Individuals to participate in discussing CMTPLI price reference guides
The updated Unified Methodology for Calculating Expenses on Corrective Maintenance of Damaged Vehicle under compulsory motor third-party liability insurance (CMTPLI) agreements introduces a new procedure for preparing and approving reference guides on average prices for spare parts and materials and standard hourly rates, including their public discussion.
The document has been registered by the Ministry of Justice. It is to come into force on 20 September (90 days of its official publication) and will replace the methodology that has been in effect since 2014.
From now on, average prices will be calculated for each constituent territory of the Russian Federation (previously — for larger territories, economic regions) and updated every three months (instead of every six months). Each new version of price reference guides will be subject to public discussion on the website of the professional association of insurers before approval. Anyone will be able to express their comments and suggestions on the proposed average prices for spare parts, materials and works.
The document also clarifies the procedure for calculating the value of salvage material in the case of a total loss of a vehicle and specifies the sources of information about the cost (prices of internet shops will be taken into account). The requirement to identify the vehicle provided for inspection and other amendments are introduced.
The new methodology will help improve the transparency of the preparation of price guides and exclude ambiguous wordings. When preparing the document, the Bank of Russia took into account the existing law enforcement practice and suggestions of insurance market participants and experts.