The National Bank of Ukraine applied a measure of influence in the form of a penalty (fine) to PRIVATE LIMITED LIABILITY COMPANY “GRAVE UKRAINE LIFE INSURANCE COMPANY” (EDRPOU 25399836). The insurer did not notify the National Bank of the breach of obligations to clients under current life insurance contracts within three working days from the date of such breach and did not provide a list of measures to eliminate the breach (with time limits).
The decision on the application of the influence measure was adopted on February 17, 2023, based on the results of an unscheduled inspection of PRJ “GRAVE UKRAINE LIFE INSURANCE”.
The insurance company must pay the fine within seven working days from the date of receipt of the relevant decision of the regulator on the imposition of the fine.
The decision to apply the impact measure will enter into force on February 20, 2023.
