In order to fulfill Ukraine's obligations under the Association Agreement with the EU, it is necessary to update current legislation. Thanks to these changes, the domestic insurance market will become closer to European standards.
As reported by the NBU, the adoption of the new law will improve control over the market of compulsory civil liability insurance for car owners and introduce a number of important innovations. Among the key changes:
·introduction of direct settlement, when the payment for an insured event is made by the company with which the contract was concluded;
·free formation of tariffs and the ability to take into account the driver's continuous accident-free record when calculating the policy cost;
·over seven years, insurance sums will be gradually increased to the level defined by the EU Directive 2021/2118 (1.3 million euros) — per injured person for damages to life and health, as well as per event for property damage;
·introduction of monthly insurance payments for people who have become disabled due to a traffic accident, as well as for dependents of the deceased;
·payment for a damaged car will be made without taking into account depreciation, i.e., in the amount of the full cost of repair at a service station;
·reduction of the time limits allocated for considering claims for compensation, and other changes.
