Selling e-CMTPLI: regulator’s requirements
When selling electronic compulsory motor third-party liability insurance (CMTPLI) policies, insurers shall make it possible for a consumer to specify the engine power in either kilowatts or horsepower depending on how it is indicated in the consumer’s documents, according to the Bank of Russia’s information letter.
If insurers fail to do so, consumers may complain about this to the Bank of Russia via its online reception and attach the screenshot as proof.
The regulator has found out that, in some cases, electronic CMTPLI agreement forms offered on insurers’ websites only allow consumers to specify the engine output in horsepower. Accordingly, where the engine power is expressed in other measurement units, consumers have to either convert them on their own or abandon the idea of buying a policy.