Source: Central Bank of the Russian Federation in English
21 December 2020
The Bank of Russia has set new rates for compulsory liability insurance for owners of hazardous facilities. The relevant ordinance of the regulator becomes effective from 1 January 2021.
The regulation introduces a tariff corridor for all types of hazardous facilities. Practice shows that in other insurance types, e.g. OSAGO (compulsory motor third-party liability insurance) and compulsory carrier third-party liability insurance, a tariff corridor delivers flexibility in applying insurance rates and promotes market competition.
Based on the regulator’s analysis of all hazardous facility types (except waterworks), the lower bound of the tariff corridor was reduced by 25%.
Preview photo: Mitya Aleshkovsky / TASS