The National Commission for the State Regulation of Financial Services Markets has excluded Guarantee (Garantiya) insurance company with additional liability (Kyiv) from the state register of financial institutions and canceled the certificate of registration.

Relevant decree No. 401 of February 23 has been posted on the website of the regulator.

As reported, the Kyiv Economic Court filed proceedings on the bankruptcy of the company, recognizing the insurer's debt in the amount of UAH 417,418 to the applicant in the case. The court by its ruling dated December 3, 2015 introduced a procedure of the debtor's property management and a moratorium on satisfaction of creditors' claims. The court also took into consideration monetary claims against the insurer from other applicants.

The regulator from January 9, 2015 terminated the powers of temporary administration in the company, which was introduced on July 10, 2014. In mid-August 2014 the commission canceled the license for compulsory insurance of vehicle owners' civil liability issued to the company.

Previously, from June 2, 2014 the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) deprived the company of the statues of an associate member of the MTIBU.

Guarantee insurer was founded in Ternopil in November 1988. In 2003 it was re-registered in Kyiv. It has 20 licenses, including 14 for voluntary insurance and six for obligatory.