Mobilised citizens to enjoy early termination of OGAGO contracts and return part of premium
To be able to early terminate their OSAGO contracts and receive a partial refund for the policy covering any time remaining unused, mobilised citizens should apply to an insurance company with a relevant application, the Bank of Russia’s draft ordinance envisages. This document is submitted for public discussion.
Such application may be made both at the insurance company office and through online accounts on the company’s website regardless of the method used to acquire the policy. Other persons will be able to early terminate contracts for the mobilised by a notarised power of attorney, where the right of early termination will be stated.
The Bank of Russia has also published draft ordinances covering electronic settlements of losses under OSAGO and two other mandatory insurance segments — carriers’ third party liability and that of owners of hazardous facilities. This is envisaged by a law to become effective on 15 July 2023.
Please send your suggestions and comments regarding these documents to the Bank of Russia until 10 November 2022.