If the insurance company goes bankrupt, then its client has several options for behavior in the event of an insured event. In some situations, you can apply for payment to a self-regulatory organization, submit an application to an arbitration court or recover the damage caused by the insured event from other persons.
Those insurance companies whose liabilities exceed the value of their assets are subject to bankruptcy proceedings. Basically, we are talking about small organizations, whose activities are carried out at the regional level. Such companies attract clients with reduced tariffs, however, the insured will learn about the beginning of the procedure for their bankruptcy only upon the occurrence of an insured event. In this situation, it will not be possible to immediately receive an insurance payment, since a bankruptcy estate is formed in the insolvent company, and the obligations of creditors will be satisfied in strict order of priority. The client of such a company can receive funds in several ways, the choice of a specific option depends on the time of the insured event and the stage of bankruptcy of the insurance company.
When can I get money from a self-regulatory organization?
Clients of an insolvent insurance company who have entered into motor third party liability insurance contracts can apply for payment to the Russian Union of Auto Insurers (RSA). This non-profit organization will fulfill the obligations of the insolvent insurer under OSAGO in the situation when the insured event occurred before the company was declared bankrupt. In order to receive payment in the PCA, the same documents must be submitted that are required to be sent to the insurance company in accordance with the terms of the concluded contract. In case of refusal or unreasonable understatement of the amount of payment, you can also file a claim against this self-regulatory organization. The indicated method can only be used for motor third party liability insurance; RSA does not cover other types of insurance.
Where to go for receiving payments in other cases?
If the option of applying to a self-regulatory organization for certain reasons is not suitable, then an application should be submitted to the arbitration court, which is considering the bankruptcy case of the insurance company. In this case, the declared claim will be entered in the register and satisfied in the order of priority established by the legislation on insolvency. If the bankruptcy procedure has already been completed or the insurer's claim was not satisfied due to a lack of funds from the bankrupt insurer, then the only way to obtain compensation is to apply directly to the inflictor of harm. This option is suitable in all cases of property or life, health insurance, in which there is an established culprit for the occurrence of an insured event.
