OREANDA-NEWS. December 25, 2009. The newspaper RBK daily published an article entitled "Insurers Taking Legal Action to Collect Debts". The article reports the comment of Renaissance Insurance Group LLC’s representative stating that Ingosstrakh’s debt in connection with the claims of this insurer exceeds Renaissance Insurance's debt and amounts to 10.805 million rubles.

In connection with this Ingosstrakh OJSIC specifies that its debt to the said company amounts to 8,483,669.07 rubles. At the same time, as of December 2009, the debt of Renaissance Insurance Group for the subrogation claims made by Ingosstrakh under compulsory motor third-party liability insurance amounts to 27,082,684 rubles. Therefore, the mathematical calculations made by the professional insurer are genuinely surprising. The company’s financial units should adequately represent the actual status of the mutual settlements with the counterparty to their management and to mass-media.

It should be noted that due to the failure by Renaissance Insurance Group to perform its obligations to pay Ingosstrakh OJSIC’s claims, 204 legal actions were taken during the current year, of which 111 were won. So far during 2009 Ingosstrakh in Moscow paid 20,507,350.88 rubles to the aforementioned company, while Renaissance Insurance Group paid to Ingosstrakh only 13,332,447.38 rubles in the metropolitan region.