MTIBU approved the maximum amount of payments for the obligations of the European Insurance Union Insurance Company

The decision of the Presidium of the MTIBU dated March 22, 2018 approved the maximum amount of payments to victims under the OSCPV contracts concluded with the IC "European Insurance Union".

The decision on payment was made in accordance with the Regulation on the procedure for payments to victims under the obligations of former members of the MTIBU, in relation to which liquidation (bankruptcy) procedures are not carried out at the expense of the balance of their basic guarantee contributions in the Victims' Protection Fund (FZP), approved by the Presidium of the MTIBU in February 2017.

Acceptance of documents from  victims under the obligations of the IC » European Insurance Union» was carried out from December 1, 2017 to February 28, 2018.

The total amount of compensation to victims, declared to MTIBU, amounted to about 30 million UAH. Since the funds available to MTIBU in the form of guarantee contributions of the Insurance Company "European Insurance Union" are not enough to satisfy the victims' claims in full, the Presidium of MTIBU determined the maximum payment amounts within which MTIBU can satisfy the victims' claims at this stage. The calculation of the maximum amounts was based on the number of submitted applications, the declared amount of losses and the amount of the insurer's funds in the FZP.

The maximum payment amount is set at 6 thousand UAH.

Victims who did not apply to MTIBU within the established time limits, or those whose applications will be partially satisfied – will be able to subsequently apply to MTIBU and receive the full amount of compensation after the completion of the bankruptcy and/or liquidation procedure of the  IC»European Insurance Union».

«Payments  to most victims at this stage are partial. In order for them to receive  compensation  in full, under current legislation, it is necessary to wait for the completion of the bankruptcy and/or liquidation procedure of the insurer. The Verkhovna Rada has now registered amendments to the Law “On the Insurance of Insured Persons”, the adoption of which will allow MTIBU to begin payments immediately after the exclusion of an insurer from MTIBU members, which will allow victims to promptly receive insurance compensation”, said Volodymyr Shevchenko, General Director of MTIBU.

MTIBU will continue the practice of paying compensation for debts of insurers that have lost their membership in MTIBU and in respect of which liquidation (bankruptcy) procedures are not being carried out. The start of accepting documents for obligations of other insurers will be announced additionally on the MTIBU website.

Source: MTIBU