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29 october 2021, 12:42
The introduction of the out-of-court settlement of disputes by the Financial Ombudsman Service (FOS) has contributed to a significant reduction in the number of court disputes under contracts of compulsory motor third party liability insurance and hull insurance. It was reported by Chairman of the Russian Judiciary Council Viktor Momotov in his speech at the 16th Annual Scientific Conference in memoriam Professor S.N. Bratus’. The conference is organized by the Institute of Legislation and Comparative Law under the Government of Russia and is named «Sustainable Economic Growth and the Law».
Viktor Momotov noted that the Financial Ombudsman Service received over 187,000 appeals in 2020, of which 185,000 were insurance disputes.
«As a result, we have seen a sharp reduction in the number of such disputes in courts of law since the introduction of this institution, while back in 2018 their number was 273,000 cases, in 2019 it dropped to 164,000, and in 2020 it was 35,000 cases. In other words, the load on the judicial system in this sphere has decreased by eight times, which shows the high efficiency of the Financial Ombudsman institution,» Judge Momotov admitted.
Starting from January 2021, the scope of the FOS responsibilities also includes credit consumer cooperatives, banks, pawnshops and private pension funds. «Given the effectiveness of the Financial Ombudsman’s work, the burden on the courts is expected to decrease further,» Viktor Momotov added.
