The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) will conduct an introductory course on the main provisions of the draft law “On Compulsory Insurance of Civil Liability of Owners of Land Vehicles” in connection with the adoption of the draft law by the Verkhovna Rada on May 21, 2024, the Bureau’s website reports.
The introductory course will consist of four sessions (by sections of the draft law), which will be held on the official YouTube channel of the MTIBU on Fridays at 10:00 a.m., lasting 1 hour and 30 minutes, of which 30 minutes will be allocated for answering questions.
Approximate plan of lectures: 1 session: Basic principles of the New Law on MTPL and the procedure for concluding insurance contracts (I-II sections of the draft law), 2-3 sessions: Settlement of insurance claims and the procedure for making payments (Section III of the draft law), Session 4: Updating the functional work of the MTIBU and the basic principles of insurance companies’ membership in the Bureau (Section IV of the draft law).
To participate in the online course, you do not need to register, just follow the link on the specified day at 10:00.
Session links:
31.05.2024 https://www.youtube.com/live/hIQEzWFqQqc
07.06.2024 https://www.youtube.com/live/sy_nYwJzV7c
14.06.2024 https://www.youtube.com/live/EjkFx85kJ6I
21.06.2024 https://www.youtube.com/live/quhN5IfmApc
In January-April 2024, insurance companies-members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) concluded 2.307 million contracts of compulsory insurance of civil liability of owners of land vehicles (CTP), which is 5.66% more than in the same period in 2023.
According to the data published on the MTIBU website, 1.708 million contracts were concluded in electronic form (20% more).
In the first four months of 2024, the Bureau’s members increased the collection of insurance premiums under MTPL policies by 26.74% compared to the same period in 2023 – up to UAH 2.904 billion, including UAH 2.319 billion (+41.3%) under electronic contracts.
The average insurance premium under MOTPL contracts is UAH 1,259 thousand.
The total amount of accrued insurance claims under domestic insurance contracts increased by 34.26% to UAH 1.501 billion, including UAH 308.5 million paid using the Europrotocol (+24.25%).
The Bureau also recorded a 40.6% increase in the number of settled insurance claims to 48.9 thousand, including 17.3 thousand claims paid using the Europrotocol (+15.6%).
The average payment for property amounted to UAH 40,190 thousand, for the Europrotocol – UAH 17,62 thousand, for health – UAH 54,974 thousand.
MTIBU is the only association of insurers in Ukraine that provides compulsory insurance of civil liability of owners of land vehicles for damage caused to third parties. The Bureau’s members include 35 insurance companies.
The state enterprise “NAEK “Energoatom” (Kiev) on June 29 announced a tender for compulsory motor third party liability insurance of owners of land vehicles (MTPL).
As reported in the electronic public procurement system Prozorro, the total expected cost of 1.083 million UAH.
The deadline for submission of documents for the tender is July 11
Motor-Garant Insurance Company and Alfa Strakhovaniye PJSC will lose the right to conclude new contracts of compulsory insurance of civil liability of motor vehicles owners (CMTPL) starting from December 6, 2022, according to website of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU).
It is noted that companies must fulfill their obligations under previously concluded contracts.
The Ministry of Transport Insurance Bureau notes that the reason for this decision was the application of the National Bank of Ukraine to these companies in the form of suspension of licenses for compulsory insurance of civil liability of owners of vehicles.
As reported, on December 5, the NBU suspended Alfastrakhovanie and Motor-Garant in connection with the fact that the companies did not meet the requirements of the Regulations on licensing and registration of financial services and conditions for their activities in the provision of financial services, namely the requirements for business reputation of financial services providers.
As previously reported, IC “Alfa Insurance” was founded in 2000. It offers universal portfolio of services, including comprehensive programs to protect business interests and a wide range of insurance products for individuals.
IC Motor-Garant has been operating in the insurance market since 2000 and is a part of the banking group together with Motor-Bank JSC. The ultimate beneficial owner of the company is Vyacheslav Boguslaev, who owns 83.6% of shares.
