News
New Civil and Legal Liability Insurance Policies for Car Owners Are Available from Insurance Company «Universalna» across Ukraine
2005-01-27The new liability insurance policies for car owners are available as of January 26, 2005, from all branches of the Insurance Company «Universalna» in all of Ukraine's regions.
According to Liubomyr Futorsky, chief of the Insurance Company «Universalna» Department for Civil and Legal Liability Insurance of Motor Vehicle Owners, the company has the largest reserve (second only to that of the «Oranta» Insurance Company) of blank forms for new insurance policies.
The day before, the Motor Transport Insurance Bureau of Ukraine provided blank forms for new insurance policies to insurance companies that have licenses to provide this type of insurance coverage. It will be recalled that Ukraine currently has close to 30 insurance companies licensed to sell policies of mandatory civil and legal liability insurance to owners of motor vehicles.
According forecasts of the State Commission for the Regulation of Financial Services Markets, some 60 to 80 Ukrainian insurers are seeking to obtain licenses for this type of insurance coverage. To qualify for a license, the insurer must meet the following criteria:
- The insurer must have at least two years of experience providing car insurance services or optional civil liability insurance coverage for car owners;
- The insurer must be able to receive insurance claims across Ukraine; to be able to do so the insurer must have standalone divisions and offices;
- The insurer may not have committed more than one confirmed violation of the Law «On the Prevention and Countering of the Legalization (Laundering) of Illicit Incomes» per year.
