Insurance Regulation

Regulation on the Euro Trade Commission insurance fund

1. General Provisions

1.1. This Regulation is a normative document for the formation and use of the Euro Trade Commission insurance fund (hereinafter – E.T.C.). All attributed provisions comply with European Union law.

1.2. The mission of the insurance fund is aimed at the formation of financial obligations of certified members of the organization, which guarantee the existence of compensation to customers in the event of any damage caused due to poor-quality services or in the case of non-solvency of members certified by E.T.C.

1.3. E.T.C. Foundation bears financial responsibility within the generated resources and exclusively for the obligations of certified companies stipulated in the documents regulating relations between companies and customers, and spends money solely on compensation for losses arising from non-performance or improper performance of these obligations.

2. Formation of the insurance fund

2.1. The insurance fund is formed by contributions by companies certified by E.T.C. Contributions to the insurance fund are transferred to the account of E.T.C. or in any other way, in accordance with the legislation of the European Union.

2.2. Upon receipt of the E.T.C. certificate of conformity, the financial institution is obliged to transfer to the insurance fund within 5 business days after the decision to issue this certificate.

2.3. The exemption of the financial institution from the obligation to contribute to the insurance fund is excluded, despite any specific situation of the member.

2.4. In case of withdrawal from a member of the certificate of conformity in accordance with the current Charter of E.T.C., the contribution made to the insurance fund is not refundable.

3. Payments from the insurance fund

3.1. Payments from the insurance fund are possible only in situations where Commissioners E.T.C. recognize violations by a company certified by E.T.C., and she, in turn, rejected the consideration of the claim and reimbursed the client for the amount of losses.

3.2. The funds of the insurance fund are spent exclusively for the purposes provided for in paragraph 1.3 of these Regulations.

3.3. In the event that the validity of the customer’s claim and the need to satisfy it are recognized, Commissioners E.T.C. make payment from the insurance fund. Payment is made no later than 10 business days after the adoption of the relevant decision.

3.4. Payments are made to payment details declared by clients, which must correspond to the original source of financing by the client. E.T.C. The right to demand all the necessary documents to identify the client. In case the client refuses to submit the required documents, E.T.C. reserves the right to refuse to pay him out of the insurance fund.

4. Final provisions

4.1. This Regulation shall enter into force upon publication on the official website of E.T.C. (https://eurotradeco.com) and notification by e-mail of all members of E.T.C.

4.2. Changes and additions to these Regulations are approved by the Commissioners of E.T.C. and posted on the official website of the Partnership.