Ukrainian Insurance Standard excluded from MTIBU

KYIV. Feb 7 (Interfax-Ukraine) – PrJSC Ukrainian Insurance Standard (Kyiv) has lost the right to conclude contracts for compulsory insurance of land vehicle owners’ civil liability (OSAGO), according to the website of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU).

It is also noted that the reason for this was the decision of the MTIBU members to exclude Ukrainian Insurance Standard from the bureau in connection with the decision of the National Bank to revoke the company’s licenses to provide financial services.

The MTIBU draws attention to the fact that the company’s termination of membership in the MTIBU does not relieve the insurer from fulfilling its obligations under the compulsory civil liability insurance agreements concluded by it for owners of ground vehicles.

As reported, on September 30, 2022, the National Bank of Ukraine excluded Ukrainian Insurance Standard from the state register of financial institutions based on the cancellation of all existing licenses.

The company had 21 licenses to provide financial services in the field of insurance, including OSAGO, which were canceled based on the decision of the National Bank board dated September 20, 2022 as a measure of influence. Since September 21, the company has lost the right to conclude OSAGO agreements.

According to the reporting submitted by the insurer for the first quarter of 2022, as of March 31, the company’s insurance premiums amounted to UAH 46.323 million, the value of assets – UAH 211.241 million, insurance reserves – UAH 105.398 million.

The company’s market share in insurance premiums is 0.5%. The insurer did not provide financial statements for the first half of 2022.

Ukrainian Insurance Standard was founded in 1994.