KIEV, Feb. 13 – Temporary administrations could be introduced at some insurance companies in Ukraine by late 2009, Andriy Suprun, chairman of Kiev-based Alfa Insurance company, said.

He said that there is a legal procedure for the introduction of temporary administrations in insurance companies, although this has not yet occurred in practice.

According to Ukrainian law, a decision to introduce temporary administration is made by the state commission for financial service markets regulation. The main indicators that trigger the procedure are overdue debts (over 30 days) on liabilities that exceed 10% of total liabilities.