MANY COS UNDERESTIMATE SIGNIFICANCE OF NEW RUSSIAN LAW, SAYS MARSH

Tough new laws in Russia on insurance in businesses dealing with hazardous materials are likely to have serious implications for international companies operating there, but many of those companies have yet to consider the full implications of such legislation, according to global broker Marsh. The penalties for violation will apply from April 1 2012. The required mandatory insurance depends on the exposure created and the maximum possible number of victims. Only insurers that are members of the Russian Federation's National Union of Liability Insurers can provide this cover.