Bank of Russia: insurance companies not to delay OSAGO payment decisions
The Bank of Russia has identified cases when insurance companies violated the deadline for making a decision on OSAGO-insured events because the damaged vehicle was not provided for inspection for an unknown reason. The regulator sent an information letter to insurance companies stating that such violations are unacceptable.
Pursuant to the law on OSAGO, an insurance company may prolong the deadline for making a payment decision if the damaged vehicle was not provided for inspection on the date approved by the insurance company and the injured party. This includes cases when the vehicle is located in another city and/or is so heavily damaged that its transportation is impossible. However, in this situation, the company must approve a new inspection date for the vehicle owner and have proof that the injured party indeed failed to provide the vehicle for inspection on the agreed date.
The Bank of Russia notes that if the insurance company does not have documents confirming that the damaged vehicle was not provided for inspection and a new date was duly approved it may not delay making a decision whether to pay or not to pay the insurance amount because it violates the law.