On limits of insurance tariff base rates and ratios for compulsory motor third party liability insurance
The Bank of Russia issued Ordinance No.
The Ordinance establishes the minimum and maximum insurance tariff base rates (‘tariff corridor’) and insurance tariff ratios, including the ratio for driving a vehicle equipped with a trailer.
The document determines the requirements for insurance tariff structure and their application by insurers when calculating the insurance premium for compulsory motor third party liability insurance.
The maximum base rate increase will equal 30% of the current rate, and the tariff corridor is estimated at 5.2 percentage points towards the decrease of the maximum value.
Insurance companies will determine the base insurance tariff within the ‘tariff corridor’ for each vehicle category depending on the territory of its primary use. The document determining the base insurance tariff must be published on the insurer’s website.
The Ordinance becomes effective the day Government Resolution No. 739, dated 8 December 2005, ‘On the Approval of Insurance Tariffs for Compulsory Motor Third Party Liability Insurance, Their Structure and the Procedure for Application by Insurers when Calculating the Insurance Premium’ is recognised null and void.
In compliance with legislation, starting from 1 October 2014, the maximum insurance indemnity under the compulsory motor third party liability insurance with regard to damage to property of one aggrieved person increases from 120,000 rubles to 400,000 rubles. Wear limits of components (parts, assemblies and packages) subject to replacement in the course of repairs decrease from 80% to 50%.
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01.10.2014 00.00.00