The Bank of Russia has proposed changes to the rate range for compulsory third-party liability insurance for owners of hazardous facilities. The draft ordinance suggests a reduction in the lower bound of the rate range by 25% to 75% for most facility types. This proposal is based on an analysis of data from past accidents and compensation payments to victims.
For facilities with pressure equipment and coal mines, the rate range will remain unchanged. However, hydraulic structures and petrochemical and mining enterprises will see a 25% reduction. A more significant decrease of 75% is suggested for certain power plants, tailings dams, and mine construction sites. Other hazardous facilities will experience a 50% reduction in the lower bound while maintaining the current upper bound.
The new rates are set to take effect on July 31, 2025.
