Media: insurers will be fined for the incorrect calculation of discounts when selling insurance

MOSCOW, October 29. The Russian Union of motor insurers (RAMI) the end of the year will begin to penalize insurance companies who incorrectly used the factor for accident-free driving (“bonus-Malus”) for the calculation of discounts in the sale of insurance policies. About it the newspaper “Vedomosti” said the Executive Director of the PCA Evgenie Ufimtsev.

“Now no penalties for incorrect calculation of discounts not provided. But the RAMI Presidium decided to introduce fines for failure to provide discounts or for incorrect entry into the database of SAR information necessary for a correct calculation of the coefficient “bonus-Malus”, – the newspaper quotes Ufimtseva.

Car owners can contact the PCA if the insurer does not provide the relying rebate, or calculates incorrectly.

Ufimtsev said that the penalty for wrong calculation of the discount may be 10 thousand rubles, which is almost two times more than the average cost of CTP insurance policy for skilled drivers in Moscow (about 5.2 thousand).

Russian Association of motor also plans to introduce fines for late loading the data into the information system for CMTPL insurance and for the incompleteness of providing information or making corrections in the system.

“Fines will range between 50 and 100 thousand roubles, and at repeated violations can reach up to 200 thousand rubles. Gradation of fines still to be clarified,” said Ufimtsev.

In may 2015 the Central Bank has restricted the license of a major Russian insurance company “Rosgosstrakh” on the implementation of insurance for CTP. The reason was the failure of the company within the prescribed period, the prescriptions of the Bank of Russia on violation of the procedure for concluding OSAGO agreements, in particular, the application of the coefficient “bonus-Malus” in the calculation of insurance premiums on OSAGO.