Nabiullina noted the need to strengthen control over the availability of CTP for drivers

The administration of control over the availability of CTP policies for drivers needs to be improved, which will increase the collection of insurance premiums and improve the financial performance of insurance companies in this segment. This was announced on August 10 by the head of the Bank of Russia, Elvira Nabiullina, at a meeting of the Presidium of the State Council for the Development of Public Transport.

"I fully support the need to improve the administration of fines for the fact that many people drive without a [CTP] policy. And indeed, insurance companies may potentially make additional profits — the proceeds from buying more policies," said the head of the Central Bank.

According to her, legislative changes to strengthen control over the absence of CTP policies have already been adopted, but the necessary technical system has not yet been implemented. Nabiullina noted that the Bank of Russia, together with the Ministry of Internal Affairs, verified the reliability of the data in the insurance system and revealed a high level of accuracy.

The head of the Central Bank stressed that the launch of automated control will potentially increase the income of insurance companies. At the same time, according to her, it is first necessary to achieve a reduction in the current unprofitability of CTP.

Nabiullina said that now the loss rate of compulsory car insurance is 103%, that is, the amount of payments from insurance companies exceeds their fees for this type of service.

She also noted that a possible increase in the income of insurers should not lead to an increase in the cost of policies for citizens. According to the head of the regulator, it is first necessary to ensure effective control over compliance with the requirements for the availability of CTP, after which it will be possible to assess the amount of additional revenue and the prospects for their use.

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New CTP rules approved by the Central Bank of the Russian Federation came into force in Russia on August 1. Drivers can now refund part of the cost of the policy if they cancel it before the start of the action. Previously, the money was not returned, now it will be returned minus the cost of doing business. In addition, fixed payment limits were excluded from the rules in case of disagreements between participants in an accident.