KIAP, Attorneys at Law, successfully settled a reinsurance case in the amount of more than 100 million rubles in pre-trial procedure

16.04.2019

KIAP, Attorneys at Law, successfully settled a reinsurance case in the amount of more than 100 million rubles in pre-trial procedure
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The dispute between two major participants of the Russian insurance market (parties of the contract of optional reinsurance) arose in connection with the improper performance by the Reinsurer of its obligations to pay reinsurance indemnity. The reinsurer, who made the insurance payment under the original commodity producer liability insurance contract, did not receive a proportional compensation from the Reinsurer, who accepted part of the risk for reinsurance, within the terms established by the reinsurance contract.

The specific nature of this situation was given by the fact that voluntary liability insurance contracts for commodity producers are not widespread on the Russian insurance market, therefore disputes over them often find their resolution in court, as a result of which the parties incur additional legal costs.

The considered case was an exception to the current practice. Based on the results of the case study, submitted by the Reinsured, KIAP lawyers prepared the legal position set forth in the statement of claim, which was sent to the Reinsurer before applying to the arbitration court. After receiving the claim and inspecting its arguments, the Reinsurer immediately and on voluntary basis made to the Reinsurer the payment of reinsurance indemnity in the amount stipulated by the reinsurance contract.

The interests of the Reinsurer in resolving a potential dispute were represented by KIAP Partner Dmitry Shnaydman.


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The practice is recommended by the Russian legal directories Pravo-300 and "Kommersant". Among legal support of disputes, main directions of the practice include legal consulting services in respect of a more wide range of issues related to insurance and reinsurance, tariffs and policies, legal examination of internal procedures, scoring and insurance products in the interests of insurers, professional associations of insurers, as well as insured persons, companies and state institutions. The direction is headed by partner Dmitry Shnaydman recommended by the international rating Best Lawyers. Dmitry is a lawyer with 18 years’ experience in insurance business. During the last 8 years he headed the area of business of Rosgosstrakh, major Russian insurance company, dealing with legal support for the largest and most significant disputes on the whole territory of the Russian Federation for all types of insurance (the aggregate annual sum of claims for the considered cases amounting to more than RUR 2 billion). He has significant experience of provision of the effective support for major judicial disputes (with the claim sum amounting up to USD 30 million), related to insurance contracts in the sphere of power engineering, agricultural insurance, maritime hull insurance, professional liability, as well as experience of legal proceedings with participation of foreign reinsurers.
   


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