Disclosure of information in case of bankruptcy

INFORMATION ON THE PRIORITY OF SATISFACTION OF CREDITORS' CLAIMS UNDER INSURANCE CONTRACTS IN CASE OF BANKRUPTCY OF THE INSURER

Pursuant to the requirements of the legislation of Ukraine and regulations of the National Bank of Ukraine
We inform consumers of financial services about the priority of satisfaction of creditors' claims under insurance contracts, in case the Insurer is recognised as bankrupt.

The mechanism of ensuring the rights of consumers of financial services regarding the priority of satisfaction of claims is provided by the norms of the Code of Ukraine on Bankruptcy Procedures.

Article 92 of the Code of Ukraine on Bankruptcy Procedures establishes the priority of satisfaction of claims of
of consumers under insurance contracts, which are subject to satisfaction in such order:

- in the first place - claims under personal insurance contracts under which the insured event occurred before
the day of the decision of the relevant economic court to recognise the Insurer as bankrupt and
opening of liquidation procedure;

- in the second turn - claims of individuals under insurance contracts other than personal insurance contracts, under which the insured event has occurred before the day of the decision of the relevant economic court to declare the Insurer bankrupt and to open liquidation proceedings
insurance contracts other than personal insurance contracts, under which the insured event has occurred before the day of adoption by the relevant economic court of the ruling on recognising the Insurer as bankrupt and opening the liquidation procedure.

- in the third turn - claims of legal entities under insurance contracts other than personal insurance contracts, under which the insured event has occurred before the day of adoption by the relevant economic court of the ruling on declaring the Insurer bankrupt and opening of the liquidation procedure;

- in the fourth queue - claims under personal insurance contracts, under which: the insured event has not
has not occurred before the day of adoption by the relevant economic court of the ruling on recognition of the Insurer as bankrupt and opening of liquidation procedure and which have not been bought out by another Insurer in the form of a single property complex (complexes) of the Insurer-bankrupt.
Under such contracts the Policyholders shall have the right to demand a refund of a part of the insurance premium paid to the Insurer in proportion to the difference between the term for which the insurance contract was concluded and the term during which such insurance contract was actually in force, unless otherwise provided by the legislation.

- in the fifth turn - claims of individuals under insurance contracts other than personal insurance contracts, under which: the insured event has not occurred before the day of adoption of the relevant commercial court
decision on declaring the Insurer bankrupt and opening of liquidation procedure and which have not been bought out by another Insurer as a single property complex (complexes) of the Insurer-bankrupt.
Under such contracts the Policyholders shall have the right to demand refund of a part of the insurance premium paid to the Insurer in proportion to the difference between the term for which the insurance contract was concluded and the term during which such insurance contract was actually in force, unless otherwise provided by the legislation.

- in the sixth turn - claims of legal entities under insurance contracts other than personal insurance contracts, under which: the insured event has not occurred before the day of adoption by the economic court of the ruling on declaring the Insurer bankrupt and opening the liquidation procedure and which have not been purchased by another Insurer in the form of a single property complex (complexes) of the bankrupt Insurer.
Under such contracts the Policyholders shall have the right to demand refund of a part of the insurance premium paid to the Insurer in proportion to the difference between the term for which the insurance contract was concluded and the term during which such insurance contract was actually in force, unless otherwise provided for by the legislation

Information on the priority of satisfaction of creditor claims