REGULATOR ANNULS VONA INSURER LICENSES

The national commission for financial service markets regulation in its resolution No. 3098 dated December 13, 2016 annulled the insurance licenses of private joint-stock company Vona insurance company (Lviv), as the company failed to remove violation of license conditions.

The commission when inspecting the company recorded violation of license conditions and financial services legislation, in particular, the provision of repayable financial assistance. The commission obliged the company to remove violation.

The resolution will take effect on January 13, 2017. The commission intends to annul 16 licenses of the company (10 voluntary insurance licenses and six mandatory insurance licenses).

According to the National Commission for Securities and the Stock Market, as of Q3 2016 the holder of 99.99% of shares in the company was Ukr Sel LLC owned by three individuals: Roman Kapustiy (44.72%), Tetiana Barbaniuk (14%) and Yaroslav Ischak (41.28%). They are ultimate beneficiaries of the insurance company.

Vona insurer was registered in 1995. Its charter capital is UAH 10 million.