CBR: no single-step replacement of existing insurance policies will not be

CBR: no single-step replacement of existing insurance policies will not be


MOSCOW, 12 February. No single-step replacement of existing insurance policies will not, said the Chairman of the Bank of Russia Vladimir Chistyukhin.

“No one-stage replacement of existing policy (CTP) will not occur, against this decision the Bank of Russia protested very tough,” he said.

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Chistyukhin stressed that this is only an update of OSAGO forms and motorists who come to purchase the insurance policies to the office of insurance companies, just get a slightly different view on the policy.

“Such a procedure has happened in the past year and was absolutely still and unbeknownst to the motorists,” said the Chairman of the Central Bank. Proposed by the insurers of the change of forms of insurance policies linked to the need to improve their protection and anti-fraud, said Chistyukhin.

However, the regulator noted that given the existing problem of determining the coefficient “bonus-Malus”, i.e. discounts for accident-free driving, “the Bank of Russia will strongly recommend to the Russian Union of auto insurers in new forms of policies to include information about current MSC drivers”, which is a novelty for the market.

At that date, which will be issued updated forms of CTP for newly concluded contracts with the Bank of Russia did not specify.