The court overturned the decision of the National Financial Services Commission to revoke the license of IC "DIM Insurance"

The District Administrative Court of Kyiv, by its decision of December 12, 2017, declared unlawful and canceled the order of the National Commission for Financial Services to revoke the license to conduct insurance activities of IC «DIM Insurance».

The court fully satisfied the claims of the plaintiff, IC «DIM Insurance». The defendant, represented by the National Commission for State Regulation in the Field of Financial Services Markets, did not appear at the court session and did not provide evidence to support its position.

The State Regulatory Service of Ukraine was involved as a third party in the trial, which also insisted on declaring the decision of the National Commission for Financial Services unlawful and canceling it. It was stated that when making the decision, the National Commission for Financial Services exceeded its authority, issued an order without grounds and without justification. At the same time, the National Commission for Financial Services completely ignored the requirements of the Law “On Licensing Types of Economic Activities” and violated a number of other legislative acts.

Despite regulatory pressure and attempts to destroy the business, the Insurance Company “DIM Insurance” did not stop its activities, in particular, insurance payments did not stop for a day. According to the results of 9 months of 2017, the insurer paid its clients UAH 34 million in insurance compensation, including UAH 22.5 million paid by the insurer under VHI contracts. Also, during the third quarter, the company did not receive any complaints from clients who concluded an OSCPV contract with it.

Source: Press center of IC "DIM Insurance"