On Nov. 30, RUS GVT issued law on compulsory insurance for vehicles.
RUS GVT issued law 435-FZ amending law 40-FZ on compulsory civil liability insurance of vehicle owners.
Key Points
The law provides for creation of a unified system of compulsory civil liability insurance of vehicle owners in the Union State and establishes the procedure for its operation.
The new law clarifies the procedure for concluding a contract of civil liability insurance for vehicle owners within the framework of international insurance systems.
Also, the procedure for using the automated insurance information system containing information on compulsory insurance contracts, insurance events, vehicles and their owners, statistical data and other necessary information when concluding contracts.
It also outlines responsibilities of a professional association of insurers when carrying out insurance operations within the framework of international insurance system.
As well as powers of police and customs officers to monitor compliance by vehicle owners with their insurance obligations under international insurance systems.
Effectiveness
The law enters into force on Jan. 1, 2025.
Dec. 2024 Update
On Dec. 5, 2024, RUS GVT Ministry of Finance announced that a unified system of auto insurance will be launched and will be extended into Belarus from Jan. 1, 2025.
The right to conclude an insurance contract within the framework of the insurance system may be granted only to insurers with a permanent location in Russia/Belarus.
Regulators
RUS GVT
Entity Types
CNSM; Ins
Reference
PR 12/5/2024; OG, law 435-FZ, 11/30/2024; Bill 695231-8
