INGO Insurance Company has received confirmation of compliance of its ownership structure with transparency requirements
The National Bank of Ukraine has decided to confirm the compliance of the ownership structure of JSC Insurance Company INGO and JSC Insurance Company INGO LIFE with the transparency requirements. The information was published on the official website of the National Bank on July 24, 2023.
This decision was made by the Committee on Supervision and Regulation of Non-Banking Financial Services Markets in accordance with the requirements of Resolution of the Board of the National Bank of Ukraine No. 15 "On Amendments to Resolution of the Board of the National Bank of Ukraine No. 39 dated March 02, 2023, which entered into force on March 04, 2023.
Earlier, INGO received permission from the regulator to pay foreign currency payments under contracts with non-resident reinsurers (which were prohibited after the introduction of martial law). This right can only be granted to Ukrainian insurance companies that meet a number of requirements, including
- no decision of the NBU recognizing the insurer's ownership structure as non-transparent;
- no decision of the NBU recognizing the business reputation of the insurer, its major shareholders or managers or key persons as impaired;
- the insurer's compliance with the solvency and capital adequacy ratios and the riskiness of operations.