There are special mechanisms for the protection of the insured in case the insurance company goes bankrupt.
SEDDK Audit
- SEDDK (Insurance and Private Pension Regulation and Supervision Agency) carries out continuous supervision
- Intervention when financial inadequacy is noticed
- Transfer, merger, liquidation options
Guarantee Fund
- Guarantee for life insurance and retirement fund
- Partial protection of insured rights
- Payment within the limit
In Bankruptcy of Traffic Insurer
- Assurance Account comes into play (KTK art. 108)
- Payment is made to the victim
- Collected back from the bankruptcy estate
Ongoing Damages
- Damages that started before the bankruptcy are on the table. expense
- Taken to the rank table
- Privileged classification
What the Insured Should Do
- Follow the bankruptcy announcement
- If there is a damage, apply to the desk within 1 month
- Get lawyer support
- Look for a new insurer
Supreme Court 11th HD and 23rd. HD
11. HD and 23. HD adopt that "insured protectionist comment" should be made in the bankruptcy of the insurer and that the scope of the guarantee fund and Assurance Account should be kept wide.
Insurance law lawyer is recommended.