OREANDA-NEWS. April 08, 2011. The terms and conditions of bankruptcy commissioners’ liability insurance adopted by IC ROSNO fully correspond to the Federal Standard of Professional Conduct for Bankruptcy Commissioners enacted in March 2011. In 2010, IC ROSNO concluded 500 contracts in this insurance field, reported the press-centre of ROSNO.

As far as in 2005, IC ROSNO became the first insurance company in the Russian market to pay insurance compensation under a bankruptcy commissioner’s liability insurance contract; this payment was made to the insurant based in Tatarstan. By now, ROSNO received 108 accident claims. Following their processing, over 3.8 mln. roubles of insurance compensations were paid. Since the beginning of 2011, IC ROSNO already received three accident claims, while in 2010 their total number was 10.

The major reasons for insured accidents resulting in court decisions are as follows:

violation of the order of priority for satisfaction of the creditors’ claims;

wrongful actions of a bankruptcy commissioner in form of refusal to satisfy a creditor’s demand for the debtor to repay its outstanding debt;

wrongful actions of a bankruptcy commissioner resulting in extra monies spent by the debtor.

The insured accident is constituted by a valid court decision stipulating liability of a bankruptcy commissioner to the participants of the bankruptcy procedure or third parties in connection with its non-performance or improper performance of its obligations under the bankruptcy procedure.

Presently, IC ROSNO is accredited by 13 SROs of bankruptcy commissioners.