MTIBU will pay UAH 15 million for the obligations of bankrupt companies

The Motor (Transport) Insurance Bureau of Ukraine (MTIB) will pay UAH 15 million for the obligations of the insolvent insurance companies Nova, Ukraine and Skyd.

Applications and documents from victims for the obligations of these insurance companies were accepted until May 31 of this year.

The MTIBU included applications from 1,170 victims who submitted applications within the prescribed period in the register for compensation. The total amount of liabilities of the specified insurers declared to the MTIBU amounted to about 37 million UAH.

"Since the funds available in the MTIBU from the guarantee contributions paid by the specified insurers are not enough to satisfy the claims of the victims in full, the amounts of payments were determined within which the Directorate can satisfy the claims of the victims at this stage", the bureau reports.

The maximum amount of payment for the liabilities of the Nova company is determined at 27 thousand UAH, Skyd - 14 thousand UAH, Ukraine - 5 thousand UAH.

"The current legislation provides for payments from the MTIBU funds in full only after the liquidation of such an insurer. The Verkhovna Rada has not yet considered the changes we proposed to the law, which provide for payments immediately after the start of the bankruptcy procedure of an insurance company," notes Volodymyr Shevchenko, General Director of MTIBU.

Source: LIGA.Finance