The National Bank of Ukraine (NBU) has fined PJSC USK Knyazha Vienne Insurance Group (“Knyazha VIG”, Kiev) for UAH 2.057 million for violation of the legislation on protection of the rights of consumers of financial services, defined by the Civil Code of Ukraine and the laws of Ukraine “On electronic commerce”, “On insurance”, “On financial services and financial companies”.
According to the website of the NBU, the relevant decision of the Committee for supervision and regulation of non-banking financial services markets made on February 24, 2025, based on the results of a scheduled inspection of the company.
In addition, the regulator applied to the company a measure of influence in the form of imposing a fine of UAH 40 thousand for providing it with reporting files with inaccurate reporting indicators for the first half of 2024.
The company is obliged to pay the fines within a month after the decision comes into force.
In addition, the regulator sent the company a written warning for violation of requirements to: the management system of the insurer, the protection of the rights of consumers of financial services, the regulation of the activities of participants of the market of non-banking financial services, the activities of separate subdivisions.
IC “Knyazha VIG” is obliged to eliminate violations, and also the reasons and the conditions promoting their commitment, till April 25.
IC Knyazha VIG is a part of NFG Vienna Insurance Group Ukraine, the main shareholder of which is Vienna Insurance Group AG Wiener Versicherung Gruppe (Austria).
