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Despite the fact that insurance companies have resumed their contributions to OCTA Guarantees since October 2016 the Fund, it has now fallen to the historically low threshold since April 2008, when it exceeded 20 million Statutory Euros and contributions were no longer needed, informs the LTAB (LTAB)
LTAB, which administers the Guarantee Fund, shows data it will be less than 17 million in August this year.
The contribution to the Guarantee Fund is provided for by the legislation if it falls below 20 million euros. On the other hand, if the fund falls below 17 million euros, insurers must pay double contributions.
Given the slow pace of economic growth seen over the last decade, the increase in average earnings for OCTA for several consecutive years. During the year, it fell below 20 million and, despite insurers' contributions, its amount continued to decline.
Similarly, the reduction in the size of the Guarantee Fund is due to the significant reimbursement costs. For more than four years, the Guarantee Fund has already paid 3.41 million euros instead of "Prices", while the total cost estimated by the insolvent insurer is 2.1 million.
1997. The MTPL system was introduced in Latvia to ensure the protection of the interests of third-country road traffic victims in Latvia and in the member states of the Green Card system
. Better system operation, the LTAB was created, which includes insurance companies authorized to provide OCTA insurance in Latvia – AAS Balta, AAS Baltijas Apdrošinanasana Nams, AAS BTA Baltic Insurance Company, Compensa Vienna Insurance Group ADB Latvia, "ERGO Insurance" SE Latvian branch, ADB "Gjensidige" Latvian branch, Si P & C Insurance AS Latvian branch, AS Seesam Insurance AS Latvian branch and AS Swedbank P & C Insurance AS Latvian branch
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