Friday, October 1 2010 11:31

Motor Insurers' Bureau publishes draft tariff policy for OSAGO insurance policies


ArmInfo. Motor Insurers' Bureau has published a draft tariff policy for OSAGO (compulsory third party motor liability insurance) insurance policies to be introduced in Armenia on January 1 2011. The project says that the upper ceiling of the OSAGO policy will total 133.2 thousand drams and the minimum basic cost of the policy is 21.8 thousand drams. The basic cost of the policy will make up 37.3-39.9 thousand drams. This will be a basis for calculation of the upper ceiling and minimum basic cost.

Motor Insurance Bureau data say that the maximum basic cost of OSAGO policy depends on the maximum risk ratio, and the minimum basic cost of the policy depends on the minimum risk ratio calculation. Motor Insurance Bureau Executive Director Vahan Avetisyan told ArmInfo the maximum price will rule out intentional rise of the tariffs by insurers and the minimal cost will rule out damping policy. This will ensure financial stability of the compulsory insurance system.

The risk ratio calculation depends on such factors as the driving experience and age of drivers, the number of the people allowed to drive the given vehicle, the engine capacity and the purpose of use. In an approximately 2 years period a bonus-malus system will be applied to the OSAGO policy calculation. This will influence the size of insurance premium and will be based on driving behavioral history. Motor Insurers' Bureau Council will meet on October 6 2010 to approve the given draft tariff policy and submit it to the Armenian Central Bank for consideration and approval.
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