PrivatBank finally wins dispute with Ingosstrakh insurance company related to former owners

The Supreme Court put an end to the dispute between the insurance company Ingosstrakh and the state-owned PrivatBank regarding the collection of losses from the latter in the form of uncollected insurance income in the amount of UAH 209.5 million.

This is stated in the bank's message, Ukrainian News Agency reports.

On July 4, the Supreme Court upheld the decision of the courts of previous instances on the refusal to satisfy the claim of the Ingosstrakh insurance company.

The courts justified their decisions by the fact that the company did not provide adequate evidence of either the bank's illegal behavior or the existence of damage and its size.

Another similar case regarding the claim of the insurance company Credo for recovery of damages from PrivatBank in the amount of UAH 374.7 million, which was considered on the same day, was postponed to August 8 by the Northern Economic Court of Appeal.

PrivatBank is counting on an objective and fair consideration of the case, taking into account the binding conclusions of the Supreme Court regarding the application of legal norms in such lawsuits.

Commission contracts for the performance of insurance agency services with Ingosstrakh and Credo were concluded in 2014 by the former top management of the bank.

Later, after the nationalization of the bank in December 2016, PrivatBank created an open platform for choosing insurance companies that will provide transparent and high-quality services to the bank's clients.

After the annulment in May 2022 of the illegal court ruling, which prohibited the state bank from terminating contractual relations with Ingosstrakh and Credo, PrivatBank exercised the right to refuse further execution of the contracts.

As Ukrainian News Agency reported, earlier the NBU canceled the license of Ingosstrakh insurance company due to non-compliance of the company's ownership structure with the requirements of Ukrainian legislation.

In 2022, insurance companies appealed to the court with demands to recover from the bank "damages in the form of lost profits" in the total amount of more than UAH 500 million for non-fulfillment of commission contracts.