On August 15, 2017 National Commission for the State Regulation of Financial Services Markets conducted review of cases against 53 insurers-members MTIBU, which were started for untimely submitting of the information about signed agreements to the Unified Centralized Database of MTIBU (hereinafter - CDB MTIBU), namely during 2 work days after the conclusion of such agreements.
In accordance with the decisions about application of influence measures, accepted by National Financial Services Commission, insurers are obliged to take measures to eliminate reasons which contributed to violations of legislation on financial services, and provide relevant confirming documents till 29.09.2017. League of Insurance Organizations of Ukraine (LIOU) – in more details
Hordiy consulting successfully defended rights and interests of the PrJSC "Skarbnytsia" in this case. This particular decision in case by the claim of PrJSC "Skarbnytsia" to NATIONAL COMMISSION FOR THE STATE REGULATION OF FINANCIAL SERVICES MARKETS has become the first and unique solution with a legal position among the 53 insurers-members of MTIBU.
"...the court notes that in accordance with the letter No. 7/1/8174 dated April 5, 2017, the Presidium of MTIBU made a decision to submit to the National Committee for Financial Services, which carries out the function of Coordinating Council of MTIBU, the proposal about establishment of deductions to Wage Fund from 01.05.2017, depending on timing of submitting the information on concluded insurance contracts into the Central Database of MTIBU.
According to the case file, 31.03.2017, mentioned proposals were considered and approved by the National Financial Services Commission.
Summarizing above, the Court agrees with the plaintiff's statement that the National Financial Services Commission first agreed and approved the size of the coefficients of the deduction rate to the Wage Fund, depending on the timing of submitting the information about insurance contracts to the Central Database, and after some time, the decision on the plaintiff regarding the violation of the terms of making insurance contracts before Central Database... "
You can find out more about text of the decision of the first instance Court - Decision here.
"...However, the measure of influence applied by the respondent to the PrJSC “Skarbnytsia” regarding taking measures to eliminate the reasons that contributed to violations is not consistent with the content of committed violation and is impossible to execute..."
For more details, see the text of Court of Appeal’s decision - Decision here.