Auto insurance reform is being prepared in Ukraine

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Auto insurance reform is being prepared in Ukraine

Insurance legislation in Ukraine will be brought into line with European standards. It is planned to increase insurance payments, a new procedure for calculating them, as well as the introduction of free pricing for OSAGO policies.

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In 2023, the reform of the auto insurance system should start in Ukraine. The corresponding draft law No. 8300 has already been submitted to the Verkhovna Rada, and one of its authors, the head of the parliamentary committee on finance, tax and customs policy, Daniil Getmatsev, spoke about its main provisions.

According to him, the current law “On mandatory Civil Liability Insurance for Land Vehicle Owners” was adopted 20 years ago and needs to be updated. In addition, the legislation on auto citizenship should be brought into line with European standards.

Main provisions of the reform of the auto insurance system:

  • Gradual increase in the amount of insurance payments to the level of EU countries;
  • Quick implementation of guarantee payments to injured persons instead of bankrupt insurers in 60 days (now it takes years);
  • Direct settlement in all cases of accidents without injuries – this will enable the injured person to apply for an insurance payment to his insurer;
  • The new procedure for calculating the amount of insurance payment without depreciation – in the amount necessary to restore the vehicle; coverage under a motor vehicle insurance agreement will also apply to passengers of the vehicle that caused the accident;
  • Free pricing of OSAGO policies without state regulation;
  • Reduction of the time for consideration of applications for insurance payments from 90 to 60 days from date of application submission;
  • Approval of an exhaustive list of documents required to receive an insurance payment, as well as a list of grounds for refusal of payment.