Bankruptcy of insurance organizations: features of the procedure

) этих структур вызывает особый интерес. When analyzing the fundamentals of financial activity of insurance organizations, the insolvency (bankruptcy ) of these structures is of particular interest. Actual issues are related to the grounds for recognizing companies as insolvent, the procedure and conditions for implementing measures to prevent bankruptcy, the implementation of procedures provided for by law, and other problems that arise in cases of the enterprise's inability to meet the creditors' claims in full.

. In the article we will consider the features of bankruptcy of insurance organizations .

Basic Provisions

As a general sign of bankruptcy insolvency is the inability to repay obligations to creditors and the budget within three months from the date when the claims were to be satisfied.

The key normative provisions determining the specifics of the bankruptcy of insurance organizations are fixed by Federal Law No. 127.

Preventive action

предусматриваются следующие нормативные инструменты: To prevent insolvency (bankruptcy) of insurance organizations , the following regulatory instruments are provided:

• Providing financial assistance to the founder / participant of the legal entity or other entities.
• Change in the structure of liabilities and assets.
• Increase in the volume of the authorized capital.
• Reorganization.
• Other measures not prohibited by law.

Grounds for implementation of preventive measures

предпринимаются при: Measures to prevent bankruptcy of an insurance company are undertaken when:

1. Repeated refusal to repay monetary obligations to creditors within a month. Failure should be understood as non-fulfillment / improper performance of claims within ten days from the date of occurrence of the corresponding duty, unless otherwise established by law. Only working days are counted.
2. Failure to fulfill the obligation to transfer payments to the budget within 10 days (working) from the date of its occurrence.
3. Insufficient amount of funds for timely repayment of debts (before the budget including), if the deadline for this has come.
4. A repeated violation of the requirements for the structure and composition of assets established by the Ministry of Finance, within 12 months. From the date of the first violation.
5. A review, suspension or restriction of the license to conduct business.

Within 15 days from the date of occurrence of these circumstances, the insurance company must send a notice to the supervisory authority (Central Bank) about this. He is accompanied by a plan to restore solvency. . These actions are carried out if there are no signs of bankruptcy of the insurance organization . Within 30 days (workers) after receiving the plan based on the results of its study, the supervisory authority shall decide on the appointment of an interim administration in the insurance company or about the inexpediency of this appointment. In cases stipulated by the decisions of the Ministry of Finance, he also has the right to decide on conducting an on-site inspection. The audit is carried out in accordance with the procedure established by the supervisory authority.

Features of bankruptcy of the insurance company

As a result of the analysis of the plan for the restoration of solvency or following the results of the on-site inspection, signs of insolvency may be revealed. документа представлен в статье). In such cases, the supervisor submits an application for bankruptcy of the insurance organization (a sample of the document is presented in the article).

If the legal entity carries out insurance related to the activities of the professional association of insurers or another organization charged with the transfer of compensation payments, the manager must send a notification to these structures within one week from the day the grounds for implementing bankruptcy prevention measures arise. The corresponding position fixes 4 parts of Art. 184.1 FZ No. 127.

профобъединения несут обязанности и реализуют права, предусмотренные законодательством для финансовых структур. When carrying out the bankruptcy procedure of an insurance company, trade union associations have obligations and exercise the rights provided for by legislation for financial structures.

Interim Administration

It is assigned if:

1. при отсутствии уведомления надзорного органа об их наличии. The grounds for implementing measures to prevent bankruptcy of an insurance organization are revealed in the absence of notice to the supervisory authority about their availability.
2. It was decided to implement a plan to restore solvency or to establish control over its implementation.
3. The legal person does not / improperly fulfill the points of the plan.

The decision to introduce an interim administration should be motivated by the supervisory authority.

Legislation requirements

The decision to introduce an interim administration is mandatory, in cases of revocation, suspension or restriction of the license. The grounds for this are:

1. The conduct of the insurance company activities prohibited by regulatory enactments of the Russian Federation, as well as violating the conditions established for issuing permits.
2. Non-compliance of the organization with the provisions of legislation regulating insurance activities in the creation and placement of funds of funds, reserve and own funds, guaranteeing the implementation of compensation payments.
3. Non-compliance with the requirements of the company to ensure the ratio of the company's own funds and liabilities, as well as other requirements related to maintaining solvency and financial stability.
4. Insufficient funds for timely repayment of obligations to creditors and the budget.

The insurance company has the right to challenge the decision made by the supervisory authority in arbitration or a court of general jurisdiction. At the same time, the appeal process does not suspend the work of the interim administration.

