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Regulation Focus - Duma postpones car insurance law.
(From Reinsurance)
The Duma, the parliament of Russia, has voted to suspend compulsory third-party car insurance just three months after its introduction.
Mandatory third-party car insurance was introduced by the Russian government in July, but quickly became unpopular, with critics claiming that the premiums were too high and the sums assured were too low to pay for any serious damage.
Previously car insurance was voluntary, with drivers effectively making on-the-spot agreements with each other in the event of an accident. The rise of organised crime in Russia, coinciding with a rise in the number of cars, has meant that accidents and arguments over whose fault it was have become more common. Russia's road ...
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