‘We have always preferred to settle down our conflicts peacefully, but we haven’t been able to reach any compromise with UralTransBank yet. This is why we have to go to court. We never contested our master agreement; we only said that the stop-loss proviso was a very important part of the agreement for us. Then, we declared the additional agreement on the changes in the insured event was invalid,’ says ROSNO’s Corporate Management Director Alexander Cheryarin.

In the meantime, UralTransBank, having insured its financial risks related to bad debt on consumer loans with ROSNO, claims they haven’t been fully compensated for the insured events they had because the insurer only paid them 20.3 million RUR instead of 60 million RUR. Sverdlovsk Region Court of Arbitration reports the bank has already filed over 200 complaints against the insurer.

‘We’ve paid everything we had to based on our master agreement, and we don’t owe the bank anything. In fact, we’ve paid over 52 million RUR in terms of insurance payments, so the bank’s demands are now limited by the stop-loss proviso,’ Mr. Cheryarin says.