- BIST10011,722-2.89%
- USD49.42+0.06%
- EUR55.41+0.20%
- GOLD4,178.40+0.20%
- INTEREST37.00%-1.00
- BITCOIN81,293-1.02%
- October 16, 202612°
- BIST10011,722-2.89%
- USD49.42+0.06%
- EUR55.41+0.20%
- GOLD4,178.40+0.20%
- INTEREST37.00%-1.00
- BITCOIN81,293-1.02%
- October 16, 202612°
Russia proposes raising compulsory motor liability insurance limits
Russian Deputy Finance Minister Ivan Chebeskov said they support raising payout limits under compulsory motor liability insurance. Chebeskov said the increase should not lead to a significant rise in insurance rates, while the Russian Union of Motor Insurers proposed higher limits.
Russian Deputy Finance Minister Ivan Chebeskov said they support raising compensation limits under compulsory motor liability insurance. Chebeskov said the limits used for payments to people killed or injured in accidents should be increased, in particular.
Speaking at the Mosfinforum in Moscow on September 26, Chebeskov said any potential regulation should not cause a significant increase in insurance rates. The deputy minister said the issue should also be discussed with representatives of the insurance sector, the Central Bank of Russia and parliament.
Current limits in Russia
Under compulsory motor liability insurance, the current payout limit for damage to vehicles and other property is 400,000 rubles. The limit for damage to people's lives or health is 500,000 rubles.
Raising the limits has been among the issues discussed by officials and the insurance sector for a long time. In many cases covered by insurance, vehicle damage exceeds the existing payout thresholds, while some types of life and health insurance use higher limits.
Insurers seek higher limits
The Russian Union of Motor Insurers had proposed raising the payout limit for property damage to 1 million rubles and the limit for damage to life and health to 2 million rubles.
Stay Updated with RuskiGazeta
Subscribe to be informed about special news, developments and announcements. We will keep you informed.
By signing up, you agree to our Privacy Policy
