Insurance of Professional Liability
Presently, there is a variety of the state regulation methods in Russia that weigh
down the entrepreneurial activity. At the same time, some of these methods can
be indolently replaced by the market mechanisms, first of all by the mechanisms
of professional liability insurance. First steps towards it have already been
taken. In particular, the MEDT of Russia developed a Draft Federal Law "On
Licensing Procedure without Obtaining a License". According to this Law,
some businesses subject to licensing in accordance with the currently effective
Legislation can be implemented by the legal entities and individual entrepreneurs
without obtaining a license. At the same time, running business subject to licensing
without a license suggests applying for liability insurance by legal entities
and individual entrepreneurs against damage to life, health, third party property.
Within this framework it is proposed the MEDT of Russia designs of the above measures
in respect of both expanding areas for applying such mechanisms to the businesses
subject to licensing at present, and applying the mechanisms of professional liability
insurance as an alternative to other methods of state regulation (for instance,
in the sector of control and supervision).
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