Russian insurers welcome motor law

The Russian government has passed the first reading of a draft law on mandatory motor liability insurance. The new rule is likely to be implemented in January 2002. The minimum sum insured has been set at R400,000 (US$14,600), of which R240,000 is to compensate accident victims for physical injury. The remaining R160,000 is to cover property damage. Individual annual premiums are expected to stand at around R400.