independent rating agency Credit Rating and the League of Insurance Organizations of Ukraine (LIOU) today signed a Memorandum of Understanding and strategic cooperation. It is reported by the press office of Credit-Rating .

According to the document, LIOU and Credit Rating intend to work together to create the conditions for greater use of credit ratings of insurance companies in the Ukrainian financial market.

The memo listed the possibility of using credit ratings to insurance companies - from assessing reinsurance counterparties on Ukrainian territory to the use of ratings as proof of its reliability in the accreditation of banks, participation in tenders for insurance services or insurance pools. The parties also intend to promote the wider use of rating the reliability of insurance companies public.

memorandum also indicates the ability to use credit ratings to the State Commission for Regulation of Financial Services Markets of Ukraine for more information from an independent source of projected financial condition of insurers for a possible decision on preventive measures to respond to the interests of clients of insurance companies.

Credit-Rating is one of the leaders of the market ratings services in Ukraine, as in the segment of voluntary ratings and the ratings, the receipt of which is associated with the implementation of regulatory standards. The agency first started assigning credit ratings of Ukrainian insurance companies - the first rating was assigned in 2003, IC Credo Classic. To date, the rating agency used the services of more than 10 insurance companies.

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