The rating committee of Expert-Rating RA has withdrawn the financial stability rating of the insurer PROSTO-insurance PJSC (Kiev) according to the national scale, according to the website of RA.
The decision has been taken due to revocation of the company’s license for financial services provision by the National Bank of Ukraine on April 27 due to the fact that the insurer’s ownership structure does not meet the requirements of Ukrainian legislation.
The Agency informs that JSC PROSTO-insurance has not provided it with information on non-compliance of its ownership structure with the legislation requirements. The Agency also notes that from April 28, 2023 JSC “PROSTO-insurance” loses the right to: conclude contracts (to prolong the term of the existing agreements), conclude the contracts (to make changes to existing contracts), which will increase the liabilities to the clients. The company continues to fulfill all its obligations under the insurance contracts, which were concluded before the decision of the NBU came into force.
As reported, according to the last submitted accounts for 2022, at the end of the year the amount of insurance premiums of the IC was UAH 204,931 mln, assets – UAH 568,122 mln, insurance reserves – UAH 175,885 mln.
The company’s market share in insurance premiums was 0.6% of the total market (including civil liability insurance of vehicle owners (under internal contracts) – 1,52%).
IC PROSTO-Insurance was registered in 1997. It specializes on provision of services in the field of risk insurance.
According to the NCSSM as of the fourth quarter of 2022, 99,998% of the insurer’s shares belong to the company Lavidia Limited (Cyprus).
