Insurance company “Providna” lost an appeal in the case of cancellation of its license and exclusion of the company from the State Register of Financial Institutions. The defendant in the court was the National Bank. This was reported by the regulator's press service.
► Subscribe to the Telegram channel of the Ministry of Finance: main financial news
Court decision
On January 31, the court dismissed the appeal of PJSC SK Providna and upheld the decision of the Kyiv District Administrative Court dated August 22, 2023. With this decision, the court of first instance refused to satisfy the claim of PJSC “IC “Providna” to recognize as illegal and cancel the decisions of the National Bank to cancel the insurance company's licenses and exclude it from the State Register of Financial Institutions.
We would like to remind you that the decision to deprive the license was accepted in March 2023, since Providna did not comply with the decision of the National Bank to eliminate violations of license conditions.
For reference
According to the latest reports filed by IC Providna for 2022 as of December 31, 2022:
- the volume of insurance premiums of the company amounted to UAH 891.23 million, the value of assets was UAH 971.69 million, insurance reserves were UAH 462.14 million.
The company's market share for insurance premiums was 2.7% (for civil liability insurance of vehicle owners (under internal contracts) – 1.4% of the market).
