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CMS Client Alert | June 2014 | Insurance & Funds

Amendments to the law “On Insurance in the Russian Federation” intended to legalise electronic insurance contracts came into force

17/06/2014

On 4 June 2014, Federal Law No. 149-FZ dated 4 June 2014 “On Amending the Law of the Russian Federation “On Insurance in the Russian Federation” and certain laws of the Russian Federation” became effective (the “Law”).

The amendments introduced by the Law are, in particular, aimed at regulating the procedure under which an insurer and an insured, policy holder or beneficiary exchange electronic documents in order to enter into an insurance contract. They apply to both voluntary and mandatory insurance. In relation to mandatory insurance, the Law only refers to the general possibility of exchanging documents electronically, whilst the specificities of this type of exchange are to be established in further special laws relating to the various types of mandatory insurance. In practice, this means that mandatory insurance contracts will be more strictly regulated.

Source
CMS Client Alert | June 2014 | Insurance & Funds
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Authors

Zubarev Leonid
Leonid Zubarev
Senior Partner
Moscow