OREANDA-NEWS. The current situation in compulsory motor third party liability insurance (OSAGO), legislative and market initiatives designed to improve accessibility and quality of insurance services have been discussed today at the Bank of Russia at the meeting with insurance sector representatives.

The discussion focused on the bill on obliging all insurers to issue electronic OSAGO policies, arranging repairs out of OSAGO insurance benefits, and establishing conditions for uninterrupted sales of OSAGO policies in problematic regions.

Meeting participants reached the agreement that accessibility of OSAGO policies should be ensured through a set of measures – amendments to the legislation, responsible attitude of each insurer, and coordinated actions of the Russian Association of Motor Insurers.

The Bank of Russia will continue to monitor the OSAGO market and to hold consultations with representatives of insurance interests regarding the solutions to ensure accessibility of OSAGO and sustainable operations in this segment of the insurance market.