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SUPREME COURT: THE INSURANCE COMPANY IS RESPONSIBLE FOR THE BANK'S LOSSES, NOT THE BORROWER

... Taking into account the circumstances of the case related to the delay in the payment of compensation by the insurer, the courts indicated that the debtor would subsequently be able to file a claim for damages to the insurance company. However, the Supreme Court of the Russian Federation did not agree with the arguments of the lower courts. He recalled that it is the insurance company that should be responsible for losses due to late payment of the loan repayment. The debtor is not responsible for improper performance by the insurer of its obligations under the insurance contract, where the beneficiary is the bank. Since the legal dispute between the insurance company ...

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