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The compensation program on Gosstrakh USSR insurance policies may be closed

The program has been operating in Rosgosstrakh for 10 years. By present, a bit less than a third of Russian citizen have received the compensation payments under such accumulative personal insurance agreements, according to
The compensation program on Gosstrakh USSR insurance policies may be closed

Rosgosstrakh, as before, remains an authorized agent of the Government of the Russian Federation for the state debt settlement under "Soviet" insurance policies concluded before January 1, 1992. According to statistics, almost 52.5 million people had the long-term contracts on children insurance to the full age, marriage, or supplementary pension, signed with Gosstrakh, which at that time was a part of the structure of Ministry of Finance. The total amount of contributions for them was estimated at billions of rubles. However, as a result of market reforms and the economic crisis in early 1990s, these contributions depreciated: 1,000 rubles of the old model turned into 1 ruble.

In 1995, the state legally recognized insurance contributions as its internal debt, pledging to return them to the population in a similar way as bank deposits. Rosgosstrakh was appointed as the state agent. The project compensation pay off on Soviet insurance policies was designed for ten years. However, Tatyana Baburina, the head of the Center for Compensatory Payments Organization in PJSC IC "Rosgosstrakh", noted that by now less than a third of the citizens who have legal grounds to receive compensation have used this right.

"Perhaps not everybody knows that they can get compensation for "pre-reform" contracts of personal accumulative insurance effective as of January 1, 1992. Some people have no insurance certificates confirming contributions, and therefore do not apply for compensation. I would like to emphasize, - says Tatyana Baburina, - that in case the documents are missing we can help checking the information on the contracts. By applying to the Processing Center for Compensation Payments, one should specify in the application as much data as possible: the name, first name, patronymic of the policy holder/insured, type of insurance and at least approximate contract duration."

Tatyana Baburina emphasizes: "We should hurry, as the compensation program has been in effect for more than 10 years and can be closed. The amount of compensation depends on the amount of contributions and on the year of birth of the recipient. If the policy holder or the insured have already passed away, the heirs are entitled to compensation to pay for funeral services."

Citizens of the Russian Federation born before and including 1991, having a current agreement on accumulative personal insurance as of January 1, 1992, can apply for compensation in Rosgosstrakh.


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