How to effectively protect shareholders: kompfond or insurance?

January 1, 2017 in Russia may change the system to ensure the responsibility of construction companies to real estate investors: insurance as an alternative to the Russian Ministry of Construction proposes to use a compensation fund formed by contributions that will make developers from the scope of their responsibility.


It is no secret that the problem defrauded real estate investors in the country is extremely acute, and the existing mechanism of compulsory insurance of liability of developers, according to experts, to solve it is not able. Thus, according to estimates of the Association of builders of the Moscow area, only for the I quarter 2016, the amount of accrued liabilities amounted to 277 billion. Rub., While the total reserves of insurance companies is constantly maintained at the level of only 2-3 bln. Rub.

Goskompfond, the law of the Federal Law 214-FZ

Talk about the need to change the system to protect the interests of depositors began in May of this year, when it was first voiced the idea of ​​establishing a state compensation fund in the building, supported by the then Russian President, and became the basis for the development of relevant amendments to the Law 214-FZ "On Participation in joint construction."

Important: the compensation fund is planned to create "from scratch" as a separate structure, not based on any of the existing financial institutions.

In July 2016 an explanation of the formation and operation of such a fund has given the Minister of Construction and Housing and Communal Services of the Russian Federation Mikhail Men. According to him, developers will be obliged to pay to the state fund of 1% of the total construction costs of residential construction, and protection mechanism should work like this:

· When the insured event affected interest holders receive cash compensation;

· To complete the construction on a competitive basis, select a new developer who would return the amount issued through the sale of apartments in the unfinished facility.

Annual Fund originally assumed in the amount of 30 billion. Rubles. By the autumn, however, it was reported that the total amount of the fund could be three times less - about 10 billion rubles..

Expert opinion: need 150-170 billion rubles..

Experts have called the idea of ​​creating kompfonda attractive, but noted: tool holders must defend really providing payments that do not cover 3-5% of the cost per square meter, and not less than 50% (ideally - 90%) of the investment cost of construction.

A simple calculation carried out taking into account the total number of defrauded investors, and the average cost per square meter, gives a measure of discouraging the necessary size of the fund - 150-170 billion rubles..

However, and legislators, and experts agree on one thing: the new mechanism should be to exclude the slightest loophole for misuse of the fund.

What do insurers

A detailed opinion on the issue of insurers allowed to get on-line survey conducted on the ASN website, with the participation of more than three hundred representatives of the insurance industry.

96% of survey participants believe that the fund in the amount of 10 billion. Rubles. It will not become a full-fledged tool for compensation of losses of equity holders, and almost 80% of respondents said they could work more effectively association of insurance mechanisms and kompfonda.

89% of representatives of insurance companies see in the examination carried out by the insurers a basis for assessing the degree of reliability of the developer, 81% - indicate that the refusal of the developer liability insurance is a serious reason for the deprivation of the right of developers to take on obligations to equity holders.

At the same time 82% of insurance companies that participated in the survey expressed their interest in providing the insurance responsibility of the developer - the truth, provided the development of the All-Russian Insurance Association (ARIA) standard rules of the security and functioning of the mechanism of partial repayment of liabilities from the fund.

Do goskompfond will start its work, as planned, and whether it will be a real protection, whether can stimulate unscrupulous developers - the answers to these questions will be in the near future. In the meantime, the insurance community at a loss - in the belief that this protection holders formula looks like this:

Goskompfond + insurance builders liability Auto insuranche ktes