NBU wins case against Kolomoiskyi's insurance company

On December 6, 2023, the Third Administrative Court of Appeal confirmed the legality of the National Bank's decision to recognize the ownership structure of Ingosstrakh PrJSC (EDRPOU 33248430) as non-transparent.

This is stated in the message of the NBU, Ukrainian News Agency reports.

In particular, the court overturned the decision of the court of first instance, which satisfied the claim of PrJSC Ingosstrakh IC and annulled the decision of the National Bank of October 21, 2022 to recognize the ownership structure of PrJSC IC Ingosstrakh as non-transparent.

The court also passed a new court decision, which completely rejected the claim of PrJSC Ingosstrakh IC.

The National Bank informed PrJSC IC Ingosstrakh that from the information on the ownership structure of the insurer it is impossible to establish persons who exert significant influence on the management or activities of PrJSC IC Ingosstrakh, since none of the insurer's shareholders owns 10 percent or more of its shares, as well as there is no data on persons who, independent of formal ownership, have the ability to exert equivalent influence on the management or activity of PrJSC Ingosstrakh IC.

This is one of the signs of the non-transparent of the ownership structure of insurers.

Since the insurance company did not bring the ownership structure in line with the requirements of Ukrainian legislation, on March 23, 2023, the National Bank revoked the licenses of PrJSC Ingosstrakh IC to conduct business activities in the provision of financial services, and on March 29, 2023, it excluded the insurance company from the State Register of Financial Institutions.

PrJSC Ingosstrakh IC appealed the above-mentioned decision of the National Bank in court.

On September 12, 2023, the Dnipropetrovsk District Administrative Court issued a decision that fully satisfied the claims of the insurance company.

Instead, the appellate court confirmed the legal position of the regulator.

As Ukrainian News Agency earlier reported, the Supreme Court put an end to the dispute between the Ingosstrakh insurance company and the state-owned PrivatBank regarding the recovery from the latter of "damages in the form of uncollected insurance income" in the amount of UAH 209.5 million.