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Russian Federation appeals $143k award to insurer

15:08 21/10/2011

MOSCOW, October 21 - RAPSI, Natalia Belova. The Supreme Commercial Court has registered the Federal Service for Insurance Supervision (Rosstrakhnadzor) application for reviewing a judgment to collect $143,000 in damages from the Russian Federation in favor of an insurance company, the court told the Russian Legal Information Agency (RAPSI).

This lawsuit is based on the restriction imposed by Rosstrakhnadzor on Avangard-Garant's license which prevents it from insuring land vehicles, except railway transport, of March 4, 2010. The insurer challenged the restriction and the license was reissued by Moscow Commercial Court order in July 2010. Subsequently, the insurer claimed damages. According to Avangard-Garant the restriction resulted in lost profits amounting to 4.5 million rubles ($143,000) between March 11 and April 16, 2010.

The Moscow Commercial Court ordered the Russian Federation, i.e., Rosstrakhnadzor, to pay the disputed amount last January. The courts of appeals and cassation upheld the trial court decision. Rosstrakhnadzor then applied for a review under the supervision procedure.

The court has registered the application, but has yet to determine if the dispute will be reviewed by its presidium.

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Russian Federation appeals $143k award to insurer

15:08 21/10/2011 The Supreme Commercial Court has registered the Federal Service for Insurance Supervision application for reviewing a judgment to collect $143,000 in damages from the Russian Federation in favor of an insurance company.
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