Business news from Ukraine

MTIBU URGES INSURERS TO PREPARE IT SYSTEMS FOR INTRODUCTION OF ELECTRONIC OSAGO POLICIES

13 February , 2017  

KYIV. Feb 13 (Interfax-Ukraine) – The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) has called on insurance companies to prepare IT systems for the introduction of electronic compulsory third party liability insurance (OSAGO) policies, the bureau has said on its website.

The bureau said that designing and testing of software for the electronic policy has been finished. Insurers are to buy, design or adapt own IT systems in line with the requirements of the e-policy issue.

The key tool for communications between the insurance companies and the e-policy system will be web services.

The bureau promised that all its members with the IT systems suiting for these transactions would have full and transparent access to the e-policy system. The bureau keeps options for software designers or information systems open. The IT systems of insurance companies will be checks in an unbiased way.

The bureau asked insurance companies and insurance associations to back the resolution of the national commission for financial service markets regulation about the specifics of signing electronic OSAGO policies and do their best to provide for the required conditions to switch the OSAGO insurance market to the issue of electronic policies.

According to the resolution, owners of vehicles can receive OSAGO policies online or at offices of insurance companies or their representatives.

The transitive period of one year is foreseen from the moment when the document took effect. During the period OSAGO policies can be issued both in electronic form and on paper. After one year they will be issued only in the electronic form.