The Antimonopoly Committee of Ukraine (AMCU) will consider the application of an individual to provide preliminary conclusions on the need to obtain authorization for the acquisition of substantial participation in ALC “IC Greenwood Life Insurance” (Kiev), which will ensure that he exceeds 50% in the supreme governing body of the company, according to the Committee’s website.
As reported, Greenwood Life Insurance has been operating in the Ukrainian life insurance market since 2007 as the legal successor of the insurance company Garantiya Life.
The National Bank of Ukraine in May 2024 applied a measure of influence to IC “Greenwood Life Insurance” in the form of a written reservation and obligations to take measures to eliminate the identified violation until August 13, 2024
The measure of influence was applied due to the fact that the insurer increased the size of the authorized capital without the approval of the National Bank, the report says.
National Bank of Ukraine (NBU) has applied the enforcement measures to IC “Greenwood Life Insurance” and IC “Alfa Insurance” (both Kiev) in the form of an obligation to take measures to remedy violations until July 17, 2023, according to the website of the regulator.
“Measures of influence are applied due to non-compliance with the requirements of paragraphs 1 and 11 of the NBU board resolution “On peculiarities of application of registration and licensing procedures of non-bank financial services market participants during martial law …”, – said in a message on the regulator’s website.
According to the document, it refers to written assurances of companies to the National Bank about the compliance of direct and ultimate owners of material participation to the requirements of the regulator on the financial / property status, documents to assess such a position and subsequent responses to the NBU request.
PrJSC “Greenwood Life Insurance” works in the Ukrainian life insurance market since 2007 as the successor of the insurance company “Guarantee Life”. The company is a part of financial and investment holding Green Globe Enterprises INC (USA, New York), which operates in the territory of Europe, Asia, America.
IC “Alfa Insurance” was founded in 2000. On December 5, 2022 NBU has applied to IC “Alfa Insurance” a measure of influence in the form of temporary suspension of the license to provide financial services. Due to the company’s non-compliance with the requirements of the Regulations on licensing and registration of financial service providers and the conditions of their activities in the provision of financial services…, namely, the requirements for business reputation of financial service providers.
ALFA INSURANCE, Greenwood Life Insurance, INSURERS, NATIONAL BANK
