Kyiv, November 13 (Interfax-Ukraine) – The direct settlement system in the OSAGO (mandatory insurance of motor vehicles owners' civil liability) segment could be introduced from January 1, 2016 via legislative changes, Director General of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) Volodymyr Shevchenko said at a press conference at Interfax-Ukraine on Wednesday.

"One of the top-priority directions in the operation of the bureau is the gradual introduction of the direct settlement in the OSAGO area. The issues have been discussed by the presidium, and it was defined that the amendments should be made to Ukrainian law, and draft amendments to legislative acts are being drawn up. With a good combination of circumstances the direct settlement system could be introduced from January 1, 2016," Shevchenko said.

Among other anti-crisis measures of the bureau is the realization of the reasonable investment policy of the bureau aimed at observing the liquidity, profit-making and safety principles. In addition, he said that the creation of a mechanism for accumulating the insurance reserves of insurance companies in the fund for protecting victims would have a wholesome effect on the market. He said that the formula for the calculation of the fee will be discussed and changed.

Shevchenko also said that the introduction of the effective corporate management system in line with the principles of information transparency is important.

"Another step towards policy holders is a switch to the electronic OSAGO policies," he said.

The bureau said that the risk management system should be improved.

MTIBU President and director of Illichivske Insurance Society Yuriy Hryshan said that over the period of the operation of the current presidium many important decisions were made, although the most important of them require the approval by the coordination council of the national commission for financial service markets regulation.