JSIC “INGO” received the status of the Guarantor within the framework of the Convention on a Common Transit Procedure (NCTS technology)

18/ 08/ 2022

The Guarantor status will allow INGO to issue a mandatory financial guarantee for all groups of goods to Ukrainian exporters in the regime of common customs transit in the EU (Customs Visa-Free). The insurance company INGO received the status of a financial guarantor and meets all the requirements established by the Law of Ukraine On the Regime of Joint Transit and Introduction of the National Electronic Transit System, as Head of INGO Special Risk Insurance Department Serhii Sydorchuk informed. The company adheres to the criteria of liquidity, profitability and quality of assets, meets the standards of solvency, capital adequacy, as well as the riskiness of operations. JSIC INGO agreed with the NBU on the special conditions for providing such guarantees, passed accreditation at the State Customs Service (order of the State Customs Service No. 1033 dated December 14, 2021). I am glad that INGO has the opportunity and the necessary expertise to actively participate in the reforms currently taking place in the customs and logistics system, Serhii Sydorchuk noted. - For our part, we will make every effort to ensure that Ukrainian traders receive a convenient and reliable service, which in turn will give impetus to the development of the logistics and trade potential of our country. He also added that in addition to the financial guarantees, INGO is ready to provide the transport operator liability insurance and cargo insurance services. As you know, the joint customs transit is one of the key issues of Ukraines economic integration into the EU. Shortly after the pilot project and the stage of national application, Ukraine will join 35 European countries participating in the Convention on a Common Transit Procedure (CCTP). The basis of the system is the NCTS technology, which connects the customs services of the countries participating in the Convention, allowing the exchange of customs data. The Ukrainian traders who will use NCTS will receive a number of advantages, including a reduction in logistics costs, a reduction in the time of customs formalities, and, over some time, a reduction in the size of the guarantee base amount. Thanks to the system, the company can move its goods on one vehicle, having only one transit declaration and one mandatory financial guarantee. Before moving the goods, the trader submits a single declaration to the NCTS system, which is used by customs officials of all countries along the entire cargo tracking route. For reference: JSC “Insurance Company “INGO” has over 25 years of work experience on the market. Since 2017 the Ukrainian business group DCH of Oleksandr Yarovslavskyi has become the major shareholder of the company. The company is one of the largest insurance organizations of Ukraine in terms of the amount of premiums, value of its own assets and amounts of paid indemnities. It holds 29 licenses for different classes of compulsory and voluntary insurance and provides insurance services to corporate and retail clients. INGO is a full member of Motor (Transport) Insurance Bureau of Ukraine (MTIBU), member of the American Chamber of Commerce (ACC), European Business Association (EBA) and International Chamber of Commerce (ICC). On 29/06/2022, the agency “IBI-Rating” affirmed a long-term credit rating of JSIC “INGO” at uaAA according to the national rating scale.

The Guarantor status will allow “INGO” to issue a mandatory financial guarantee for all groups of goods to Ukrainian exporters in the regime of common customs transit in the EU (“Customs Visa-Free”).

The insurance company “INGO” received the status of a financial guarantor and meets all the requirements established by the Law of Ukraine “On the Regime of Joint Transit and Introduction of the National Electronic Transit System”, as Head of INGO Special Risk Insurance Department Serhii Sydorchuk informed.

The company adheres to the criteria of liquidity, profitability and quality of assets, meets the standards of solvency, capital adequacy, as well as the riskiness of operations. JSIC “INGO” agreed with the NBU on the special conditions for providing such guarantees, passed accreditation at the State Customs Service (order of the State Customs Service No. 1033 dated December 14, 2021).

“I am glad that “INGO” has the opportunity and the necessary expertise to actively participate in the reforms currently taking place in the customs and logistics system,” Serhii Sydorchuk noted. – “For our part, we will make every effort to ensure that Ukrainian traders receive a convenient and reliable service, which in turn will give impetus to the development of the logistics and trade potential of our country.”

He also added that in addition to the financial guarantees, “INGO” is ready to provide the transport operator liability insurance and cargo insurance services.

As you know, the joint customs transit is one of the key issues of Ukraine’s economic integration into the EU. Shortly after the pilot project and the stage of national application, Ukraine will join 35 European countries participating in the Convention on a Common Transit Procedure (CCTP). The basis of the system is the NCTS technology, which connects the customs services of the countries participating in the Convention, allowing the exchange of customs data. The Ukrainian traders who will use NCTS will receive a number of advantages, including a reduction in logistics costs, a reduction in the time of customs formalities, and, over some time, a reduction in the size of the guarantee base amount.

Thanks to the system, the company can move its goods on one vehicle, having only one transit declaration and one mandatory financial guarantee. Before moving the goods, the trader submits a single declaration to the NCTS system, which is used by customs officials of all countries along the entire cargo tracking route.

For reference:

JSC “Insurance Company “INGO” has over 25 years of work experience on the market. Since 2017 the Ukrainian business group DCH of Oleksandr Yarovslavskyi has become the major shareholder of the company. The company is one of the largest insurance organizations of Ukraine in terms of the amount of premiums, value of its own assets and amounts of paid indemnities. It holds 29 licenses for different classes of compulsory and voluntary insurance and provides insurance services to corporate and retail clients. INGO is a full member of Motor (Transport) Insurance Bureau of Ukraine (MTIBU), member of the American Chamber of Commerce (ACC), European Business Association (EBA) and International Chamber of Commerce (ICC). On 29/06/2022, the agency “IBI-Rating” affirmed a long-term credit rating of JSIC “INGO” at uaAA according to the national rating scale.