OREANDA-NEWS. Bank of Russia completes monitoring carrier third party liability insurance tariffs.

Under the law, all carriers (with the exception of taxi cars and metro) must have third party liability insurance to cover any personal injuries to their passengers. Insurance tariffs on this type of compulsory insurance are set by the Bank of Russia.

The regulator conducts monitoring of tariffs for carrier third party liability insurance (CTPLI) on an annual basis. This time, under study were the key CTPLI-related indicators over 2014 and the first nine months of 2015.

The data analysis shows that insurance tariffs are too high for some individual means of transport (for example, motor vehicles), and they seem to be too low for some other means of transport (inland water transport and sea transport).

Based on its analysis, the Bank of Russia took a decision to review CTPLI tariffs. Currently, the regulator is in the process of making necessary calculations to adjust the tariffs.

'We hope to get this work done within the first six months of 2016 and then to discuss with the public a relevant draft ordinance of the Bank of Russia,' says Igor Zhuk, director of the Insurance Market Department.

The new tariffs are expected to get approved in 2016 H2.