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On February 2, the National Committee for Financial Services approved the draft Regulation on the features of concluding electronic insurance contracts and recognizing the invalidity of the Order of the State Financial Services Commission No. 673
The Regulation was developed in accordance with the Law “On Insurance Contracts” and the Law “On Electronic Commerce” and establishes the obligations of the insurer and the basic rules when concluding electronic insurance contracts.
- “The work on the implementation of electronic policies has been carried out for 6 years and entered an active phase last year,” said Igor Pashko, Chairman of the National Committee for Financial Services. - “Today we are taking an important step in the history of domestic insurance. I hope that in the third quarter of this year, Ukrainian drivers will be able to use the first electronic OSCPV policies.
According to the Regulations, vehicle owners will be able to conclude contracts via the Internet and receive electronic insurance policies, in addition to the traditional method of purchasing a motor vehicle policy.
A significant factor in preventing insurance fraud will be the provision by MTIBU of the ability for the client to check the registered policy in a single centralized OSCPV database.
Thanks to the introduction of an electronic policy, it will be easier for the police to check its availability, which will be able to do this thanks to access to the centralized MTIBU database. After registering all policies in the database, the probability of purchasing a policy from fraudsters is minimized, and consumers of financial services receive additional guarantees of future payments.
Member of the National Financial Services Commission Denis Yastreb, commenting on the historic step in the insurance market, noted that the introduction of an electronic policy will not automatically solve all problems in the insurance market, because it is necessary to work on the development of an insurance culture. - "I hope that after the adoption of the Law "On Insurance" we will extend the introduction of an electronic policy to other types of insurance," he said.
When will the electronic policy start working?
Procedurally, the electronic OSCPV policy may appear within 6-8 months, but the paper version of the policies will still be in use for a year. The transition period is currently being discussed.
As reported by the Commission, a month is allocated for receiving proposals and recommendations from insurers and MTIBU, then 4-5 months for procedural issues, including coordination in the AMCU and other state bodies, as well as coordination of the document in the Ministry of Justice.
According to the Regulator's forecasts, the electronic policy will come into effect in Ukraine from September 2017. In parallel with the electronic OSCPV contract, a paper policy will also be in effect for another 12 months from the date of publication of the Regulation.
The introduction of an electronic policy in Ukraine is not a revolution, but an evolution, according to the National Commission for Financial Services. According to the regulator, this is an additional sales channel for insurers.
Obligations of the insurer when concluding electronic OSCPV contracts
When concluding an electronic contract, the insurer is obliged to independently establish the individual amount of the insurance payment, taking into account the base payment and adjustment coefficients.
The insurer will conclude OSCPV contracts that are subject to mandatory technical inspection, in accordance with the Law of Ukraine "On Road Traffic", subject to mandatory maintenance, and also confirm the fact of concluding the contract with an insurance policy.
An electronic insurance policy is subject to mandatory registration in the single centralized OSCPV database with the assignment of the corresponding registration number.
How will an electronic contract be concluded OSCPV?
To conclude a contract, the vehicle owner enters the information necessary for concluding a contract (specified by MTIBU) through the ITS.
The insurer, based on the received application for insurance, forms a proposal to conclude an internal insurance contract in the form of a draft insurance policy, which is registered in the unified OSCPV database. The offer to conclude a contract is sent to the car owner through the bureau system and is valid until the end of the day in which it was formed.
The possibility of checking the fact of registration of the electronic policy in the unified centralized database is provided by MTIBU.
After the car owner signs the electronic contract of the OSCPV in the system before the end of the day in which the offer was formed, the insurer is obliged to register the insurance policy in the unified centralized database and send the insured an e-mail confirmation of the conclusion of the electronic contract.
A sample insurance policy certifying the conclusion of the electronic contract is approved by the National Commission for Financial Services upon submission by MTIBU.
An electronic insurance contract is considered concluded from the moment the insurer receives a response from the car owner and enters into force from the date specified in the policy, but not earlier than the date of its registration in the unified centralized database data.
Together with the confirmation of the electronic transaction, the insurer sends the policyholder a list of the insurer's representatives who will settle the insured events, as well as a report form on the accident of the MTIBU standard (including a Europrotocol).
At the request of the insured, the insurer is obliged to provide a visual form of the insurance policy confirming the conclusion of the electronic insurance contract in paper form, certified by the insurer's signature.
Terminology
Internal insurance contract - an electronic contract of the OCCPV, which is valid exclusively on the territory of Ukraine.
Insurance policy - the only form of an internal insurance contract that certifies the conclusion of such a contract.
Information and telecommunications system (ITS) - a set of information and telecommunications systems, in the process of information processing act as a single whole and are used by the insurer to conclude electronic contracts.
As reported by Forinsurer, before the implementation of the "electronic policy", MTIBU will launch an interim project "Policy-online", which is a transitional format for the implementation of the "electronic policy" system, for the period until the adoption of relevant amendments to the law "On OSCPV".
The project "Policy-online" It is envisaged to print out the policy in the current paper form on a form of the established sample, indicating the verification code that will be generated by the MTIBU Central Database.
The model provides for the conclusion of insurance contracts completely in electronic form with the involvement of an electronic signature.
At the same time, the paper form of the policy will still be printed by the insurance company and transferred to the car owner in any way convenient for him: at the insurance company's office, through an insurance agent, by mail, etc.
«Electronic policy» is a record in the centralized MTIBU database about the concluded insurance contract. At the same time, the presence and content of such a record is a necessary and sufficient condition for resolving the issue of the availability of insurance coverage. Naturally, the execution of the «electronic policy» takes place online. The visual form of such a policy in the form of a set of necessary information can be printed on a simple sheet of paper or displayed as a file that is visualized using portable electronic devices (laptops, tablets, smartphones).
Source: forinsurer.com
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