Compulsory insurance in the Russian Federation is determined by federal laws on specific types of compulsory insurance.
Separate federal laws on certain types of compulsory insurance contain provisions that determine the subjects of insurance; objects of insurance; possible insured events; the minimum amount payable or the procedure for determining it; the procedure and deadline for paying the insurance premium; size, order, structure of determining the tariff for insurance; validity period of a certain insurance contract; insurance control; the procedure for determining the size of insurance payments; consequences of failure to fulfill or poor performance of obligations by responsible insurance entities and other provisions.
Compulsory insurance is divided into such types as insurance at the expense of insurers (this includes insurance of farm animals; buildings; personal insurance of passengers of railway, air, inland water, sea and road transport); as well as compulsory property and personal state insurance.
Personally, mandatory property insurance determines property interests that are associated with death, survival to a certain age, the onset of other life events related to life protection (life insurance, compulsory accident insurance); with the infliction of any harm to the life (health) of citizens or the process of providing them with medical services (health and accident insurance, medical insurance).
Compulsory property insurance distinguishes property interests as objects related to the possession, disposal and use of property (property insurance); carrying out entrepreneurial activity (insurance of entrepreneurial risks); obligation to indemnify the damage to other persons (liability insurance).
In the Russian Federation, protection of interests that are illegal or prohibited by law is not allowed. If the law does not stipulate the opposite, the protection of objects that are related to different types of property insurance or personal insurance is allowed. In this case, insurance is called combined insurance.
In the Russian Federation, insurance of interests of legal entities can only be carried out by insurers licensed to do so.
There is also state compulsory insurance . It comes in the form of insurance at the expense of budget funds. Personal state compulsory insurance is established in the Russian Federation for police officers, tax authorities, judges, prosecutors, citizens called up for army military training, employees of internal military units (compulsory insurance of military personnel).
State property insurance is provided for possible cases of damage or damage to property related to performance of official activities. An example when such insurance has proved its necessity can be any disaster associated with a particularly large scale of disasters due to industrial accidents (Chernobyl nuclear power plant).
Insurance indemnities for state insurance are carried out at the expense of the state budget. The state as the subject of all financial legal relations in the country acts as an insurer of property and personal interests of certain categories of citizens.
The difference in legal relations between compulsory insurance and state insurance is that in the latter case, the state (or its authorized body) will always act as one of the insurance parties, and payments for victims will be free of charge (i.e. from the budget).