Central Bank of Russia reminded insurers how to work under conditions of bankruptcy moratorium

The Central Bank of Russia issued clarifications regarding the specifics of work under the conditions of the bankruptcy moratorium introduced in the country.  The regulator indicated the inadmissibility of violating the rights of consumers who rely on timely receipt of insurance compensation.

We should remind our readers that the moratorium on bankruptcy was introduced by the Government of the Russian Federation in April of this year for a period of six months. It applies to both individuals and organizations. An exception is made only for developers whose objects are on the list of problematic ones.

As a justification for the measure, Mikhail Mishustin called the need to support citizens and companies in the situation of the introduction of sanctions against Russia.

At the same time, the Central Bank reminded insurers that the moratorium does not exempt them from fulfilling their obligations to customers. The introduced norm means the impossibility of collecting debts by creditors both in the framework of judicial bankruptcy and enforcement proceedings, including issues of accruing penalties.

The Central Bank of the Russian Federation has threatened insurers with the use of supervisory response measures in situations where they decide to violate the procedure for paying customers. Such behavior can be regarded as abuse and violation of consumers’ rights.