Round Table on the Establishment of an Insurance Ombudsman in Ukraine

Українська

Outline

A developed insurance sector is very important for sustainable economic growth. A major problem in the insurance sector in Ukraine is the rather slow and expensive dispute resolution. To improve this situation we propose to establish an Insurance Ombudsman, which should be set up and financed by the insurance industry. He will be tasked to mediate and resolve disputes between policyholders and insurance companies in a flexible, objective and cost-efficient way. The Ombudsman institution has to be independent in structure and appearance.

During the Round Table, Dr. Ricardo Giucci, a member of the German Advisory Group, presented the research on this issue and highlighted the key points related to establishment of an Ombudsman in Ukraine. The representatives of insurance companies, the League of the Insurance Companies, and the State Commission on the Financial Market Regulation in Ukraine participated in the Round Table, during which they tried to answer such question as: whether the Ombudsman decisions should be binding or non-binding, private or statutory, who should initiate establishment of this institution, etc.

The majority of participants agreed on the necessity to establish an Insurance Ombudsman in Ukraine. The Ombudsman institution should be initiated by a group of insurance companies or by the League of Insurance Companies in Ukraine. Participation in the Ombudsman scheme should be voluntary, and his decisions should be binding for insurance companies that participate in the scheme. Furthermore, an upper limit of around EUR 10,000 should be set for disputes which can be accepted by the Ombudsman. The open question remained on the most appropriate name for the Ombudsman institution.