Rights deceived investors protect banks and insurers
Posted by Unknown
on Friday, 15 January 2016
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Rights deceived investors protect banks and insurers
Responsibility of the developer to the participants of shared construction must be insured or guaranteed by the Bank. These requirements entered into force on 1 January.
Until
now, the main way to ensure commitments were secured rights to land,
but the crisis has demonstrated the ineffectiveness of such a mechanism.
Therefore, in addition to the pledge every developer now has to
provide the guarantee of a bank or an insurance policy that guarantees
payment for the benefit of shareholders.
Guarantor
is responsible to the participatory construction in the same volume as
the developer - the buyer is entitled to demand flat with a bank
penalty, fines and penalties for late delivery of the object, the
transfer of low-quality housing and other violations. This
law determined that the guarantor may only credit institution,
operating in the market for at least five years, with at least 1 billion
of equity capital and to comply with all regulations of the Bank of
Russia and other legal requirements. The guarantee should operate for at least two years after the end of the period of construction. Strict
requirements are set for insurance companies - not less than five
years' time, "their own funds in the amount of 400 million rubles, and
so on.
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Labels: Insurance
