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NBU cancels licenses of Ukrainian Insurance Standard
KYIV. Sept 21 (Interfax-Ukraine) – The National Bank of Ukraine on September 20 cancelled all licenses of PrJSC Ukrainian Insurance Standard (Kyiv) for the provision of financial services.
The regulator explained its decision by the fact that on the day of the unscheduled inspection in August this year, an authorized person of the insurance company was absent at the location of the insurance company, which is why the National Bank was unable to conduct it.
"The absence during the first day of the audit of a person authorized to represent the interests of the insurer for the duration of the audit is the basis for applying a measure of influence through the annulment of the license to carry out activities for the provision of financial services. This is provided for by the requirements of the legislation of Ukraine, in particular Article 381 of the law on financial services and state regulation of financial services markets," the regulator said.
The decision comes into force on September 21, 2022.
As reported, on September 6, 2022, a fine in the amount of UAH 291,550 was imposed on the company in connection with the revealed facts of non-submission of information to the National Bank for requests in order to consider applications from consumers of financial services.
Ukrainian Insurance Standard was founded in 1994. It has 21 licenses to carry out insurance activities in various areas, including insurance of civil liability of vehicle owners.
According to the NBU, in 2021, the company collected UAH 187.7 million in net insurance premiums, UAH 256.5 million in gross premiums, and paid out UAH 75.06 million in compensation.
