The National Bank of Ukraine (NBU) has fined PJSC IC Kyivska Rus (Kyiv) UAH 391,000 for violating financial monitoring requirements.
According to the regulator’s website, the fine was imposed for improper fulfillment of the institution’s obligation to timely and fully provide information and/or documents, copies of documents or extracts from documents necessary to supervise the prevention and counteraction to the National Bank’s requests. As well as for the submission to the National Bank of reports on prevention and counteraction with errors
As Ukrainian News earlier reported, on May 8 the National Bank of Ukraine (NBU) applied to Kyivska Rus IC a sanction in the form of a temporary suspension of license to provide financial services in insurance due to failure to report for the first half of 2022 and for 2022, as well as the actuarial report for 2022.
The company also did not submit a report on corporate governance and information on the key risks and the results of stress testing for 2022, did not provide information and documents as required by the NBU.
The insurer has been set a deadline up to June 8, 2023 for elimination of violations.
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.
PJSC IC “Inter-Policy” (Kiev) plans to increase the authorized capital by 14.160 million UAH (87.5%) by increasing the nominal value of the shares from 300 UAH to 560 UAH per share , according to the agenda of the shareholders meeting scheduled for August 3, 2023, according to the NKTSBFR system.
It is also noted that the issue will be carried out at the expense of sending to the share capital part of the share premium, received in 2016 in the total amount of 14.160 million UAH.
As it was reported, IC “Inter-Policy” was founded in 1993. It has 20 licenses for voluntary and compulsory insurance, branches and representative offices in all major regional centers of the country.
Authorized capital UAH 16,182 mln.
Insurance company “Quorum” (Kyiv) in January-March 2023 collected insurance premiums for UAH 10.6 mln, which is 43.04% less than during the same period a year earlier, Standard-Rating RA said in its update to the credit rating/ financial strength rating of the company on the national scale at “uaAA”.
At that, it is specified that the rating has been updated on the basis of the analysis of the company’s results for the mentioned reporting period.
Proceeds from individuals for this period have decreased by 77,52% – to UAH 6,696 m and there were no receipts from reinsurers. The proportion of individuals in gross premiums following the results of Q1 2023 constituted 62,90%, i.e. individuals prevailed in the client portfolio of IC “Quorum”.
The insurance payments sent to reinsurers, in Q1 2023 have constituted UAH 3,588 m, which is more than twice higher than in the same period of 2022. Thus, the ratio of reinsurers’ participation in insurance premiums has grown by 10,19 p.p. – up to 33,71%.
Net premiums of the insurer in the first quarter have increased by 23,98% – up to UAH 7,057 mln, and the earned premiums – by 7,31%, up to UAH 6,884 mln.
The volume of insurance indemnities of the company in the first quarter of 2023 has decreased by 61,09% – down to UAH 1,255 mln, and the level of payments has decreased by 31,55 p.p., compared to the same period of 2022. – to 11.79%.
It is also noted that the operating profit of the company for the first quarter of 2023 increased by 24.74% to UAH 3.136 million, and net profit increased by 71.51% to UAH 3.780 million.
Assets of the company grew by 3.08% to UAH 52.809 mln, shareholders’ equity increased by 8.79% to UAH 46.799 mln, liabilities reduced by 26.81% to UAH 6.010 mln, cash and cash equivalents increased by 4.64% to UAH 31.401 mln.