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03.07.2017
1939
The National Commission for Financial Services has adopted an order to revoke the licenses to carry out insurance activities of Insurance Company «Salamandra-Ukraine» and Insurance Company «DIM Insurance». The decision comes into force 30 days after its adoption: until July 29, 2017, insurers have the right to conclude insurance contracts.
The shareholders and management of the companies consider the decision unlawful in form and substance. The order was adopted in violation of the norms of the law and is the result of long-term pressure on the companies in order to obtain illegal benefits.
A month ago, the National Commission for Financial Services conducted unscheduled inspections of PJSC «Insurance Company «Salamandra-Ukraine» and PJSC «Insurance Company «DIM Insurance». Despite the fact that the inspections were ordered in gross violation of the law (i.e., conducted without the permission of the State Regulatory Service of Ukraine) and the insurance companies had the right to prevent inspectors from conducting them, both insurers successfully passed the inspections and eliminated the minor deficiencies that were identified.
The results of the inspection did not reveal any inconsistencies with the legislative and regulatory acts regulating the requirements for the solvency, quality and adequacy of assets of insurance companies. The acts of unscheduled inspections of the National Commission for Financial Services did not establish any violations that could result in the cancellation of licenses.
However, since the end of 2016, insurance companies have been under considerable pressure from law enforcement agencies, in particular the Security Service of Ukraine, the Department of the Main Directorate of the National Police and the Kyiv Local Prosecutor's Office No. 2.
Yes, the Investigation Department of the Darnytsia Police Department of the Main Directorate of the National Police in Kyiv is processing criminal proceedings No. 42016101020000104 dated May 17, 2016, on the grounds of criminal offenses provided for in Part 1 of Article 191 of the Criminal Code of Ukraine and Part 1 of Article 209 of the Criminal Code of Ukraine.
During the one and a half year pre-trial investigation in the criminal proceedings, not a single official of PrJSC "SK "Salamandra-Ukraine" was questioned. PrJSC "SK "Salamandra-Ukraine" repeatedly sent letters with offers to provide all the necessary information and documents in these criminal proceedings, but no response was received.
PrJSC "SK "Salamandra-Ukraine" and PrJSC "SK "DIM Insurance" addressed open letters to the President, the Cabinet of Ministers of Ukraine, business associations, and the Financial Ombudsman with a request to give an objective assessment of the situation, to help prevent undue pressure on businesses that conduct transparent activities in accordance with the law and clearly fulfill all obligations to clients.
The insurance companies "Salamandra Ukraine" and "DIM Insurance" have insured about 100,000 individual clients and 5,000 legal entities. In 2016-2017, the companies paid more than 15,000,000 UAH in taxes and fees to budgets of all levels. According to the data of the Motor (Transport) Insurance Bureau of Ukraine, whose powers include assessing the activities of insurance companies in compulsory civil liability insurance of owners of land vehicles, in 2015-2017 the level of assessment of the activities of PrJSC "Insurance Company "Salamandra-Ukraine" and PrJSC "Insurance Company "DIM Insurance" is the highest in all three indicators ("Overall assessment of the insurer's activities"; "Quality of loss settlement", "Level of complaints from victims and policyholders"). No complaints from consumers of financial services were received by state bodies against the companies.
Forcible pressure on business is unacceptable in a country that aims to improve the investment climate. The Cabinet of Ministers planned to implement measures to "bring Ukraine into the top 50 countries in the world in terms of the ease of doing business in 2017 and the top 20 countries in the world in 2018; increase the volume of foreign and domestic investments". However, according to the results of 2016, according to the "Investor Protection" indicator in the international "Doing Business" ranking, Ukraine's place, on the contrary, dropped to 88th position, including due to criminal actions of law enforcement agencies and the lack of the opportunity to obtain fair judicial protection.
Yuriy Yavtushenko, a shareholder of insurance companies, stated: "We are going to challenge the actions of the National Commission for Financial Services in court. It is absolutely unacceptable for the practice of illegal pressure by state bodies on business and their interference in the legitimate activities of companies to spread in Ukraine. We are confident that there are no grounds for revoking licenses and are ready to defend our right to conduct legal and transparent business.
The companies continue their work and will fulfill their obligations to clients and partners.
Source: Press service of Insurance Company (Salamandra-Ukraine) and Insurance Company (DIM Insurance)
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