By KYIV. Nov 1 (Interfax-Ukraine) – The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) has entered into a Memorandum of Partnership with the National Association of Insurers of Ukraine (NAIU), the Insurance Business Association (IBA) and the League of Insurance Organizations of Ukraine (LIOU), according to a press release from the Bureau.
“All participants in the Compulsory Motor Third Party Liability (MTPL) market for car owners are aware of the need to combine efforts to ensure reform and development of the industry, to implement joint actions aimed at creating an atmosphere of trust and partnership between insurers and road users,” MTIBU General Director Oleksandr Bernaziuk is quoted in the press release.
All parties to the Memorandum agreed to implement a common policy in the field of compulsory motor liability insurance and cooperation, in particular, in terms of preparing and submitting joint proposals for further reform of the industry, developing joint actions to improve the financial literacy of road users, sharing experience and knowledge in the field of compulsory civil insurance -legal liability. And organizing general, including public, events to discuss topical issues of application of industry legislation, reducing the number of road accidents and reducing the severity of the consequences of insured events.
The participants in the Memorandum agreed on a systematic exchange of information on the indicators of the MTPL market, namely the number of accidents, statistical data on this type of compulsory insurance and the activities of MTPL insurers, regulatory payments from the MTIBU guarantee funds, consumer appeals, etc.
“Cooperation within the framework of the Memorandum will be carried out on the basis of the principles of equality, coordination of actions, assistance to each party to the document in achieving its goals, and compliance with information protection requirements,” the bureau said.
