Companies@UA: База компаний Украины

Kyiv, July 30 (Interfax-Ukraine) – The state commission for the financial services market regulation of Ukraine has said that insurance companies can make deposits in banks at which temporary administrations have been introduced worth up to 75% of the total value of their insurance reserves.

This is stipulated in a draft resolution of the state commission for financial services market regulation on obligatory criteria and requirements for the adequacy and quality of assets, which represent insurance reserves for types of insurance other than life insurance, which has been posted on the commission's Web site.

The commission said that risk insurance companies could place no more than 70% of their insurance reserves in banking deposits.

No more than 20% can be placed in one bank.

The credit rating of banks in which insurance reserves are placed should be in line with the national investment rating, according to Ukrainian law.

If the credit rating is downgraded, 75% of the value of the assets can be used to confirm the insurance reserves of companies.

The draft says that no more than 30% of insurance reserves can be invested in property, and investment in one object cannot exceed 10% of the reserves.

Insurers can place no more than 40% of their reserves in securities, no more than 30% in shares, no more than 10% in shares of a single issuer, no more than 30% in companies' bonds and no more than 10% in the bonds of a single issuer.

No more than 10% of the reserves can be invested in shares and bonds of foreign issuers and foreign state securities, no more than 10% in mortgage certificates and mortgage bonds and no more than 80% in state bonds of Ukraine.

No more than 50% of insurance reserves can be placed in the rights of claims to re-insurers.

Insurers can invest no more than 20% of their reserves in the development of the mortgage crediting market via the purchase of securities issued by the State Mortgage Institution, and no more than 15% of their reserves in banking metals.