On Bank of Russia Regulation No. 574-P, dated 28 December 2016

The Bank of Russia issued Regulation No. 547-P, dated 28 December 2016, ‘On the Rules of Compulsory Third Party Liability Insurance of the Owner of a Hazardous Facility against the Damage Resulting from an Accident at Such Facility’, registered by the Ministry of Justice of the Russian Federation on 15 March 2017 No. 45962.

The Regulation sets standards to regulate, among other things, the following aspects:

the procedure for concluding, amending, extending, terminating (cancelling) a compulsory insurance agreement;

conduct of individuals covered by compulsory insurance, including during an insured event, and the list of required documents to be provided by the insurant to the insurer;

the procedure to calculate the amount of insurance indemnity, the list of required documents comprising personal data on injured parties, among other things.

The rules of compulsory third party liability insurance of the owner of a hazardous facility against the damage resulting from an accident at such facility are currently regulated by Russian Federation Government Resolution No. 916, dated 3 November 2011, ‘On Approving the Rules of Compulsory Third Party Liability Insurance of the Owner of a Hazardous Facility against the Damage Resulting from an Accident at Such Facility’ (hereinafter, Resolution No. 916).

The Regulation becomes effective from the date of repeal of the Resolution No. 916.

The reference to the Press Service is mandatory if you intend to use this material.

22.03.2017 00.00.00