Certainly, here is a concise translation of the regulatory act:
1. **Essence of the Law:** This resolution of the National Bank of Ukraine (NBU) defines the procedure for insuring the liability of non-financial payment service providers to users and other payment service providers. This is necessary to protect the interests of consumers in case of errors or abuses in initiating payments or providing account information.
2. **Structure and Main Provisions:**
* The resolution approves the “Regulation on the Procedure for Insuring the Liability of Non-Financial Payment Service Providers.”
* Requirements are established for concluding insurance contracts, determining insurance terms, and minimum insurance amounts.
* The regulation defines terms such as “claim,” “injured third party,” “policyholder,” and others.
* The requirements apply to insurers, insurance intermediaries, and non-financial payment service providers (except banks).
* The insurance contract is concluded for a term of one year, with mandatory renewal.
* It is defined what constitutes an insured event, namely: an event that led to losses as a result of non-performance or improper performance of a payment transaction or unauthorized access to account information.
* The minimum insurance amount is calculated using a formula that takes into account the risk profile of the service provider, the size of its operations, and the type of activity.
3. **Most Important Provisions:**
* Mandatory insurance for non-bank payment service providers for payment initiation and account information services.
* Clear criteria for determining an insured event.
* A formula for calculating the minimum insurance amount, which takes into account various risk factors and the volume of activity of the service provider.
* Requirements for an extended period for filing claims by injured third parties (at least six months after the expiration of the insurance contract).
* Requirements for the absence of a deductible in the insurance contract.
This act is aimed at ensuring the financial security of payment service users and establishing clear rules for providers of these services.
