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Tuesday 23.07.2019 | Name days: Magda, Magone, Mērija
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LTAB: it was a relatively peaceful year for vehicle insurance industry

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU«While 2017 was rich with all kinds of processes for the vehicle insurance sector that had a considerable effect on the market, this year was relatively calm in comparison. Insurers had to pay more attention to sorting out internal processes. Work also continued on sorting legislation that governs the industry,» says chairman Motor Insurers’ Bureau of Latvia Janis Abašins.

Amendments to the Insurance Law were being worked on and improved over the course of the entire year. The goal of said amendments was expanding existing regulations and preventing the flaws uncovered so far to further improve protection of interests of victims of road accidents and drivers, as well as establish new responsibility limits for insurers on matter of compensating property damage. It is planned the new amendments will come to force at the beginning of 2019.

It is officially allowed to register cars with their steering wheel on the right side in Latvia. Although there are no reasons to believe those cars might become part of road traffic, insurers say that before purchasing such a car, it is necessary to consider the costs and possible risks associated with driving such a car in Latvia.

To make life easier for drivers, LTAB has developed and adopted a mechanism for more convenient use of LTAB OCTA mobile app notifications. The new function will allow road accident victims determine what happened in accidents and which sides were involved, as well as exchange information with insurers. Taking into account the mobile app is tied to LTAB database, provision of data will take less time. The mobile app and notifications will be allowed to be confirmed using electronic signatures. Additionally, it will be valid for all insurers.


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