Business news from Ukraine

National Bank has revoked all licenses of Salamandra IC

16 May , 2024  

The National Bank of Ukraine has decided to apply to PJSC Insurance Company Salamandra (Kiev) a measure of influence in the form of revocation of all licenses, according to the regulator’s website.

Also, in compliance with the requirements of the law “On Insurance”, in connection with the presence of the company’s obligations under insurance (reinsurance, coinsurance) contracts on May 14, 2024 decided to appoint a temporary administration in PJSC “IC “Salamandra” and removal of the governing bodies from the management of the company.

These decisions have been taken according to the results of planned inspection, conducted in October-December 2023, during which it was established the fact of realization by IC of risk activity, threatening the interests of creditors and insurers, namely formation of insurance reserves in insufficient amount (more than 10% of their sufficient amount, determined by the legislation of Ukraine) three times during the calendar year.

The decision on application of the measure of influence came into force on May 14, 2024.

After taking this decision, the temporary administrator should immediately begin to fulfill his duties, is noted in the message.

IC “Salamandra” (formerly – “DIM Insurance”) is part of the eponymous non-banking financial group, the ultimate beneficiary and owner of which is Yuri Yavtushenko.

IC Salamandra is a member of the Motor (Transport) Insurance Bureau of Ukraine.

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