Stricter rules for compulsory car insurance as of April 1 in Latvia

As of April 1, there will be stricter conditions for compulsory civil liability insurance (OCTA) of vehicles, according to information from the Latvian Vehicle Insurers Bureau (LTAB) on March 29.

LTAB data show that there are currently nearly 50,000 vehicles removed from the registry in Latvia for divestment but not seized or released for sale within the five days specified by the law.

“This means that as of April 1 of this year, it will no longer be possible for owners of these vehicles to obtain an OCTA policy without re-registering the vehicle,” said LTAB Board Chairman Jānis Abāšins.

The Law provides that if the vehicle has been removed from the registry for divestment in Latvia but has not been sold and more than five days have passed since then, the owner of the vehicle must first re-register it. Only after this operation can one purchase an OCTA policy and participate in road traffic.

However, if the vehicle has been removed from the registry for export from Latvia but has not been registered in another country and more than 30 days have passed since then, the vehicle owner must first re-register it in Latvia before purchasing OCTA policy, said LTAB.

The OCTA system was introduced in Latvia in 1997. The right to provide OCTA insurance in Latvia is for  AAS "Balta", AAS "Baltijas Apdrošināšanas Nams", AAS "BTA Baltic Insurance Company", "Compensa Vienna Insurance Group" ADB, "ERGO Insurance" SE, ADB "Gjensidige", "If P&C Insurance" AS, "Swedbank P&C Insurance" AS, un "Balcia Insurance" SE.

 

Seen a mistake?

Select text and press Ctrl+Enter to send a suggested correction to the editor

Select text and press Report a mistake to send a suggested correction to the editor

Related articles

More

Most important