|
|
The operation of the MTPLI system in Latvia was introduced on 1 September 1997 when the Law on the Third Party Liability Insurance for Inland Motor Vehicle Owners adopted in Saeima of the Republic of Latvia on 25 March 1997 came into force in its entirety. The insurance of motor vehicle owners’ third party liability and the payment of insurance indemnities to the persons suffered in the road traffic accidents begun on 1 September 1997. On 1 July 1998 Latvia became an official member state of the Green Card system and the Traffic Bureau of Latvia – a National Bureau of Latvia in the Green Card system. The collaboration of the Traffic Bureau on an international level started (please see also “Green Card system”). Essential changes in the operation of the MTPLI system were introduced when Latvia joined the EU. On 1 May 2004 the new Law on the Third Party Liability Insurance for Inland Motor Vehicle Owners (adopted in Saeima of the Republic of Latvia on 7 April 2004) came into force. This Law complied with the demands of the EU Directives and foresaw the termination of the functions of Traffic Bureau of the Republic of Latvia as a state entity, as well as the foundation of a new association registered in Republic of Latvia - the Motor Insurers’ Bureau of Latvia. The association Motor Insurers’ Bureau of Latvia was registered by the Register of Associations and Foundations of the Republic of Latvia on 30 August 2004.
|
Developed by Teleglobal