What to do if the insurance company goes bankrupt? CASCO, OSAGO
In today's economic realities, the bankruptcy of insurance companies is a fairly common occurrence. Various Internet resources, including government ones, regularly update blacklists of insurance companies whose licenses have been revoked or suspended for an indefinite period.
At the moment, there are about a hundred such insurance companies that went bankrupt between 2005 and 2016. Among them there are such popular companies in their time as: Alliance (former ROSNO), ZHASKO, Radonezh, Svyatogor. Thus, before you draw up or continue an OSAGO or CASCO contract, check if your insurance company is included in Black List of the Russian Union of Motor Insurers.
What to do if an insured event occurs - you became the culprit of an accident or your vehicle is damaged - but your insurance company went bankrupt and its license was revoked?
Bankruptcy of an insurance company
In Russian legislation, Article 32.8 F3 describes in detail what an insurance company must do in connection with bankruptcy and revocation of its license.
First of all, six months before that, a decision is made on the complete cessation of insurance activities. That is, you will not be able to issue an OSAGO or CASCO policy in this organization. Pay attention to this point: dishonest entrepreneurs can continue to issue policies, even if the UK is included in the emergency of the RSA. In this case, a significant discount may be offered. But if you draw up an agreement with a company that is at the stage of bankruptcy, then it will be very difficult to obtain payments even through the courts.
Secondly, the insurance company will be obliged to fulfill all its obligations for payments upon the occurrence of insured events. This can be done both from own funds and by transferring obligations to other organizations.
We see that the legislation is spelled out in such a way that an ordinary driver encounters fewer obstacles in the way of receiving the required payments. However, insurance companies often find out about bankruptcy only after the occurrence of insured events.
How to receive payments under OSAGO?
If you took out an OSAGO policy in a bankrupt company, then you shouldn’t worry too much, since the PCA takes care of all payments. But the PCA pays for OSAGO under policies concluded before the license was revoked from the UK - carefully check whether the insurance company is included in the PCA emergency and whether its license has been revoked, do not buy OSAGO at mobile kiosks or in unverified places.
PCA pays compensation payments only in cases where a bankrupt company is unable to fulfill its payment obligations to customers.
When recognizing you as the culprit of a traffic accident, you must act according to the standard scheme, which we have already described on our website Vodi.su:
- provide the injured party with the policy number;
- give a copy of the policy certified by your signature - the original remains with you;
- indicate your full name and the name of the insurer.
If you are the injured party, then proceed as follows:
- receive from the culprit all the required data - policy number, name of the insurer, full name;
- you receive a certificate No. 748 from the traffic police;
- it is also necessary to obtain a copy of the accident report, a decision on an administrative offense - they are also issued by the traffic police;
- At the scene of the accident, an insurance notice of an accident is filled out.
We carefully check that everything is written correctly and without errors. The annex to the CMTPL policy, even if the insurer has gone bankrupt, contains instructions on how to proceed in the event of an insured event. With all the collected documents, you need to contact the RSA office in your city.
You can find out his RSA address by calling the toll free number 8-800-200-22-75.
It is worth saying that even the PCA may refuse to pay out on the basis that the bankrupt company did not transfer its databases and registers of the policies it implemented. But this is an illegal practice, you just need to present the original or a notarized copy of the policy issued in this UK to confirm that it was purchased on official grounds. Thus, there should be no problems with OSAGO payments, regardless of whether the insurer of the party injured or guilty of the accident went bankrupt.
Receiving CASCO payments
With CASCO, the situation is more complicated. It must be said that a company may be temporarily deprived of a license under CASCO, until its financial affairs improve. If the company is going through the process of bankruptcy, then the process is long and it is known about it at least six months before the final decision is made.
In any case, the choice of a company for issuing CASCO should be started more carefully, since the amounts here appear an order of magnitude higher than when issuing OSAGO. The most suitable option is to regularly check the position of the insurer in national ratings, including on our website Vodi.su.
If an insured event occurs under CASCO, then it is necessary to collect all the documents and contact the company itself. If her license has simply been revoked so far, then all her payment obligations must be fulfilled. If you are denied, it remains only to go to court.
If the court decision is successful for you, you will be included in the list of creditors and eventually receive the amount due through the sale of the property and assets of the company. True, this process can be significantly stretched in time, since, first of all, a bankrupt company pays off wage arrears to its employees, then obligations to the state and creditor banks, and only after that debts to policyholders are paid off.
Based on all of the above, when applying for an OSAGO or CASCO policy, trust only reliable companies that occupy first places in the ratings. In no case do not buy insurance at discounts or promotions, and even more so from intermediaries in various mobile kiosks or markets.
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