Motor (Transport) Insurance Bureau of Ukraine is the only association of the Insurers which execute the obligatory civil liability insurance of the owners of the ground vehicles against damage made to third persons.
Membership in MTIBU is obligatory for activity of an Insurer in the sphere of obligatory civil liability insurance of the owners of the ground vehicles.
MTIBU is a non-commercial (not-for-profit) organization and acts according to The Law of Ukraine “On Obligatory Civil Liability Insurance of the Owners of the Ground Vehicles”, legislation of Ukraine, and its Charter.
The main tasks of MTIBU:
- fulfilling guarantee obligations concerning compensation for damages caused to third parties by owners and/or users of the vehicles registered in Ukraine in accordance to Ukrainian legislation and other agreements concluded by MTIBU with Authorized bodies of other countries on obligatory civil liability insurance;
- provision of membership of Ukraine in “Green Card” international vehicle insurance system and fulfillment of general obligations to Authorized bodies of these member countries;
- management of Centralized Insurance Reserve Funds formed with MTIBU for the provision of performance of the functions assigned to it;
- coordination of insurers-members’ activities in the sphere of obligatory liability insurance onterritoryof Ukraine and abroad;
- fulfilling obligations under an obligatory liability insurance policies (including international) if the resources and property of the Insurer -its Member, which was declared bankrupt and/or liquidated, are insufficient;
- cooperation with the bodies of the Ministry of Internal Affairs of Ukraine as well as other government authorities in the matters of obligatory liability insurance.
As of today 54 insurance companies have activated their membership.