The National Bank has initiated bankruptcy proceedings for a major insurance company based in Kharkiv.

On November 14, 2024, the Commercial Court of the Kharkiv Region granted the application of the National Bank and issued a ruling to initiate bankruptcy proceedings for the Private Joint Stock Company "Industrial Insurance Company" ("Promstrah").

This information is mentioned on the NBU website.

The relevant announcement has been published on the official website of the Supreme Court.

Recall that on September 24, 2024, the National Bank decided to classify the insurer as insolvent and revoked its license for insurance activities.

"According to the Law of Ukraine on Insurance, the liquidation of the insurer in the event of a decision by the National Bank to classify it as insolvent and to revoke the insurer's license is carried out in accordance with the Code of Ukraine on Bankruptcy Procedures," the statement reads.

According to the regulator, Private Joint Stock Company "Promstrah" is an insurer providing non-life insurance. The statutory capital of Private Joint Stock Company "Promstrah" amounts to 15 million UAH, and for the first half of 2024, the total insurance premium income was 64.3 million UAH, while insurance payouts amounted to 0.3 million UAH. Technical reserves as of July 1, 2024, stood at 0.0 million UAH.

Reference.

The Private Joint Stock Company "Industrial Insurance Company" was founded in 1996 in Kharkiv. Currently, the director and main owner of the company is Mahmud Kurbonov. As of early 2022, the largest shareholder (49.9%) and president of the company was Ihor Yuriyovych Oliynyk.

Background. Earlier, Mind reported that the court denied the former owner of Delta Bank, Lahun, in opening a bankruptcy case against him. The circumstances of the case do not generally indicate the debtor's good faith.