WATCHDOG REMOVES 41 INSURERS FROM MARKET IN 2016
Date: 08.02.2017. Section: Press Review, Trends in Insurance, Top
The national commission for financial service markets regulation annulled licenses of 41 insurance companies in 2016 and removed them from the register of financial institutions. The commission also annulled licenses of eight more insurers.
According to the website of the regulator, last year the commission annulled licenses and removed from the register the following companies: Yekaterynoslavka Insurance Company, PrJSC Planeta, Argo, Contact Insurance, Citadel, Sodruzhestvo, Velyka Strakhova Kompaniya, Avtoeximstrakh, Delta, Delta Life, Delta Re insurance companies, Skide, Progress-Fund. Nova, Vector Invest Life, Vector Invest, Rada, Svarog, LEMMA, Sinclair, Astarta, Active-Insurance, Horos, Disclose, Ukrainian Reserves, Coral, Viralife, Orli, Atlanta, Standard Re, Legal Insurance, Siayvo, MD-Granat, Promyslova, Chas, JP Insurance, Zgoda, Avrora, Garant-Life, Na Vsiakiy Sluchai and Ukrnaftatrans.
The commission also decided to annul licenses of EKKO, Ukrainian insurance group Life, UOSK, Avtoritet, Illichivske insurance society, Deka Insurance, Vona and Oranta-Life.
The regulator said that as of early 2016, a total of 361 insurance companies were registered in Ukraine, including 49 life insurers and 312 risk insurance companies.