The Memorandum of Partnership was signed between the National Association of Insurers of Ukraine (NAIU) and the Motor (Transport) Insurance Bureau of Ukraine (MTIBU)
The signing of the Memorandum is a continuation of the ongoing cooperation between the parties aimed at achieving the common goal of insurers – the functioning of reliable and effective compulsory civil liability insurance, which ensures the protection of consumer rights.
Within the framework of the agreements reached under the Memorandum, the NAIU and MTIBU will exchange information on the performance of insurers, as well as take joint actions to improve the financial literacy of clients (consumers) of financial services in the segment of compulsory civil liability insurance.
Implementing the direction of interaction on the exchange of information enshrined in the Memorandum, the NAIU will consolidate the information received from MTIBU on the performance indicators of insurers that carry out compulsory civil liability insurance, and post the results of the analysis visualized by Power BI in free access on the website. Such information will supplement the data of PRIMA information exchange, and will be able to be freely used by consumers and insurers. Obtaining this information from the Motor (Transport) Insurance Bureau of Ukraine will ensure high quality, and, therefore, reliability of information. Publication of the results of the participants’ activities is a common practice of both associations, so the consolidation of efforts in this direction will increase the availability and transparency of such information.
It is expected that the direction of cooperation in financial literacy will be implemented in preparation for the implementation of the updated Law of Ukraine On Compulsory Insurance of Civil Liability of Owners of Land Vehicles. In view of the radical update of the regulation of this important type of insurance, the combination of expertise and experience of MTIBU and NAIU on financial literacy projects will ensure the dissemination of accessible and verified information, which will contribute to increasing financial literacy and consumer awareness. After all, the protection of clients’ rights from the best business practices becomes the task of insurers.
