The deputies of the State Duma in the first reading adopted a bill on the creation of a reinsurance pool in the OSAGO market. The document will remove the requirement to have a license for reinsurance for insurers carrying out reinsurance exclusively within the framework of the CMTPL reinsurance pool being created, which will increase the availability of insurance for taxis and carsharing.
According to the current legislation, the reinsurance pool may include those insurers who have the right to carry out this activity. However, about half of the insurers working with OSAGO cannot obtain a license for reinsurance due to the current rule that the minimum authorized capital of a reinsurer must be at least 600 million rubles.
This draft law will allow all insurers carrying out OSAGO to engage in reinsurance. The category of OSAGO contracts that can be transferred to reinsurers will be specified in the agreement approved by the Central Bank. The Bank of Russia will be able to establish separate requirements for the reinsurance pool. Also, the risks under the OSAGO agreement will be transferred to the pool in full, the distribution of the risk share between its participants will also be determined by the agreement.
The authors of the bill suggest that the document will increase the availability of this type of insurance. “The possibility of transfer by the insurer to the reinsurance pool of risks in highly unprofitable OSAGO segments will ensure an adequate level of OSAGO accessibility, without endangering the financial stability and solvency of individual insurers,” the explanatory note says.
The bill was introduced by a group of deputies headed by Anatoly Aksakov, chairman of the financial market committee.
More details in the material – “Kommersant” “Insurers will share the damage from the “checkers””.