Policy on the other hand - 1BiTv.com

Policy on the other hand

Russia combines CTP and Casco.


Policy on the other hand


The Bank of Russia has developed minimum requirements for the conditions and procedure for voluntary car insurance. They allow not to conclude a separate motor hull agreement, but to enter information about it into the motor third party liability insurance contract. Thus, car owners can get by with one policy instead of two.
The idea of combining OSAGO and Casco has been discussed for several years. This spring, the discussion reached a new level after a State Duma deputy voiced a proposal to Prime Minister Dmitry Medvedev. The head of government instructed the Ministry of Finance, the Ministry of Economic Development, the Bank of Russia and the Ministry of Justice to think about how it can be implemented.
Compulsory motor third-party liability insurance compensates for damage to other road users, and comprehensive insurance covers third-party insurance: damage (including through the fault of the owner), theft or theft. In addition, as Deputy Finance Minister Aleksey Moiseev specified, CTP is a public contract, while a comprehensive insurance contract is a civil contract, so it is quite difficult to combine them into one contract. That is, the products are completely different.

It was assumed that the creation of a "hybrid" would require serious amendments to the law. However, later a simpler solution was found: to put CTP on one side, and hull on the other. Such a scheme allows dispensing with the adjustment of the law by resolving the issue at the level of regulatory acts of the Central Bank.
It is assumed that the term of insurance of a voluntary car insurance agreement will coincide with the term of the compulsory "auto citizen" policy. In the event of termination of the policy of compulsory motor third-party liability insurance, the motor hull policy will also terminate.

The Russian Union of Auto Insurers participated in consultations when deciding on the issue of combining motor third-party liability insurance and comprehensive insurance. "The method of solving this problem, chosen by the regulator, in our opinion, is potentially workable," said the executive director of the union.

Source: Russian newspaper


05.09.2019 10:58:15
(Automatic translation)




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