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Recovery

General information
Once SERV has indemnified the loss, the policyholder's claim passes to SERV in the amount of the paid indemnity. The policyholder is nevertheless still obliged to continue to take legal action against the debtor in consultation with SERV, which may share the cost of such action. SERV can enter into restructuring agreements with debtors. These are then binding on the policyholder.

Bilateral agreements/Paris Club
Where the debts of a debtor country that is in financial distress are rescheduled, SERV represents the interests of the policyholder.

The conclusion of a bilateral rescheduling agreement and acknowledgement of the debts by the debtor country are a prerequisite for indemnification. Before such an agreement is concluded, policyholders are informed by SERV and invited to disclose their outstanding debts. SERV then submits the lists of outstanding debts to the debtor country's Central Bank for approval. Once the bilateral agreement has been concluded, the policyholders are informed about the details of the debt rescheduling and about the compensation procedure.

In the case of heavily over-indebted countries, debt restructuring agreements are usually negotiated under the auspices of the Paris Club, which establishes binding basic conditions that are agreed in the form of a bilateral agreement with the country in question.

Version: 03.01.2014

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