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Third Party Liability Insurance In the Spotlight
18.05.2016 16:06
Third Party Liability Insurance In the Spotlight
Photo Credit: http://apustudentgov.com

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 http://welcome2018.com.

      
Other common insurance types include (courtesy of https://www.angloinfo.com):

      
· 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: http://www.alfastrah.ru https://www.angloinfo.com http://welcome2018.com 

Author: Mikhail Vesely

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