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03 october 2022
3 min.

On October 1, 2022, "INGO" Insurance Company issued the first guarantee within the common transit procedure (NCTS technology)

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Since October 1, "Customs Visa Free" has started operating in Ukraine, as part of which JSIC "INGO" issued the first international general guarantee. Thanks to this, one of the Ukrainian exporting companies has already issued export declarations within the framework of the common transit procedure.

Ukraine became the 36th country to join the Convention on a Common Transit Procedure and started using NCTS (New Computerized Transit System) in transit transportation with European economic partners.

As it was previously reported, JSIC "INGO" received the status of Guarantor in the common transit system,

"We started competing with more experienced European guarantors who have 25 years of experience in the Convention. But we are ready for this and will do everything possible to ensure that the money of Ukrainian exporters remains in Ukraine," said Serhiy Sydorchuk, Head of INGO’s Special Risks Insurance Department. - "Despite the fact that it takes time for Ukrainian business to adapt to new realities, this is certainly a progressive step for Ukraine as a future member of the European Community on the way to a single customs space".
Serhiy Sydorchuk

He also added that in addition to financial guarantees, "INGO" is ready to provide transport operator liability insurance and cargo insurance services.

 

We remind you that the Common Transit Procedure (CCTP) is based on the NCTS technology, which connects the customs services of the states parties to the Convention, allowing the exchange of customs data. NCTS makes it possible to establish an exchange of information between all transit participants (customs authorities, subject of the procedure, guarantor) about all stages of customs clearance of goods using electronic messages in real time, and to increase the effectiveness of application of the risk analysis mechanism.

The Ukrainian traders, who will use NCTS, will receive a number of advantages, including a reduction in logistics costs, a reduction in the time of customs formalities, and, over time, a reduction in the size of security for the base amount of the guarantee.

About the company:
JSC “Insurance Company “INGO” has over 25 years of work experience on the market. Since 2017 the Ukrainian business group DCH of Oleksandr Yarovslavskyi has become the major shareholder of the company. The company is one of the largest insurance organizations of Ukraine in terms of the amount of premiums, value of its own assets and amounts of paid indemnities. It holds 29 licenses for different classes of compulsory and voluntary insurance and provides insurance services to corporate and retail clients. INGO is a full member of Motor (Transport) Insurance Bureau of Ukraine (MTIBU), member of the American Chamber of Commerce (ACC), European Business Association (EBA) and International Chamber of Commerce (ICC). On June 29, 2022, the agency “IBI-Rating” affirmed a long-term credit rating of JSIC “INGO” at uaAA.