The NBU canceled the license of the insurance company
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The National Bank canceled the license of JSC “Prosto-Strakhovanie” to carry out economic activities for the provision of financial services (except activities on the securities market) due to the fact that the company’s ownership structure does not meet the requirements of Ukrainian legislation. This was reported by the press service of the regulator.
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The Board of the National Bank made the corresponding decision on April 27.
It is noted that non-compliance of the property structure of a non-banking financial institution with the requirements of Ukrainian legislation is the basis for the cancellation of licenses for the provision of financial services.
According to the last report submitted by Prosto-Strakhovanie JSC for 2022 as of December 31, 2022:
- the volume of the company’s insurance premiums amounted to 204,931 thousand hryvnias,
- the value of assets — 568,122 thousand UAH,
- insurance reserves — 175,885 thousand UAH
The company’s market share in insurance premiums was 0.6% of the total market volume.
Read also: NBU allowed two insurers to pay payments to non-resident reinsurers
The regulator also noted that after the license is revoked, the financial institution retains the right to conduct activities based on the types of revoked licenses. The revocation of licenses does not exempt the financial institution from fulfilling its obligations under contracts on the provision of financial services.
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News editor Roman Myronchuk writes on the following topics: Economy, finance, banks, cryptocurrencies, investments, technologies
Source: Ministry of Finance
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