Filing for bankruptcy undergo those insurance companies, the amount of the obligations which exceeded the value of their assets. Basically we are talking about small organizations whose activities are carried out at the regional level. Such companies attract customers with low tariffs, but about the beginning of procedure of bankruptcy of the insured will know only upon the occurrence of the insured event. In this situation, to get a payout once will not succeed, because the insolvent company is bankruptcy assets, and liabilities of creditors are satisfied in strict order of priority. The client, the firm can receive funds in several ways, the choice of a particular variant depends on the time of occurrence of the insured event and the process of bankruptcy of the insurance company.
The customers of insolvent insurance companies that have signed contracts of third party liability insurance, can apply for payment in "the Russian Union of insurers (RSA). This nonprofit organization will fulfill the obligations of the insolvent insurer for insurance in the situation when the insured event occurred before recognition of the company bankrupt. In SAR to receive payments should provide the same documents that you want to send to the insurance company in accordance with the terms of the agreement. In case of refusal or unreasonable understatement of the amount of this self-regulatory organizations also can sue. The indicated method can be used only if third party liability insurance, other insurance, RSA will not cover.
If the option to appeal the self-regulatory organization for certain reasons is not suitable, you should submit the statement in arbitration court which considers case about bankruptcy of the insurance company. In this case, the claim will be entered in the register and satisfied the order of priority prescribed by the insolvency law. If bankruptcy proceedings have been completed or the policyholder's request was not granted because of lack of funds of the bankrupt insurer, the only way of obtaining compensation remains a direct appeal to the tortfeasor. This option is suitable in all cases of insurance of property or life, health, in which there is mounted the perpetrator of the insured event.
When you can get the money in a self-regulatory organization?
The customers of insolvent insurance companies that have signed contracts of third party liability insurance, can apply for payment in "the Russian Union of insurers (RSA). This nonprofit organization will fulfill the obligations of the insolvent insurer for insurance in the situation when the insured event occurred before recognition of the company bankrupt. In SAR to receive payments should provide the same documents that you want to send to the insurance company in accordance with the terms of the agreement. In case of refusal or unreasonable understatement of the amount of this self-regulatory organizations also can sue. The indicated method can be used only if third party liability insurance, other insurance, RSA will not cover.
Where to apply to receive payments in other cases?
If the option to appeal the self-regulatory organization for certain reasons is not suitable, you should submit the statement in arbitration court which considers case about bankruptcy of the insurance company. In this case, the claim will be entered in the register and satisfied the order of priority prescribed by the insolvency law. If bankruptcy proceedings have been completed or the policyholder's request was not granted because of lack of funds of the bankrupt insurer, the only way of obtaining compensation remains a direct appeal to the tortfeasor. This option is suitable in all cases of insurance of property or life, health, in which there is mounted the perpetrator of the insured event.