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

Third Party Liability Insurance In the Spotlight
18.05.2016 16:06
Third Party Liability Insurance In the Spotlight
Photo Credit:

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 


Author: Mikhail Vesely


Next Previous

You might also find interesting:

The Net Profit Of Aeroflot Went Up
Belarus Cheese Doesn't Comply With the Requirements Of the Customs Union
Food Products From Egypt Will Be Supplied To Russia
Dollar Exchange Rate May Rise By Three-Five Roubles
Vegetables And Fruits Will Become Cheaper

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Russian Parliament in Action

search on the map
Dima Yakovlev Law  Transportation  Tibetan Atlas  Russian Literature  Lumiere Hall   Russian Cinema  Tver region  LGBT in Russia  Irina Starykh  Mercedes-Benz Fashion Week Russia  migration in Russia  Russian politicians  2018 World Cup  Kari Suomalainen  Emelyan Pugachev  investment  St. Petersburg fountains  Nadezhda Petrova  Kamchatka  Republic of Buryatia  Leningrad Region  Magnitsky Act  Astrakhan Oblast  Valery Gergiev  Russian business  Archeology  Wi-Fi in Public Transport  Primorsky Territory  Russian church  Russian history  Russian tourism  environment  Russian art  Sergey Bondarchuk  Festivals in Nizhny Novgorod  Petroglyph Cave  Pskov Region  Moscow  incident  Kronstadt  Labour Day  Sergei Udaltsov  Voronezh   Krasnokamensk  IT  Painting  Belokuriha  humour  Exhibitions in Moscow  Marc Quinn 

Travel Blogs
Top Traveling Sites