Insurers should fulfil obligations during bankruptcy moratorium
5 May 2022
News
Insurers should not evade their obligations to clients during the moratorium on initiating bankruptcy procedures, the regulator notes. Such a moratorium was introduced by the Government of the Russian Federation since 1 April 2022 for six months.
This moratorium means that creditors may not collect debts as part of enforcement proceedings, and charge penalties and fines for non-fulfilment of debtors’ obligations until 1 October 2022.
The regulator’s clarifications are aimed at preventing abuse and violations of the rights of consumers who expect insurers to timely fulfil their obligations under insurance contracts.
If insurance legislation violations are detected, the Bank of Russia will promptly apply supervisory measures to the violators.
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