National Bank cancels licences of three insurers
28 June 2024 13:22
The National Bank has cancelled the licences of three insurers as part of the procedure for voluntary withdrawal from the market by liquidating their insurance portfolio and removed them from the State Register of Financial Institutions. Another insurer has begun to exit the market by liquidating its insurance portfolio, "Komersant Ukrainian" reports
The National Bank has decided to cancel the licence to carry out insurance activities and to exclude them from the State Register of Financial Institutions on the basis of applications: JSC IC Opika; PJSC IC Inter-Plus; PJSC IC Phoenix.
On 1 April, the NBU granted permits to IC Opika and on 24 May to IC Inter-Plus and IC Phoenix to exit the market by selling their insurance portfolios and approved plans for these insurers to exit the market by selling their insurance portfolios.
According to the filed financial statements for 2023, the insurance portfolio of IC Opika JSC was formed by payments for health insurance (continuous health insurance) – 65%, accident insurance – 13%, and land transport insurance (except for railway) – 10%.
The company’s insurance premiums for the period under review amounted to UAH 9,871 thousand, and insurance reserves formed amounted to UAH 1,194 thousand. In 2023, the insurer paid insurance claims in the amount of UAH 4,554 thousand. The company’s share of insurance premiums in the insurance market is 0.02%.
The insurance portfolio of “IC “INTER-PLUS” PJSC was formed by payments for third-party liability insurance, air transport owners’ liability insurance (including carrier liability), water transport owners’ liability insurance (including carrier liability) – 76.8%, hull insurance – 6.1%, medical expenses insurance – 5.8%.
The company’s insurance premiums for the period under review amounted to UAH 140,075 thousand, and insurance reserves formed amounted to UAH 13,006 thousand. In 2023, the insurer paid insurance claims in the amount of UAH 4,369 thousand. The company’s share of insurance premiums in the insurance market is 0.3%.
The insurance portfolio of “IC “Phoenix” PJSC was formed mainly by payments for insurance of land transport (except for railway transport) – the share of premiums is 81%. The volume of insurance premiums written by the company in the reporting period amounted to UAH 1,176 thousand, and insurance reserves formed amounted to UAH 166 thousand.
In 2023, the insurer paid insurance claims in the amount of UAH 33 thousand. The company’s share of insurance premiums in the insurance market is 0.003%.
In addition, the National Bank granted permission to “IC “Ridna” PrJSC to exit the market by selling its insurance portfolio and approved the insurer’s exit plan. Upon completion of the procedure for withdrawal from the market by liquidating the insurance portfolio, the insurer is obliged to apply to the National Bank for cancellation of its insurance licences.
The decision to withdraw from the market by liquidating the insurance portfolio and approval of the withdrawal plan was made at the general meeting of shareholders of the insurer (minutes of 06 June 2024).
According to the financial statements submitted by IC Ridna for 2023, the company’s insurance portfolio was formed mainly by payments for insurance of land transport (except for railway transport) – 48.6% and medical expenses insurance – 16.1%.
The company’s insurance premiums in the period under review amounted to UAH 18,331 thousand, and insurance reserves formed amounted to UAH 11,860 thousand. In 2023, the insurer paid insurance claims in the amount of UAH 6,094 thousand. The company’s share of insurance premiums in the insurance market is 0.02%.
