CTP policies: a major scandal erupted

Owners of 626,000 compulsory civil liability motor insurance company “Russia” can face serious problems. As reported by “Vedomosti”, companies threatened with bankruptcy and revocation of license.

A week ago, license “Russia” was suspended. Till November 4 the company had to give an answer to the claims of the Central Bank and to report on elimination of violations, then within 30 days of the regulator should either withdraw or restore the license. However, no response from the insurance company still followed.

Over the past week has left the company a few top executives: COO Yuri Kalenichenko, board member Konstantin Shost and CEO Andrew Angelica. Last before leaving said that the recent events have made it impossible to continue the existence of “Russia” as an independent business unit.

Now we are discussing several options for what to do with the company. One of them - the transfer of the portfolio of contracts to another insurer and the ultimate bankruptcy. The second option - withdrawal of the license, but it can have a negative impact on the CTP market as a whole. Russian Association of Motor Insurers (RAMI) estimates the potential liabilities “Russia” for CTP in 1,6-2,34 billion. “Selection of companies to take over the settlement of losses in the CTP, as long as there was no” - says a representative of PCA.

“I think that the other insurers ruin” Russia “will not change - said,” Auto Mail.Ru “vice-president” Ingosstrakh “Ilya Solomatin. - It can affect most consumers are clients of the company. Lately it are actively built up its portfolio, according to various estimates it makes about two billion rubles. And, indeed, this may affect the Russian Union of Insurers, which in the case of recognition “Russian” bankrupt will have to indemnify the drivers out of pocket. But as far as I I know departures in English yet not allow it. Clients of the insurance company “Russia” has two options. Either someone Insurers will take on the obligation to pay them cash. Or, if it does not, the compensation fund in any case pay for these obligations. Maybe, of course, and the company there are some reserves for this, but I doubt it very much. reason why the bankrupt, the company should ask its shareholders - how they made the so-called bias in their portfolios. Usually, if only to emphasize work with individuals, especially in the CTP, it leads to such consequences. ”

7 November 2013

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