Article 184. Right for Claim of Policyholders (Beneficiaries) In Case of Insurer's Insolvency

If the court adopts decision to declare the insurer bankrupt and start liquidation proceedings, all insurance contracts for which the insured event did not occur before the date of the said decision adopted shall be terminated, except for the cases provided for by parts three and four of Article 183 of this Law.

Policyholders (beneficiaries) under insurance contracts terminated on the grounds provided for in part one of this article shall be obliged to return a part of the insurance premium paid to the insurer in proportion to the difference between the term of the insurance contract and the period during which this contract was in force, unless otherwise provided by legislation.

Policyholders (beneficiaries) under insurance contracts under which an insured event occurred before the court adopts decision to declare the insurer bankrupt and initiate liquidation proceedings, shall have the right to demand payment of insurance compensation (sum insured) from the liquidation manager.