The National Commission for Financial Services has revoked all licenses of the insurance company "Kyiv Insurance House"

At the meeting of October 19, the National Commission for Financial Services adopted Order No. 4128 on the cancellation of licenses for insurance activities of the company "Kyiv Insurance House". The decision comes into force in a month, on November 19, according to the Regulator's website.

The reason was the insurer's failure to comply with the Order on eliminating violations of the licensing conditions established for the conduct of insurance activities dated October 17, 2017 No. 1889/13-6/3. But the insurance company states that they do not agree with the Regulator's decision, because all violations were eliminated as of October 18.

The regulator justified its decision by stating that an unscheduled on-site inspection was conducted by the National Financial Services Commission's inspection group, as a result of which violations of the requirements of the licensing conditions and the legislation on financial services were recorded on September 13, 2017.

Based on the results of the review of the inspection report, the National Financial Services Commission adopted the Order on the elimination of violations of the licensing conditions by the insurer dated September 15, 2017 No. 3781, which obliged the insurer to eliminate the violations of the legislation and provide the Regulator with relevant supporting documents by October 6, 2017.

The insurer notified the National Financial Services Commission in a letter about appealing the Order and sent a copy of the statement of claim to the Kyiv District Administrative Court to declare the Order invalid and cancel the Order dated September 15, 2017 No. 3781.

At the same time, the National Financial Services Commission stated that the insurer did not provide any other documents to eliminate the violation of the law, including the relevant licensing conditions. Thus, at the time of drawing up this Act, the insurer had not complied with the Order. As a result, all licenses for the insurance activities of the company "Kyiv Insurance House" were canceled.

According to the regulator's information on work with appeals against the actions of insurance companies of Ukraine for the 1st half of 2017, "Kyiv Insurance House" is among the insurers about which clients complained the most - 110 complaints.

Source: Forinsurer