The National Bank of Ukraine (NBU) has granted PJSC Insurance Company “Grandvis” (Chernihiv) permission to exit the market by executing the insurance portfolio and agreed on a plan for such exit, the regulator said on its website on Friday.
“After the completion of the procedure of exit from the market through the execution of the insurance portfolio “Grandvis” is obliged to apply to the National Bank with an application for annulment of the license for insurance activities,” the publication said.
It is specified that such a decision of the Committee on supervision and regulation of non-banking financial services markets of the NBU adopted on August 14. This was preceded by the decision of the company’s shareholders to withdraw from the market at the general meeting on August 9.
According to the regulator, in the first half of 2024, 86% of the insurance portfolio of IC “Grandvis” was formed at the expense of payments under hull insurance contracts, 8% – liability insurance and 4% – health insurance.
It is noted that the volume of insurance premiums of the company for January-June amounted to UAH 1,24 million, and formed insurance reserves – UAH 574 thousand. The NBU emphasized that the share of the insurer on the above-mentioned premiums in the market is 0.01%. For six months of 2024 IC “Grandvis” has paid out insurance indemnities in the amount of UAH 179 th.
IC “Grandvis” has been working in the insurance market since 1995. It specializes in risky types of insurance. The authorized capital of the company is UAH 14,3 mln.
As it was informed, in November 2023 the NBU has applied to PJSC IC “Grandvis” a measure of influence in the form of temporary suspension of licenses for activity on rendering financial services in the sphere of insurance.
The reason for the decision was the insurer’s failure to comply with the decision of April 24, 2023 on violation of accounting requirements and non-compliance with solvency and capital adequacy norms.