Signs of bankruptcy

They are installed in Art. инициируется, если: 183.16 FZ No. 127. The procedure for bankruptcy of insurance organizations is initiated if:

1. The aggregate amount of claims declared by creditors in respect of monetary obligations for the payment of severance pay or for the payment of labor of citizens who worked (working) under employment contracts or the total debt to the budget is not less than 100,000 rubles, and these requirements were not met within two weeks from The day of their fulfillment. Obligations to employees at the same time must be confirmed by judicial acts that came into effect.
2. Arbitration or general jurisdiction decisions on which ILs (executive lists) were issued for compulsory enforcement of the arbitration court's decision to apply for collection of funds by a financial institution were not executed. The amount of claims of creditors does not matter.
3. The cost of property / assets of the company is not enough to pay off obligations to creditors and the budget.
4. The activities of the interim administration did not lead to restoration of solvency.

A sample application for bankruptcy of an insurance organization

The supervisory authority indicates in the document:

1. The name of the court in which it is served.
2. Name of insurance organization, address, identifying information. The latter include the record number of the state registration in the status of legal entity, TIN.
3. The name of the control structure and its address.
4. The amount of claims for monetary obligations, the amount of arrears for deductions to the budget, the value of assets (property) or other information relevant to the proceedings of the case.
5. Name of the arbitration manager, the name and address of the self-regulatory structure in which it is composed, or the name of the organization from whose membership it should be approved, its address.
6. List of applications.

In the application of the provisional administration, practically similar information is indicated, with the exception of a number of points:

1. Instead of the name of the control body, the name of the head of the provisional administration is indicated, the address where correspondence will be sent to him, the details of the document confirming the approval of the person in this post.
2. The name of the self-regulatory structure and its address are indicated in case if the administrator of the administration is an arbitration administrator.
3. Information on the nominee of the bankruptcy trustee, if he is, according to Federal Law No. 127, not the Deposit Insurance Agency.

Appendices to the application

In addition to the documents listed in the agrarian and industrial complex, the application is accompanied by:

1. The constituent documents of the insurance company, sv-in about the state registration in the status of legal entity.
2. Balance sheet for the last reporting date or documents that replace it.
3. The decision of the control structure to forward the application to arbitration, drawn up by the interim administration, if Federal Law No. 127 is not established, that it should be accepted by the administration itself.
4. Report on the value of the entire property of the insurance company, formed by the appraiser (if such a document exists).
5. Conclusion on the financial condition of the insurance company, if the application is filed under Art. 183.13 FZ No. 127, or a report on the work of the provisional administration, if the application to the court is sent in accordance with Art. 183.14 of the same Law.
6. Other documents provided for by Federal Law No. 127.

Adoption of the application

Copies of the arbitration decision on acceptance of the request for consideration shall be sent to the applicant, insurance organization and control body not later than the day following the date of its issuance. The supervisory structure, in turn, sends a copy of the definition to the self-regulating organization and the Deposit Insurance Agency.

Examination of cases

осуществляется в арбитражном суде. The investigation of bankruptcy cases of insurance organizations is carried out in an arbitration court. The provisions of APK and FZ No. 127 are applied.

The application for the recognition of an insurance company as insolvent is taken by the court with at least one of the characteristics given above. при оценке финансового состояния учитывается ее обязанность по осуществлению компенсационной выплаты, а также по отчислению части премии при досрочном прекращении договора страхования. In the event of bankruptcy of an insurance company in assessing the financial condition, its obligation to implement a compensation payment, as well as to deduct a portion of the premium upon early termination of the insurance contract, is taken into account. The obligation must be established by a federal law that has come into effect by a court order or an insurance agreement.

по обращению временной администрации продолжительность разбирательства не должна превышать 4-х мес. When instituting proceedings for bankruptcy of an insurance company upon the request of the temporary administration, the duration of the proceedings should not exceed 4 months. From the date of acceptance of the application for consideration. This time period includes the time allotted for the preparation of materials and making a decision.

Nuances

When reviewing the case, the procedures for recovery and external management, as provided by Federal Law No. 127, are not applied.

When the proceedings are initiated upon the request of the temporary administration, due to the impossibility of restoring the company's solvency, the monitoring procedure is not appointed.

Termination of the contract

When the court passes a decision on recognizing the company as insolvent and on the commencement of the bankruptcy proceedings within one month from the date of receipt of the relevant notification, the insured party can refuse the insurance contract unilaterally.

