Financial services markets watchdog fines insurers UAH 3 m in 2010
Kyiv, April 29 (Interfax-Ukraine) - The State Commission for the Regulation of Financial Services Markets in 2010 imposed 512 fines worth a total of UAH 3 million on insurance companies, the commission's head, Vasyl Volha, said at a press conference at Interfax-Ukraine on Friday.
According to him, last year the commission conducted 1,144 checks on financial institutions (531 planned and 613 unscheduled). Some 56% of the checks concerned insurers and 20% credit institutions. According to the results of checks, 1,362 recommendations were issued, including 34 to eliminate violations of the law. In addition, 34 decisions to temporarily suspend licenses were made.
Volha also reported that 457 fines worth UAH 451,800 were imposed on credit institutions for legal violations.
In addition, in 2010 the commission received 11,181 appeals from individuals using financial services and responded to each of them.
The commission, fighting against money laundering, conducted 629 checks of institutions it supervised, uncovering 883 violations and imposing fines worth a total of UAH 1.2 million.
In 2010, the commission accompanied 506 trials. By the end of 2010, the courts completed proceedings and made 212 rulings on cases where one of the parties was the commission. Some 158 judgments were made in favor of the commission.