Dispute between ROSNO and UralTransBank keeps unwinding

6 December 2006 (12:40)

The dispute between two administrative bodies, namely, ROSNO, the insurance company, and UralTransBank, keeps unwinding. The bank accused the insurer of failing to meet its liabilities in terms of compensation payments related to credit insurance. The bank also claimed that ROSNO never provided any well-grounded explanations as to why they kept refusing to pay the bank.

ROSNO, on its part, accuses UralTransBank of failing to produce the papers needed to get the compensation despite the existing agreements. Moreover, the insurer says that the bank was trying to receive several payments for one and the same insured event. In addition, the insurer made a few statements that are seen by the experts as charges concerning fraud and forgery.

‘Seeing that the bank appeared to be trying to overcharge our company in terms of compensation payment figures, ROSNO had to look at the following: some clients actually paid part of their debt back, which should be taken into account and thus reduce the payment figure (as our general agreement goes). Yet UralTransBank has failed to produce any information on the actual client payments for five months already, which makes one suspect that they are trying to overcharge us,’ the insurer’s report says.

This conflict has already become a public affair involving the Association of Regional Russian Banks and the Federal Insurance Surveillance Agency as well as some other monitoring authorities. The investigation is still going on.

Other materials on the topic::