The EU and Ukrainian law, global best practices, case law and the situation in the industry as a whole underwent significant changes since the adoption of the Road Transport Third-Party Insurance Act. Over the period of its existence, the Act was amended on numerous occasions, making its structure bulky.

Accordingly, the Parliament Members decided to ‘comprehensively update’ this legislative instrument by bringing it into line with Directive 2009/103/ЕС and introduced to the Verkhovna Rada Bill No. 10196 about road transport third-party insurance. Problems to be tackled with the proposed amendments include insurance underpricing by unfair insurers, resulting in the creation of insufficient insurance reserves, insurer insolvency risks, unreasonable refusal to pay insurance indemnity to party injured or delay in insurance payments, and selling false insurance policies.

To learn about the novelties proposed by Bill No. 10196 to improve the situation in the road transport third party insurance sector and how they may impact insurance businesses and car owners, please read the entire article entitled ‘Thinking of the EU’, as authored by Drozdova & Partners Law Firm Director Olena Drozdova.