The National Bank of Ukraine on August 23 revoked licenses and excluded from the State Register of Financial Institutions ODO IC Varto (Kiev) and PJSC ASK Dnister (Lviv), according to the regulator’s website.
The regulator granted permission to exit the market by fulfilling the insurance portfolio to the mentioned companies on August 6 and July 17, having agreed on the exit plan.
According to the statements, for 2023, the insurance portfolio of PJSC ASK Dnister was formed from payments on insurance of land transport (except railway) – 91.6%, property insurance against fire and other risks – 6%, other types – 2.4%.
The volume of insurance premiums of the company in the mentioned period has amounted to UAH 10,010 mln, formed insurance reserves – UAH 4,987 mln, at the same time the company has paid UAH 6,109 mln of indemnities. Its share on insurance premiums in the market makes 0,01%.
The insurance portfolio of ALC IC Varto was formed at the expense of payments under health insurance contracts – 100%.
The volume of insurance premiums of the company in the specified period has amounted to UAH 29,594 mln, formed insurance reserves – UAH 3,007 mln. The volume of paid indemnities has been fixed at the level of UAH 15,422 mln. The company occupied 0,07% of the insurance services market.
The European Union will support Ukraine with transitional financing under the Ukraine Facility program, for which Ukraine will bring the State Land Cadastre and the State Register of Real Property Rights into line, as well as approve measures to support the implementation of industrial parks as a tool for attracting investment to the de-occupied territories.
As the Economy Ministry reported on Friday, these two steps, which are necessary to receive transitional funding, are currently under development.
The Ministry of Economy noted that three other steps have already been taken: the adoption of the National Revenue Strategy for 2024-2030; amendments to the Law on the Prosecutor’s Office and to laws to strengthen the independence of the Special Anti-Corruption Prosecutor’s Office and additional measures to prevent and combat illicit proceeds and terrorist financing.
The Ministry clarified that these five indicators were envisaged in the Ukraine Facility Plan, which has been discussed with the EU all along, for the beginning of 2024.
The Ministry of Economy noted that the Cabinet of Ministers on Friday, March 8, approved the text of the Memorandum of Understanding between Ukraine and the EU on transitional financing under the Ukraine Facility program, as well as the relevant loan agreement. After the signing of the documents, scheduled for March 11, Ukraine will be able to receive EUR 6 billion to cover current state budget expenditures until the program is fully launched.
It is explained that the signing of the Memorandum will allow Ukraine to attract EUR 4.5 billion in March 2024 to maintain macro-financial stability, and the next EUR 1.5 billion in April 2024.
As reported, in February 2024, the European Parliament approved the regulations of the Ukraine Facility program. According to it, the EU’s support for Ukraine in 2024-2027 will amount to EUR 50 billion, of which EUR 38.27 billion will be allocated to support the state budget, of which Kyiv expects EUR 16 billion in 2024.
The Ukraine Facility Plan is a technical document required to implement the EU’s financial support program for Ukraine. The plan is not a general renewal strategy, it will cover only a part of the state changes envisaged for the coming years with a focus on macroeconomic growth, the Ministry of Economy points out.
The preparation of the Plan is carried out by the government under the coordination of the Ministry of Economy in constant consultation with representatives of the European Commission, which ensured that the document meets most of the requirements of the approved regulations at the preliminary preparation stage, the ministry added.
The National Bank of Ukraine (NBU) has revoked the licenses of six financial institutions and removed two from the State Register and two from the Register of persons that are not financial institutions but have the right to provide certain financial services.
According to the regulator’s website, based on their own applications and submitted documents, all existing licenses were revoked and they were excluded from the State Register of Financial Institutions: Lombard “Capital Credit” Shevchenko and Company, LLC, A.T. Finance, LLC, FC Euro Premier Finance.
In addition, all existing licenses were revoked at the request of Lombard Regional PA, Zlatodar 585 PE and Company, and FC Fly Finance LLC, and FC Atlanta LLC was excluded from the State Register of Financial Institutions and Leasing Company Agrofund LLC was excluded from the Register of Persons that are not financial institutions but have the right to provide certain financial services.
They were also excluded from the State Register of Financial Institutions: Instant Lending Service LLC – due to the NBU’s decision to revoke all existing licenses and FC Sun-Rise Financial LLC – due to the absence of financial services licenses for three months.
Due to the fact that SE “Spetsagroleasing” does not have a valid license to provide financial services, the company was excluded from the Register of persons that are not financial institutions but have the right to provide certain financial services.
The NBU Committee on Supervision and Regulation of Non-Banking Financial Services Markets made these decisions at a meeting on October 20, 2023.
