OSAGO policy form updated and cooling-off period longer under new regulations

With new legislation becoming effective from 1 January 2018, the cooling-off period in insurance will increase from the current 5 working to 14 calendar days. This means the consumer will have two weeks to see if the insurance policy is really necessary when it was enforced, or if it is superfluous and request cancellation from the insurance company.

Furthermore, in accordance with Bank of Russia Ordinance No. 4192-U, dated 14 November 2016, the new OSAGO policy form will be in use effective 1 January 2018. As before, this new form will be used for both OSAGO policies issued electronically and as hard copies.

The new policy form (initially, for policies executed in hard copies, with e-policies to follow) will feature a QR-code, which will contain the following information: insurer name, policy series, number and issue date, start and end date of the period of service covered by the OSAGO policy, vehicle brand / model, its VIN and registration plate.

The policy itself will contain data on the insurance premium amount with its calculation principle alongside the driver's grade in OSAGO terms.

As an option, the reverse side of the policy will include references to voluntary insurance contracts made in parallel with OSAGO, and compliant with BoR standards.

The changes to OSAGO policies aim to take the quality of insurance to a new level, mainly from the policy holder's standpoint. At the same time, the current policy form will remain valid through 1 July 2018.