Ground Vehicle Insurance Against Civil Liability In Respect Of The Guarantee Fund Of Compulsory Insurance, Storage And Administration Arrangements

Original Language Title: Sauszemes transportlīdzekļu īpašnieku civiltiesiskās atbildības obligātās apdrošināšanas garantijas fonda izveidošanas, uzkrāšanas un administrēšanas kārtība

Read the untranslated law here: https://www.vestnesis.lv/ta/id/104377

Cabinet of Ministers Regulations No. 195, Riga, 22 March 2005 (pr. No 15 1) land vehicle insurance against civil liability in respect of the guarantee fund of compulsory insurance, storage and administration order Issued under the motor liability insurance Act, compulsory article 51 ninth part i. General questions 1. down the road vehicle insurance against civil liability in respect of the insurance guarantee fund (hereinafter Fund) creation, accumulation, management and administration.
2. the purpose of the Fund is to ensure the cost of claims and payments for land vehicle liability insurance mandatory in the cases stipulated by law.
3. the Fund shall comprise prescribed in these provisions accrued funds.
4. the Fund does not have legal personality.
5. the Foundation shall be kept in the vehicle insurance Office accounts. Account operator's vehicle insurance office.
6. the funds and insurers of vehicles Office features are distinct.
II. the creation and accumulation of the Fund 7. Members are insurers who have the right to take the land insurance against civil liability in respect of the use of motor vehicles.
8. The Fund shall make payments into the Fund in local currency. Vehicle insurance office in order recover recourse about road traffic accident injury, as well as donations and donations to the Fund can pay also in foreign currency.
9. The insurer who wishes to obtain the right to land vehicle insurance against civil liability in respect of, first take the lump-sum contributions fund. The lump-sum payment is 200000 dollars.
10. If an insurer is not entitled to make a ground vehicle insurance against civil liability in respect of the application, he shall submit for reimbursement of the one-time contribution to vehicle insurance office. The application shall be accompanied by financial and capital market Commission decision on the refusal to issue a license for terrestrial vehicle liability insurance. Vehicle insurance office within five working days after receipt of the application, the insurer from funds repaid 9. these provisions in accordance with the procedure laid down in paragraph 1 and the amount.
11. The insurer at regular monthly deductions from a ground vehicle insurance against civil liability in respect of the insurance premiums for a given calendar year, the amount of money for each insurance contract (annex). When calculating this amount takes account of the Central Statistical Bureau in the official consumer price index and the Fund paid claims volume growth.
12. Insurance companies within 15 days of the reference period (one calendar month) including the end of vehicle insurance office specified billing account funds in accordance with the provisions of paragraph 11. If this deadline is missed, the insurer shall, in addition to the amount charged includes interest from 0.1 the amount for each delayed day.
13. in order to ensure the continuity of the solvency of the Fund, the minimum amount of Fund resources is 10 million dollars. If the amount of the Fund is less than 10 million dollars and did not return to this amount in one month, insurers take the one-time additional contributions to restore the specified minimum amount of Fund resources. One-time additional contribution calculated according to the time when the matter of the reduction in the resources of the Fund. One-time additional contribution shall be calculated in proportion to each insurer's existing contract concluded, in the light of this insurance contract deadlines the Fund at the time of the reduction.
14. An insurer, who, in accordance with the laws and lost the right to carry out a land vehicle insurance against civil liability in respect of, the Fund shall reimburse the insurer a one-time contributions (taking into account costs and regress in order recover funds) if the insurer has passed all the obligations on possible requirements for the land concluded vehicle liability compulsory insurance contracts. The insurer repaid the part shall not exceed the amount of the lump-sum contributions: 200000 dollars.
15. This provision the insurer referred to in point 14 of the repayment of a repayable after three years from the insurer closed the last existing ground vehicle owners civil liability compulsory insurance contract expiry date.
III. Fund Administration 16. vehicle insurance office handles the Fund shall decide as to its features and responsible consumption.
17. the Office of the insurer is entitled to use the Fund according to the road transport owners civil liability compulsory insurance statutory purposes and occasions.
18. the signature rights Fund on behalf of the organisers is the insurer of the vehicle to the Chairman of the Management Board of the Office or his authorized representative.
19. the Fund's creation, storage and administration order is supervised by the financial and capital market Commission, no less than annually through the Foundation. Financial and capital market Commission shall inform the Ministry of finance and the Office of the insurer of the vehicle Fund results.
IV. Closing questions 20. Be declared unenforceable in the Cabinet of Ministers of 13 May 1997, Regulation No 180 "land vehicle liability compulsory insurance of guarantee (reserve) Fund Rules" (Latvian journal, 1997, 121. no; 1998, 289./290.nr.; 1999, 48./49.nr.; 2000, 466./469.nr.; 2002; 2003; 48 No. 112 no; 2004, nr. 21).
21. income from investment of the Fund, in accordance with the provisions of paragraph 20 of the said provisions, is accumulated vehicle insurer Office accounts.
Instead, the Prime Minister of children and Family Affairs Minister a. Baštik of the Minister of finance, Minister of Economic Affairs in place of A.r. Kariņš Editorial Note: the entry into force of the provisions by 25 March 2005.
 
