The National Bank of Ukraine decided to withdraw from the market of three insurance companies: PrJSC SC “Raritet”, PrJSC “SC “Soveren” and TDV ST “Avesta Strahuvanny”. The companies will complete their activities by completing the insurance portfolio, that is, they will fulfill all obligations to clients under current insurance contracts.
Basic facts
- NBU’s decision: The NBU’s Committee on Supervision and Regulation of Non-Banking Financial Services Markets made a decision on June 14.
- Grounds for withdrawal: The decision to withdraw from the market was adopted by the general meeting of shareholders of each company in May 2024.
- Further actions: After fulfilling all obligations to clients, insurers must apply to the National Bank of Ukraine with applications for cancellation of licenses.
Details about insurers
- PJSC “SC “Raritet”: specialized in medical insurance (87% of the portfolio), the amount of insurance premiums for 2023 – UAH 37.571 million.
- PJSC “SC “Soveren”: the main direction is land transport insurance (99.6% of the portfolio), the amount of insurance premiums – UAH 4.218 million.
- TDV “ST “Avesta Strahuvaniya”: the leader in property insurance (more than 67%) and medical insurance (16.1%), the volume of premiums – UAH 138.463 million.
Context
The decision of the NBU on the exit of insurers from the market is part of the process of regulating and controlling the activities of non-bank financial institutions. We will remind that the number of non-bank financial market participants decreased from 1,045 to 1,014 in May.
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