The law will align market regulation with EU standards, considering the interests of policyholders and injured persons based on proposals to implement dir 2009/103/EC.
The law introduces key innovations which include increased insurance payment limits, annuity payments for severe damages, non-deducted vehicle damage payments, as well as extensive use of electronic technologies for personalized pricing and contracts.
It also introduces enhancements in customer service involve mandatory direct loss settlements and removal of payment limits with the European accident protocol.
The law improves transportation management system, emphasizing balanced decision-making, supervision, and a two-level corporate governance structure.
Effectiveness
The law will take effect on Jan. 1, 2025, with UKRN CB preparing by assessing insurers' assets, developing regulations, and setting transformation procedures for Motor (Transport) Insurance Bureau of Ukraine (MTSBU) functions.
