What is the insolvency administrator investigating

Personal insurance in the insolvency of the policyholder

Extract

207 § 5 The insolvency administrator's options for action If insolvency proceedings are opened against the policyholder's assets, the insolvency administrator will be asked what options he is entitled to with regard to existing insurance contracts. A. Life insurance In the case of life insurance, a differentiation must be made as to whether the insolvency proceedings are opened before or after the occurrence of the insured event. I. Opening of the insolvency proceedings before the occurrence of the insured event 1. Right of termination Before the insolvency event occurs, the right of termination in particular is of particular importance for the insolvency administrator. This at least if the early termination of the contract leads to a surrender value that the administrator can draw to the masses. In the following investigation into whether the insolvency administrator has the right to terminate, a distinction is made between insurance contracts with fully mass-related, with partially mass-related and with completely mass-free benefit claims. Depending on the extent to which the benefit claim is made, the respective contract is to be qualified as an insurance contract that is fully related to the amount, partly as belonging to the amount or as a completely free amount of insurance. a) If the entitlement to benefits fully belongs to the estate The right of the debtor to manage and dispose of the assets belonging to the insolvency estate is transferred to the insolvency administrator when the proceedings are opened, Section 80 (1) InsO. The transferring rights also include, in particular, the rights to design existing insurance contracts, 723 in particular the right of termination. If the entitlement to benefits is fully mass-related, the insolvency administrator can terminate the contract at any time in accordance with §§ 168 ...

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