels of information exchange”, says Ingrida Šimonytė, Deputy Chairperson of the Board of the Bank of Lithuania.
Having signed the memorandum in Vilnius at the Bank of Lithuania, the Deputy Chairperson of the Board of the Bank of Lithuania, Ingrida Šimonytė and the Director of the Bank of Lithuania’s Supervision Service, Vytautas Valvonis, with the Chairman of the National Commission for the State Regulation of Financial Services Markets in Ukraine, Borys Vizirov, discussed how the cooperation agreement of both institutions will work.
The guests were introduced to the model of Lithuania’s financial market’s supervision on a consolidated basis, they discussed the implementation perspectives of the Solvency II directive and the Bank of Lithuania’s measures for the protection of the interests of financial services consumers.
The Deputy Chairperson of the Board of the Bank of Lithuania, Ingrida Šimonytė and the Chairman of the National Commission for the State Regulation of Financial Services Markets in Ukraine, Boris Vizirov signed a memorandum of cooperation and exchange of information in the field of insurance supervision. Photo by Butautas Barauskas (BFL).