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22 march 2023

INGO - In the List of NBU Insurers That Restore the Right to Pay Premiums under Reinsurance Contracts

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The National Bank of Ukraine included JSIC "INGO" in the list of insurers that restore the right to pay premiums under the reinsurance contracts concluded with non-resident reinsurers, without restrictions on the effective date of such contracts.

This will allow "INGO" company to completely fulfill its obligations under previously concluded contracts, to pay for new obligatory programs in accordance with payment schedules, as well as to carry out new facultative placements in Western markets that have a desire to insure risks from Ukraine. In particular, the company will once again be able to attract systemic reinsurers under international programs, which will make it possible to significantly expand opportunities for covering large risks. This especially applies to the important international projects that require the strong insurance protection. The company is also working to restore insurance programs that were previously suspended due to the restrictions on reinsurance.

 

We would like to remind you that previously the NBU limited such payments by its resolution No. 18 dated February 24, 2022 "On the Operation of the Banking System during the Introduction of Martial Law"