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Ukraine regulator cancels licenses of three Allianz-related insurers

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The State Commission for Regulation of Financial Services Markets of Ukraine has moved to revoke the licenses of three insurers as they have predominant Russian ownership, reported Xprimm.

The insurers are Allianz Ukraine L.L.C., Guta-Ukraine Insurance Co. V.A.T. and Garantia-Life. "Allianz Russia is owner of 99.98% of the authorized capital of Allianz Ukraine," said the regulator. GUTA-Ukraine's main shareholder is Russia-based, which owns 99.87% of the insurer's share capital. The regulator's decision comes into effect from Jan.30.

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