In less than six months of 2015, the Bank of Russia has already withdrawn licenses from 15 insurers out of almost 400 operating. At 12 insurers the license is suspended. Formally, revocation of a license is not a reason for the insurer to not fulfill its obligations to pay compensation. The law on the organization of insurance in the Russian Federation stipulates the obligation for the insurer to fulfill all obligations under the concluded contracts or transfer the portfolio to another insurer. These procedures should be ensured by the interim administration appointed by the Bank of Russia in the manner prescribed by the federal law “On Insolvency (Bankruptcy)”. In practice, very often the company does not have the funds necessary to compensate for the damage to policyholders or transfer the insurance portfolio. To date, there are no legislative instruments

If you have a loss and your license has been revoked from your insurer, you must as soon as possible:

· Collect all necessary documents for recognition of the insured event;

· Declare to the insurer the requirement to pay compensation with the attachment of all documents necessary for recognition of the insured event, having received a mark on their acceptance. The procedure is often complicated by the change by the insurer of the address and telephone number. In this case, it is necessary to send documents to the address of the location of the insurer, which can be obtained on the website of the Central Bank of the Russian Federation. Documents should be sent with acknowledgment of receipt. Be sure to keep the documents of the competent authorities (originals or copies with the insurer’s mark of admission, if the documents are transferred directly to the representative of the insurer);

· Conduct an independent examination in order to determine the amount of damage, without forgetting to notify the insurer in advance of the date of the examination;

· To study the contract and insurance rules for the existence of a mandatory pre-trial procedure for the settlement of disputes and, if necessary, to comply with this procedure by sending a written claim by mail with a notification of delivery;

· Apply to the court, where to get a court decision to recover insurance compensation and a writ of execution;

· Present a writ of execution to the bank, on the accounts of which, most likely, there are funds of the insurer.

For the correct observance of all the formalities of such a procedure, it is advisable to consult with a lawyer with experience in resolving such situations. The described procedure is not a panacea, but increases the chances of receiving insurance compensation until the insurer is declared bankrupt.

If the insurer is declared bankrupt and bankruptcy proceedings are opened, it is necessary to declare claims for insurance compensation by including the insurer in the register of creditors. Policyholders who have submitted claims under comprehensive insurance are third-order lenders. The probability of receiving a refund in this case is theoretically present, but in practice is negligible. Due to the lack of guarantees for reimbursement in cases of revocation of the license and bankruptcy of the insurer, the choice of a reliable insurer under voluntary insurance contracts is especially important.

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