Insurance company InterExpress lost its license: what the NBU inspection revealed
30 August 05:14
The National Bank of Ukraine has decided to revoke the license of InterExpress Insurance Company. According to the regulator’s press service, the document came into force on August 29, "Komersant Ukrainian" reports
The reason for the license revocation was the results of an unscheduled inspection. The inspection revealed risky activities of the company that threatened the interests of customers and creditors.
Main violations:
- Economically inexpedient transactions – the company carried out financial actions without economic justification.
- Misrepresentation of financial statements – data distortion in internal systems was detected, which led to inaccurate reporting.
- Non-compliance with solvency requirements – the insurer’s capital level fell below 90% of the minimum required.
Consequences for the company
From the moment the license was revoked, InterExpress Insurance Company lost the right to:
- to enter into new insurance contracts;
- increase liabilities under existing contracts.
