The National Financial Services Commission revoked the licenses of the insurance company "European Insurance Union"

At its meeting on August 29, the National Committee of Financial Services adopted Resolution No. 3620 on the cancellation of licenses for insurance activities of the company "European Insurance Union", which has been operating on the market for more than 12 years. The decision comes into force in 30 days on September 29, the Regulator's website states.

The reason for this decision was the absence of the head or authorized representative of the company at the place of registration and the impossibility of conducting an unscheduled inspection of the insurer's activities.

According to the regulator's information on work with appeals against the actions of financial and insurance companies of Ukraine for the 1st half of 2017, "European Insurance Union" is the leader in complaints - 413 complaints.

Also, according to the published "traffic light" of MTIBU for the 2nd quarter of 2017, there is no data from this insurer due to its debt to MTIBU funds. If the company does not pay contributions within 2 months, it is excluded from the MTIBU members and loses the right to sell Autocivilka policies.

As for the results of the insurer itself, in the first half of 2017, 61.6 million UAH of insurance payments were received, including 58.8 million UAH from mandatory types of insurance. Payments amounted to about 20 million UAH.

Source: Forinsurer