Annex a Cabinet of 22 March 2005, regulations No 195

Deductions for land vehicle insurance against civil liability in respect of the insurance guarantee fund 1. Regular monthly deductions from each land vehicle liability contract of compulsory insurance premiums depending on the vehicle type and the insurance contract (Y (ij) 1) summarized in a table.
Table no PO box
Type of vehicle deductions (Ls) under the Treaty (Y (ij) 1) 3 months 1 6 months j = j = 2 9 months j = j = 4 1 3 12 months.
Cars (i = 1) 0.33 0.46 0.55 0.65 2.
Trucks (i = 2) 0.65 1.14 1.30 1.46 3.
Buses (i = 3) 0.98 1.63 2.18 2.41 4.
Motorcycles (i = 4) 0.33 0.46 0.55 0.65 5.
Car trailers (i = 5) 0.10 0.20 0.23 0.26 6.
Tractors (i = 6) 0.13 0.23 0.33 0.42 7.
Tractor trailers (i = 7) 0.07 0.10 0.13 0.16 8.
Trams, trolley buses (i = 8) 0.65 1.14 1.30 1.46 notes.
1. identification of the vehicle type i.
2. the index j-term of the insurance contract.
2. the amount of the Deduction for each next calendar year is calculated on the basis of this deduction set out in the table in annex a (Y (ij) 1) multiplied by the previous year's rate of inflation and adjustment of the coefficient matrix using the following formula (index n-deduction): Yijn = Y (ij) 1 x Kinfl x n Kkor;
Kinfl = Kinfl 1 x Kinfl 2 x Kinfl x … n 2.1. Central Statistical Bureau determined each year by the consumer price index (CPI) is expressed as a percentage. For the inflation rate used in the formula (Kinfl), PCI to convert decimal and add 1;
2.2. using the adjustment factor takes into account the compensation paid from the Fund the amount of change (compared to the previous year), without taking into account the remuneration paid in part in accordance with the provisions of paragraph 13 of the compensated by the insurer a one-time additional contributions. The correction factor in year n is calculated using the following formula: Iizm (n-1) n = Kkor – – – – – – – – – – – where Iizm (n – 2) Iizm (n-1) — the cost of the Fund, in the amount of (n – 1) per year, regardless of the remuneration paid in part compensated by the insurer a one-time additional contributions;
Iizm (n-2) — the cost of the Fund, in the amount of (n – 2) a year, without taking into account the remuneration paid in part compensated by the insurer a one-time additional contributions: 2.2.1. If n 1, Kkor > calculations use the numeric value of this coefficient Kkor n;
2.2.2. If n ≤ 1 Kkor, the calculation assumes that the value of the coefficient Kkor n = 1;
2.2.3. correction factor (n + 1) a year and later years is calculated as follows: Iizmn Iizm (n + 1) (n + 1) = Kkor – – – – – – – – – Kkor (n + 2) = – – – – – – – – – – – – etc.                          Iizm (n-1) Iizmn the Minister of finance, Minister of Economic Affairs in place of A.r. Kariņš