At the same time, they have the right to count on the portion of the premium paid to the bankrupt company for the unexpired period of the agreement's operation or for obtaining a redemption payment.

Meeting of creditors

Its participants are authorized bodies and competitive creditors, whose requirements are entered in the register as of the date of the meeting. These entities have the right to vote.

In a meeting without the right to vote, representatives can participate:

• Employees of the debtor;
• Participants / founders;
• Self-regulatory organization in which the arbitration administrator is composed;
• Body on supervision.

These persons can speak on issues on the agenda of the meeting. As a rule, the address where creditors' meetings are held in Moscow on the decisions of arbitration in bankruptcy cases of insurance organizations - Bolshoy Golovin Pereulok, 3, bldg. 2 (2nd floor).

Transfer of insurance portfolio

Beneficiaries and insurants must be notified by the provisional administration, the bankruptcy administrator or (if they are not appointed) by the insurance company itself about the forthcoming transfer of the portfolio. The notice shall be published in the manner provided for in Art. 28 FN № 127, not later than a month before the procedure.

The notice must contain the following information:

1. Name of the company that transfers the insurance portfolio, the state registration number in the status of legal entity, TIN, address.
2. The grounds for performing this operation.
3. Information on the suspension / restriction of the powers of the executive structures of the organization that transfers the portfolio.
4. Name of the management company identifying the characteristics (TIN, state registration number), address.

IC "Investments and Finance"

In July 2016, by decision of the Central Bank, the powers of the executive structures of the firm were suspended. In October of the same year, information appeared on the revocation of the license from the insurance company Investments and Finance. предприятия было инициировано временной администрацией, назначенной ЦБ. The bankruptcy of the enterprise was initiated by the temporary administration appointed by the Central Bank.

The decision to revoke the license was due to:

1. The company's performance of activities that are contrary to the laws of the Russian Federation.
2. Presence of uncorrected in the established period deviations from the provisions of normative acts.
3. Failure to comply with the requirements of the Central Bank.

When the first information appeared about the probability of commencement of proceedings against the company, clients and partners were advised to issue their demands as soon as possible and forward them to the arbitration court.

SG "Uralsib"

The first statement on the part of natural persons on recognizing the company as insolvent was submitted to the court in December 2016. On January 31, 2017, the first appeal was submitted from the legal entity.

As shown by a survey of a number of market participants, the enterprise's debts to partners reach several tens of millions of rubles.

An analysis of the accounts for 2015 showed that the organization worked for two consecutive years with negative capital. The company's assets by the end of the year were less than the amount of liabilities by 2.9 billion rubles. In addition, the company violated the norms of the Central Bank on the margin of solvency, placement of its own funds and insurance reserves.

On August 11, 2016, the license of SG Uralsib was restricted in connection with the failure to comply with the Central Bank's instructions.

At the end of January, the company's reliability rating was confirmed at B ++ level.

According to experts, such a low figure is related to non-compliance with regulatory requirements and a negative deviation of the actual value of the solvency margin from the established rate.

Specialists also noted:

• Negative return on equity and assets;
• Reduction of own funds;
• Negative result of insurance operations, reviewed 4 quarters in a row without a growing total;
• Reduction of contributions;
• Low liquidity (recoupment) of investments and decrease in their value;
• High ratio of receivables and payables to assets, etc.

It is worth saying that rumors about the bankruptcy of the insurance company Uralsib Went for quite some time. This firm is part of the assets of Uralsib Bank, in which, from the fall of 2015, a recovery procedure was conducted with the participation of the head of Neftegazindustry, V. Kogan, and the Deposit Insurance Agency.

SC "Podmoskovye"

Since May 24, 2017, the organization has a temporary administration. On July 20, the Moscow Arbitration Court registered a petition for instituting bankruptcy proceedings. Insurance company "Moscow region" Lost the licenses the very next day - on July 21 it was withdrawn by the Central Bank. Companies are prohibited from carrying out activities for voluntary personal and property insurance, as well as for OSAGO.

The corresponding decision was made by the regulator in connection with the company's failure to eliminate the terms of the legislation regulating insurance activity in the period established by the Central Bank, in connection with the discovery of which the license was suspended.

In particular, the company failed to meet the solvency and financial stability requirements in terms of creating insurance reserves, the conditions and procedure for investing reserve and own funds were not met.

According to the Central Bank, the amount of insurance company's fees for 2016 exceeded 1.6 billion rubles, and payments amounted to 596.7 million rubles.