OREANDA-NEWS. On 19 June 2009 was announced, that the State Commission for Control over Financial Services Market in Ukraine passed a resolution to suspend the operating license of ZAT Insurance Company Ingosstrakh on account of the insurer’s violation of the applicable legislation by illegitimate refusal to settle insurance claims.

Open Joint Stock Insurance Company Ingosstrakh (Russian Federation, Moscow) hereby informs that the Ukrainian insurance company incorporated in Dnepropetrovsk under the same name is not related to the Russian insurer. The companies bear concordant names. This contradicts the norms of international intellectual property law and the Ukrainian laws in effect, thus violating the rights and legal interests of IJSC Ingosstrakh.

The Economic Court of Kiev is now considering the claim lodged by Ingosstrakh IJSC (Moscow) against ZAT Insurance Company Ingosstrakh (Dnepropetrovsk) and the State Intellectual Property Department of Ukraine in relation to the illegal use of the Russian insurer’s business name and to the cancellation of the trade and service mark certificate issued to ZAT Insurance Company Ingosstrakh. The representatives of Ingosstrakh IJSC have also filed a suit to the Economic Court of the Dnepropetrovsk Region regarding acknowledgement of unethical competition on the part of the Ukrainian company.

It must be noted that Ingosstrakh IJSC (Russian Federation) operates in the territory of Ukraine through its representative office in Kiev and affiliates, ZAO ASK INGO Ukraine and ZAO ASK INGO Ukraine Life, being part of the group of companies and representing Ingosstrakh IJSC (Russian Federation) in the local insurance market.