On the Meeting to Address Issues of Adjusting Insurance Tariffs for Compulsory Third-Party Liability Car Insurance

On 24 April 2014, the Bank of Russia held a meeting to discuss the issues of adjusting the insurance tariffs for compulsory third-party liability car insurance (OSAGO).

The meeting was attended by representatives of the Administration and Experts Directorate of the Russian President, the Russian Federation Government, the State Duma, the Federal Antimonopoly Service, the leading business associations and the largest companies operating in the insurance market, as well as representatives of the expert community, consumer rights protection organisations, and social movements of car enthusiasts.

The meeting discussed the reports with developed proposals to adjust the base rates of insurance tariffs in view of the upcoming increase in insurance payments as regards compensation for property damages. Corresponding changes are envisaged by a draft law getting ready for its second reading in the State Duma of the Russian Federation.

The participants put forward a number of proposals dealing in particular with a possibility to publish some primary data used as a basis for independent actuarial organisations to carry out corresponding tariff changing calculations. Also, a viewpoint was upheld that insurance tariff adjustment must go in parallel with higher quality services provided by insurance companies.

At the end of the meeting, its participants voiced their unanimous support for a complex development of OSAGO legislation to build a well-balanced system and enhance traffic safety.

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25.04.2014 00.00.00