Based on the results of non-resident supervision of the non-bank financial services market, the National Bank of Ukraine imposed sanctions on five insurance companies for violating regulatory requirements.
According to the NBU website, the measures were applied to: Busin Insurance Company, ASKO DS Insurance Company, Insurance Guarantees of Ukraine, Colonne Ukraine Insurance Company, and Suzirya Insurance Company.
According to the information, Busin Insurance Company was fined UAH 259,410 thousand, ASKO DS Insurance Company, Insurance Guarantees of Ukraine, Colonneed Ukraine Insurance Company, and Suzyria Insurance Company were each fined UAH 129,705 for submitting regulatory reports containing inaccurate data to the National Bank.
All of the above insurers are required to pay the fines within one month from the date these decisions come into force.
Insurance company Busin was registered in February 1993. It specializes in risk insurance. It is a member of a number of professional and industry associations, including the League of Insurance Organizations of Ukraine, the Insurance Payments Club, the International Association of Aviation Insurers (UA), the Nuclear Insurance Pool, the American Chamber of Commerce in Ukraine, and the British Business Club.
ASKO DS Insurance Company was registered in November 1991. Since 1994, it has been a member of the Motor (Transport) Insurance Bureau of Ukraine, and since 2015, a member of the Insurance Business Association.
Insurance Guarantees of Ukraine was registered in November 2005. It has licenses to carry out 15 types of insurance activities: four for compulsory insurance and 11 for voluntary insurance.
SK Kolonney Ukraine (until 2016 – PJSC II QBE Ukraine) was founded in 1998 as the first international insurer on the Ukrainian market.
SK “Suzirya” has been operating in the Ukrainian insurance market since 1994. It is a permanent member of the League of Insurance Organizations of Ukraine and a member of the Ukrainian Union of Industrialists and Entrepreneurs.
Related:
