On October 21, the National Bank of Ukraine resumed temporarily suspended licenses of SK EKTA LLC (Kyiv), according to the regulator’s website.
Earlier, on August 19 of this year, the National Bank applied a measure of influence to the company in the form of suspension of licenses for insurance activities for violation of mandatory financial standards (solvency, capital adequacy and risk of operations). Violations were discovered based on the analysis of the IC’s reporting for the first quarter of 2022, which the insurer had to eliminate by September 20, 2022.
The company eliminated the violations within the specified period, after which the NBU renewed the licenses, the National Bank said in a statement.
IC “EKTA” was registered in 2018 and specializes in risk insurance.
In the first half of this year, the insurer collected UAH 94.2 million of insurance payments and paid out UAH 6.5 million of insurance payments. The authorized capital is UAH 37 million.
On September 29, 2022, the National Bank of Ukraine applied to PJSC Ukrainian Industrial Insurance Company and ALC Nadiya Insurance Company (both Kyiv) measures in the form of license cancellation, according to the website of the regulator.
The reason for this decision was the repeated violation of license conditions and once again failure to provide information at the request of the regulator. Namely, observance of mandatory monetary standards, overdue obligations under concluded insurance contracts, cases of violation of the deadlines for the settlement of declared events that have signs of insurance (the composition of the reserve for claimed but not paid losses).
“Consequently, for a long time after the start of the Russian aggression, insurers did not take measures to establish operational activities and accounting. This makes it impossible to carry out full-fledged insurance activities,” the report says.
Decisions to cancel licenses come into force on September 30, 2022.
As reported on August 12, 2022, a measure of influence was applied to these insurers in the form of a temporary suspension of licenses.
Insurers, to which the National Bank has applied enforcement measures, operate in the non-life segment.
PJSC “Ukrainian Industrial Insurance Company” does not provide reports to the National Bank, starting from the reporting for 2021.
ALC IC “Nadiya” does not provide reporting, starting with the reporting for the 1st quarter of 2022.
Based on the results of 2021, IC Nadiya received UAH 3 million in insurance premiums and made UAH 3.1 million in insurance payments. At the same time, the company did not enter into insurance contracts with individuals. The company’s market share based on the results of 2021 is 0.006%. The insurer informed the National Bank of the temporary cessation of insurance activities after the start of the military aggression of the Russian Federation.
The National Bank of Ukraine (NBU) has canceled the licenses of FC Constanta M, DSD Finance, 24 Online and Financial Guarantee, which cover 15% of the currency exchange market, for violating the requirements of currency legislation, the press service of the regulator said on Friday.
According to the report, the central bank also fined Finovis and 24 Online companies UAH 151,000 each for violating money laundering laws.
It is indicated that as of August 4, the NBU conducted 40 inspections of structural units of 15 non-banking financial institutions.
These decisions were made at a meeting of the Committee on Supervision and Regulation of the Markets of Non-Banking Financial Institutions on August 5.
The National Bank of Ukraine withdrew from Lime Capital LLC, Enot Finance LLC, Profinance Group LLC, Globa LLC, Toccata LLC, FC FIN.COM LLC, FC LLC Financial partner” all available licenses for the provision of financial services based on their applications, according to the website of the regulator.
In addition, the license to provide guarantees to Optima Factoring LLC was revoked on the basis of the submitted application.
At the same time, information about Lime Capital LLC, Raccoon Finance LLC, Profinance Group LLC, Global Infinity Ukraine LLC, Financial Partner LLC are excluded from the State Register of Financial Institutions based on the documents submitted by them.
The Committee for Supervision and Regulation of the Activities of the Non-Banking Financial Services Markets of the NBU adopted such decisions on July 26, 2022.
The Ministry of Agrarian Policy and Food of Ukraine is working to extend the abolition of duties and quotas for the import of agricultural products to the EU countries for the entire period of its candidacy for the EU, as well as to harmonize Ukrainian legislation with the European one.
The integration prospects in the context of Ukraine obtaining the status of a candidate for EU membership were announced by First Deputy Minister Taras Vysotsky at a meeting with the European Business Association (EBA) on June 22, according to the EBA website on Friday.
According to the organization, in addition to the abolition of quotas and duties from the EU in early July, it is planned to cancel licenses for the export of Ukrainian wheat to the EU countries.
Also, in order to open alternative logistics routes, the ministry is negotiating with countries on the use of the Baltic and Polish corridors for the export of agricultural products.
“To support the dairy industry, the Ministry of Agrarian Policy is negotiating with the European Commission to provide grants of up to EUR 50 million to small farmers, and the possibility of submitting them to other international support programs is being considered,” EBA quotes Vysotsky.
The association noted that in the near future it is planned to separate queues for customs clearance of goods with perishable products at two checkpoints on the border with Poland – in Krakovets and Yahodyn.
As reported, on June 4, Regulation of the European Parliament and of the Council No. 2022/870 on temporary trade liberalization measures, exempting Ukrainian exports from all duties and quotas for a year, came into force.
Secretary of the National Security and Defense Council (NSDC) Oleksiy Danilov announced the determination of 137 types of raw materials, minerals, which will be under the special control of the Ukrainian state.
“Some 137 types of raw materials and minerals have been identified, which today will be under the special control of our government. These licenses will be issued more carefully by the government, because we see what is happening,” Danilov said at a briefing on the results NSDC meeting in Kyiv on Friday.
He said the companies have licenses for copper mining, but not a single kilogram of copper is mined in Ukraine.
“All this will be taken under control by this decision. In addition, certain processes will be strengthened, taking into account the fact that from January 1, 2021, children who were born should receive certain money after a certain period of time, when this system will work,” Danilov said.
