Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS
russian visa

Future of Third Party Liability Insurance In Russia
May 18, 2016 16:16
Insurance industry leaders have come together at the Bank of Russia to debate the current situation in compulsory motor third party liability insurance (OSAGO), new legislative and market initiatives to improve accessibility and quality of insurance services.
The discussion was prompted by a bill that would require all insurers to issue electronic OSAGO policies, arrange repairs out of OSAGO insurance benefits, and establish conditions for uninterrupted sales of OSAGO policies in what are called ‘problematic’ regions.
Company representatives agreed that a set of measures, including legal amendments, higher responsibility of each insurer, and coordinated actions of the Russian Association of Motor Insurers, is needed to improve the situation.
As a supervisors over the insurance market, the Bank of Russia will continue to monitor the OSAGO market and to hold consultations with market participants.
The Compulsory Motor Insurance Act (OSAGO) came into force on July 1, 2003, obliging each driver to hold a policy to ensure his third party liability is covered in case of an accident. Without an OSAGO policy you cannot pass state technical inspection or even register your car. 
“From January 1, 2004, traffic police imposes fines of up to 8 times the minimum wage on drivers who have no OSAGO policy,” according to AlfaStrakhovanie, one of the biggest players.
“Only members of Russian Motor Insurers Union (RSA) have the right to provide this service to vehicle owners. AlfaStrahovanie is one of the founding members of the RSA, authorized to implement OSAGO program (Licence No. 2239 77 of 13.12.2006), and an official representative of RSA for implementation of compensation payments to victims,” reads its website.
“Russia is among the countries acceding to the Vienna Convention on Road Traffic from November 8, 1968, which means that the rules for crossing borders by car are as much as possible in line with the rules of other European countries. Nevertheless, it's important to remember that before crossing a border by car, the letters on the registration plates have to be in the Latin alphabet. When entering Russia, the customs office will issue a declaration on the temporary importation for the entire duration of your stay in the country. This document has to be safely kept since it is required for crossing the border when leaving the country,” according to the FIFA 2018 World Cup promo website
Other common insurance types include (courtesy of
· Comprehensive and Collision Insurance (CASCO), or ‘fully comprehensive’ insurance
· Voluntary Civil Liability Insurance, which increases the liability limit from the compulsory insurance contract
· Additional Equipment Insurance, which covers any equipment installed in the car

          · Driver and Passengers Insurance against Accidents  

Sources: :// :// :// :// at:// 

Author: Mikhail Vesely


Next Previous

You might also find interesting:

Moody's Hails Stronger Russian Banks The 2014 August Sanctions War Russian Banks Are Not Ready to Withstand the Crisis Minimal Inflation Was Recorded In 2017 Minsk Agreements Implementation

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Flowers Delivery

search on the map
Museum of Local Studies  Alexander Mayorov  Moscow attractions  Summer Ballet Seasons   Primorsky Territory  Murmansk oblast   Security Council  Honey Waterfalls  Christ the Saviour Cathedral  Spartak Moscow  Painting  Russian business  Moscow  Russian Literature  Russian journalists  Exhibitions in Moscow  Russian roads  Ukraine  Russia-Latvia  Sasha Chorny  Russian wins  Russian oligarchs  Mikhail Kutuzov Cruiser   Ufa  Vladimir Vysotsky  Megafon  Russian transportation  animals  Mikhail Ulyanov  tourist crisis  International Chamber Opera Festival  Russian gas  Russian architects  Pierre Richard  Russian history  The Moon  Russian Cinema  Russian tourism  Shakira  Archeology  Republic of Buryatia  Moscow Kremlin   health  Russian companies  Mercedes-Benz Fashion Week Russia  Opposition  Russian interent  Instagram  Russian Astronauts  Elbrus 

Travel Blogs
Top Traveling Sites