OREANDA-NEWS. Bank of Russia Insurance Expert Council discussed preparations for the introduction of electronic sale of OSAGO polices starting 1 January 2017 at its meeting today.

From 1 January 2017, law regulations will come in force to make insurers conclude OSAGO e-contracts with any car owner. This will add to availability of OSAGO especially in the so-called problem regions and substantially increase the quality of services.

The meeting also addressed the Bank of Russia draft regulation which sets special requirements to continuous operations of websites of insurers and the Russian Association of Motor Insurers (RAMI) when selling OSAGO e-polices.

The discussion resulted in the decision to put finishing touches to the document which is regarded a key one for a full-scale launch of OSAGO e-sale system with due account for the comments and suggestions made.

The Expect Council also analysed initiatives of the Russian Finance Ministry as regards a possible revision of OSAGO tariff policy. Novations deal with a possibility to sign a three-year OSAGO contract, select different amount of OSAGO insurance and adjust the coefficients used to calculate the police cost. For example, a suggestion was put forward to exclude the territorial coefficient from the calculation, as well as the coefficient derived from the engine power of a passenger car, and update drivers’ skills coefficient (competence and experience) and other qualification requirements touched upon earlier by the Finance Ministry.

Participants to the meeting took a decision to launch an actuary assessment of the proposed amendments to OSAGO tariffs to study their possible influence on market conditions.

Besides, the Expert Council looked into new rules of building up by insurers insurance reserves developed by the Bank of Russia.