On public debate on Bank of Russia draft regulations regarding amendments to OSAGO legislation

The Bank of Russia held public debate on Bank of Russia draft regulations regarding the amendments to the legislation on the compulsory motor third-party liability insurance (hereinafter, OSAGO).

Representatives of insurance industry, expert community and civil society organisations considered Bank of Russia draft regulations concerning independent examination, underwriting rates and OSAGO Rules.

The discussion also touched upon the issues regarding the procedure for enactment of new OSAGO regulations and abrogation of currently effective OSAGO regulations of the federal executive authorities.

Debate participants generally agreed with the provisions of the documents under discussion. Taking into account the necessity of their prompt approval Bank of Russia representatives showed their willingness to accept and consider any remarks of technical and editorial nature in the shortest possible period.

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01.08.2014 00.00.00