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Six most important events in OCTA industry

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAs 2017 draws closer, Latvian Motor Insurers’ Bureau has compiled a list of the most important events that have affected the work of the bureau and the entire industry this year.

«2017 will be a 20th jubilee for OCTA, and although financial results remain not very optimistic, many important things have been accomplished to make this year rather successful,» – notes LTAB chairman Janis Abasins.

Experts welcome the new OCTA intangible damages compensation system in Latvia

Following an initiative of LTAB, a discussion on a system for the compensation of intangible damages gathered 11 experts representing the financial monitoring field, as well as transport sector. Participants of the discussion admitted that Latvia’s system for compensation of intangible damages in OCA, although young, is successful and progressive. Nevertheless, it is necessary to perform comprehensive explanatory work among insurers, traffic and court system in order to establish balance on the price for insurance policies and insurance claim size.

Janis Abasins becomes chairman of LTAB

The composition of the management board of LTAB changed in May. Janis Abasins became chairman of the organization. Juris Stengrevics, the previous chairman of LTAB, remains an active member the board.

LTAB initiates Balva’s insolvency

In June, some three years after the Finance and Capital Market Commission made the decision to halt Balva’s activities, LTAB initiated its insolvency. This decision was made in order to ensure quicker realization of remaining assets in the interest of all OCTA participants. After the announcement of insolvency, LTAB paid back EUR 818,000 from the Guarantee Fund to those CSNg victims who did not receive full OCTA compensations. In total, the Guarantee Fund has paid a total of EUR 3.7 million on behalf of Balva.

Insurers have begun making additional payments to OCTA Guarantee Fund

In October, insurers began making payments to LTAB’s administered OCTA Guarantee Fund. This is provided by regulations for situations when the Guarantee Fund’s amount drops below EUR 20 million. The main reason for the decline in the Guarantee Fund was the payment of compensations due to Balva’s insolvency. Considering the slow economic growth rates in the post-crisis years, insurers predict it will be necessary to perform payments to the Guarantee Fund for many years.

Insurers realize ‘Insure yourself in one piece!’ campaign

In October, LTAB realized a campaign to educate traffic participants about different matters concerning OCTA. Over a course of four weeks, in cooperation with rapper Ozols, the media would report information about different aspects of OCTA and important minor points associated with the insurance industry.

LTAB develops an interactive map to help prevent road traffic accidents

At the beginning of December, LTAB published an interactive map that shows locations of different road traffic accidents in the country. The map is available on LTAB website: www.ltab.lv/map/.

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