Article 44. Special Aspects of Termination of the License of the Insurer (Reinsurer)

Within five days from the date of termination of the license, the authorized state body shall be obliged to apply to the court with an application for the liquidation of the insurer (reinsurer) in accordance with the procedure established by the legislation.

The powers of the previously existing management bodies of the insurer (reinsurer) shall be suspended and transferred to the temporary administration appointed by the authorized state body. The temporary administration shall carry out its activities in the period pending a court decision.

The report of the temporary administration of the insurer (reinsurer) shall be submitted to the authorized state body and the court to which the authorized state body submitted the application for the liquidation of the insurer (reinsurer).

During the period of its activity, the temporary administration of the insurer (reinsurer) shall not have the right to carry out debit transactions, except for transactions related to management (administrative) expenses of the insurer, crediting the money received by the insurer (reinsurer) and making payments of the insurance indemnity (insurance benefit) under the previously concluded insurance contracts for which insured events have occurred.

The procedure for the work of the temporary administration of the insurer (reinsurer) shall be determined by the authorized state body.

The provisions of this article shall not apply to cases of termination of the license at the request of the insurer (reinsurer), as well as in case of its reorganization or liquidation by decision of its founders or the management body of the insurer (reinsurer), authorized to do so by the constituent documents.