conclusion of an recovery - nexi · conclusion of an insurance contract occurrence causing possible...

Recovery Obligation of loss prevention Conclusion of an insurance contract Occurrence causing possible losses Claim for payment of insurance Expiry of claim for payment of insurance Deadline for notice of occurrence of losses Date of the occurrence of the insured event Allocation of Recovered money Approval for termination of the insured’s recovery obligation Recovery Phase • Debt recovery by the insured • Debt recovery by NEXI Maximum Speedy Eﬃcient Recovery through various measures Payment of insurance claims 24 25 Notice of occurrence of possible losses The insured needs to inform NEXI of any event which may cause possible losses, that has occurred before payment due date, within 15 days (or one month depending on the types of insurance) of becoming aware of such event. Notice of occurrence of losses The insured needs to inform NEXI of the occurrence of losses within one month (or 45 days depending on the types of insurance) when becoming aware of such event. Insurance claims will be paid within two months from the date of the claim. *This is an image of the procedures. For details, please contact Claims Service & Recovery Group, Asset Management Department (Phone: 81-(0)3-3512-7663) NEXI will directly take charge of debt recovery when NEXI thinks it is more appropriate to do so. (In this case the insured is exempt from the obligation of recovery.) NEXI usually recovers debt through the governmental channels including Paris Club for political claims and debt collection agencies for commercial claims. After receiving the insurance claims, the insured needs to recover the covered portion of the debt. (Obligation of recovery) Approval for assignment of Paris Club claims uncovered by insurance Since FY2002, the insured (Paris Club creditor) has been allowed, under certain conditions, to transfer the uncovered portion of the rescheduled claims to a third party. Through this NEXI expects to contribute to more efficient asset management and cost reduction by the insured. Transfer of Paris Club claims uncovered by insurance to NEXI Since FY2004, NEXI has enabled the insured to transfer to NEXI the uncovered portion of the rescheduled Paris Club debt owed by HIPCs for the sake of the insured’s more efficient asset management and reduction of costs, as well as for the sake of NEXI’s efficient recovery. Furthermore, from the viewpoint of customer service expansion, since FY2007, NEXI takes over the uncovered portion of the rescheduled Paris Club debt other than for HIPCs. Services for recovery

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Recovery

Obligationof loss

prevention

Conclusion of aninsurance contract

Occurrence causing possible losses

Claim for payment of insurance

Expiry of claim for payment of insurance

Deadline for notice ofoccurrence of losses

Date of the occurrence of the insured event

Allocation ofRecovered money

Approval for termination of the insured’s recovery obligationRecovery Phase

• Debt recovery by the insured• Debt recovery by NEXI

Maximum Speedy Efficient

Recovery throughvarious measures

Payment ofinsuranceclaims

Insurance claims payment and debt recovery procedures

24 25

Notice of occurrence of possible lossesThe insured needs to inform NEXI of any event which may cause possible losses, that has occurred before payment due date, within 15 days (or one month depending on the t ypes of insurance) of becoming aware of such event.

Notice of occurrence of lossesThe insured needs to inform NEXI of the occurrence of losses within one month (or 45 days depending on the types of insurance) when becoming aware of such event.

Insurance claims will be paid within two months from the date of the claim.

*This is an image of the procedures. For details, please contact Claims Service & Recovery Group, Asset Management Department (Phone: 81-(0)3-3512-7663)

NEXI will directly take charge of debt recovery when NEXI thinks it is more appropriate to do so. (In this case the insured is exempt from the obligation of recovery.)

NEXI usually recovers debt through the governmental channels including Paris Club for political claims and debt collection agencies for commercial claims.

After receiving the insurance claims, the insured needs to recover the covered portion of the debt. (Obligation of recovery)

Approval for assignment of Paris Club claims uncovered by insurance

Since FY2002, the insured (Paris Club creditor) has been allowed, under certain conditions, to transfer the uncovered portion of the rescheduled claims to

a third party. Through this NEXI expects to contribute to more efficient asset management and cost reduction by the insured.

Transfer of Paris Club claims uncovered by insurance to NEXI

Since FY2004, NEXI has enabled the insured to transfer to NEXI the uncovered portion of the rescheduled Paris Club

debt owed by HIPCs for the sake of the insured’s more efficient asset management and reduction of costs, as well as for the sake of NEXI’s efficient recovery. Furthermore, from the viewpoint of customer service expansion, since FY2007, NEXI takes over the uncovered portion of the rescheduled Paris Club debt other than for HIPCs.

Services for recovery

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