MOSCOW, November 1 - RAPSI, Dmitry Shchitov. An appeals court has upheld the decision to award the ROSNO insurance company $26.6 million from the Swiss Infrassure reinsurance firm in connection with an accident at the Sayano-Shushenskaya Hydropower Plant, the Russian Legal Information Agency (RAPSI) reports from the courtroom.
Infrassure appealed the lower court judgment awarding ROSNO 684.13 million rubles ($22.7 million) in reinsurance recovery, as well as expenses incurred by ROSNO and interest.
ROSNO insured RusHydro's property, including the Sayano-Shushenskaya hydropower plant, in 2008.
The insurer then reinsured its own risks in foreign companies. It entered into a reinsurance contract with Infrassure in January 2009.
The Sayano-Shushenskaya Hydropower Plant's collapse on August 17, 2009 claimed 75 lives, and shut down the plant's operations. ROSNO acknowledged its liability for the accident in February 2010, and paid $199.95 million in compensation.
In turn, ROSNO appealed to Infrassure for indemnification through its reinsurance policy. However, the reinsurer paid only $11.4 million of the $34 million to be paid under the contract.
ROSNO filed a lawsuit seeking 802.5 million rubles ($26.6 million) from Infrassure.
Infrassure's lawyer said the insurance event was not covered by the contract.
Meanwhile, ROSNO's lawyer maintained that the actual occurrence of the accident should be considered an insurance event under the contract.
ROSNO was founded in 1991. The Allianz New Europe Holding GMBH, the Central and Eastern Europe division of the Allianz SE global insurer, owns the controlling stake in ROSNO.