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19.10.2009
Credit-Rating and League of Insurance Organizations of Ukraine signs Memorandum on Strategic Collaboration
Today Credit-Rating has announced that it signed a Memorandum on Strategic Collaboration with League of Insurance Organizations of Ukraine (LIOU).
Pursuant to this document the LIOU and Credit-Rating have intention to join efforts in order to create favourable environment for employment credit ratings of insurance companies in the Ukrainian financial market. The Credit-Rating CEO believes that ‘employment of independent rating assessments enables to considerably raise disclosure standards of Ukrainian insurers, which will create prerequisites for restoring confidence towards the most reliable insurers’.
The memorandum, which is available at Credit-Rating’s website, gives scope for employment credit ratings by insurance companies – from evaluation of counterparties for reinsurance to employment credit ratings as a proof of reliability while accreditation at banks and participating in tenders for insurance services or insurance pools. The parties have also intention to foster employment of insurer strength ratings by the populace.
The memorandum also gives opportunities for employment credit ratings by the State Commission for Regulation of Financial Services Markets of Ukraine in order to obtain supplementary information from an independent source regarding forecast financial state of insurers for possible preventive measures in the interests of insurers’ customers.
Credit-Rating is the leader in the sector of rating services in Ukraine in both voluntary and regulator-imposed ratings. Credit-Rating was the first to assign credit ratings to Ukrainian insurance companies, with the first rating assigned to Credo-Classic IC in 2003. To date, Credit-Rating’s services have been employed by 10 insurance companies.
Information on all credit ratings assigned in accordance with the National Rating Scale may be found in REUTERS and BLOOMBERG information systems.
For more information, please contact:
Information and
analytic department
Sergey Rozumyak +38044490 25 50
SRozumyak@credit-rating.com.ua
Denis
Rudenko
DRudenko@credit-rating.ua
