Illichivske Insurance Company will be liquidated

According to the results of the inspection of the National Financial Services Commission, conducted in September 2016, a significant decrease in the volume of formed insurance reserves was revealed due to the underestimation of the reserve for declared but unpaid losses. The amount of reserves as of September 28, 2016 was UAH 107.4 million. However, only UAH 26.3 million was secured by eligible assets. Namely: UAH 2.5 million was in current accounts, UAH 5.2 million in bank deposits, the share of reserves covered by real estate was UAH 11.7 million, and claims against reinsurers were UAH 6.7 million. Thus, the insufficiency of assets to cover reserves amounted to more than 81 million UAH or 75.5% of the amount of required reserves. 

"Since the purchase of the insurer, we have paid more than 26 million UAH to clients and offered them to switch to services at SK "DIM Insurance" on preferential terms. Regarding the obligations of ST "Illichivske" under the OSCPV, we will apply to MTIBU with an application for making payments for insured events at the expense of ST "Illichivske"'s share in the funds of the Motor Bureau," said Yuriy Yavtushenko, Chairman of the Supervisory Board of ST "Illichivske".

ST "Illichivske"'s debt to medical institutions and pharmaceutical companies will be restructured individually by expanding cooperation between medical institutions and organizations with SK "DIM insurance".

Source: Insurance Company "Illichivske"