The National Bank of Ukraine (NBU) on May 8 applied to Kyivska Rus Insurance Company PJSC a sanction in the form of temporary suspension of its license to provide financial services in insurance due to failure to submit reports for the first half of 2022 and for 2022, as well as an actuarial report for 2022.
According to the regulator’s website, the company also failed to submit a report on corporate governance and information on the key risks and the results of stress testing for 2022, and failed to provide information and documents requested by the NBU.
The insurer has been set a deadline for elimination of violations till June 8, 2023.
Private JSC “IC “Kyivska Rus” performs activity in voluntary and obligatory types of insurance, other than life insurance.
According to the accounts of the insurer for nine months of 2022 the amount of insurance payments totaled 85,4 mln UAH of which 76,9 mln UAH were paid out by reinsurers. The insurer made no payments during the above period.
