By KYIV. Dec 6 (Interfax-Ukraine) – The National Bank of Ukraine (NBU) has revoked all licenses for insurance activities of European Insurance Group (Kharkiv).
As reported on the regulator’s website, the reason for this decision was the company’s failure to eliminate previously identified violations, namely the failure to submit reports since the end of last year.
As reported, on September 11, 2023, the NBU applied a measure of sanctions to European Insurance Group in the form of a temporary suspension of business licenses due to failure to submit reports. The insurer was given a deadline to eliminate violations until September 26, 2023.
According to the National Bank, for the nine months of 2022, the insurer received UAH 2.542 million in insurance premiums and made UAH 39,400 in insurance payments, while the company’s market share for the specified period was 0.01%.
As reported, on October 8, 2021, the NBU agreed to Ivan Volkov’s indirect ownership of 99.998% of the shares of European Insurance Group. Earlier, on July 6, 2021, a trustee was appointed to this company to manage 99.998% of the insurer’s shares, the ownership of which was carried out indirectly through Victory-21 LLC.
European Insurance Group was registered by the National Financial Services Commission in August 2016. The company’s charter capital is UAH 30 million.
