Rules On Insolvency Practitioner's Liability Insurance And The Minimum Sum Insured

Original Language Title: Noteikumi par maksātnespējas procesa administratora civiltiesiskās atbildības apdrošināšanas kārtību un minimālo apdrošinājuma summu

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now

Read the untranslated law here:

Cabinet of Ministers Regulations No. 909 Riga 2007 December 18 (Mon. No 70 14. §) rules on insolvency practitioner's liability insurance and the minimum sum insured Issued in accordance with article 30 of the law of insolvency in the second part of rule 1 defines the order in which you are insured, the insolvency administrator Pro ces (hereinafter referred to as the administrator), civil liability, as well as the policy on insurance against civil liability in respect of the minimum amount. 2. the insurance object is the administrator's liability for his pro fesionāl operations result in damage done to the country, the capacity of the subject maksātn, vendor, or other person. 3. The civil liability insurance contracts shall be concluded for a specific insolvency proceedings for a period not less than six months. The administrator is responsible for civil liability insurance contract validity period from the date of the insolvency proceedings to the termination of the insolvency proceedings. 4. Liability insurance contract of a particular pay disability process is concluded promptly, but not later than three days after the Declaration of insolvency proceedings. The minimum sum insured on the insurance period and for one insurance event is 5000 lats. 5. Legal entity insolvency proceedings in a meeting of the creditors have the right to determine the level of other policyholders, but not more than 10 percent of the total assets of the debtor, the creditors ' meeting declared in the approved balance sheet. The meeting of the creditors have the right to reduce the amount of the policy holder. If the kr is defined by the other ditor meeting of policyholders, policyholder rinoš transmit documents administrator accounts payable within the time limit set for the meeting and shall be submitted in addition to the agenda. 6. Legal persons in proceedings in which the debtor is not active, the administrator concluded a civil liability insurance contract within 10 days after the creditors meeting for a decision fixing the amount of the policy. Civil liability insurance contract concluded pursuant to paragraph 3 of this rule. 7. the civil liability provided for in the insurance contract should not exceed 500 lats. 8. the costs of claims administrator restores civil insurance cover specified in the contracts. 9. Legal persons in proceedings of a civil liability insurance contract, renewal, suspension or termination of the administrator notifies the next AP meeting. 10. If administrators change the new administrator when appointed conclude new insurance against civil liability in respect of those provisions of the Treaty. 11. Regulations shall enter into force by 1 January 2008. Prime Minister a. Halloween Justice Minister g. Smith