The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has implemented the fourth phase of its action plan to make vehicle depreciation claim processes in compulsory motor third-party liability (traffic) insurance faster, fairer, and more transparent.
Phase Four
The SEDDK issued a new circular yesterday to combat illegal entities that unlawfully engage in insurance claims intermediary activities and cause financial harm to citizens.
The new regulation aims to ensure that claims are settled directly between policyholders and insurance companies by enabling more effective enforcement of judicial and administrative sanctions against these illegal operators.
Phases One to Three
Under the SEDDK’s plan for structural reforms of the motor depreciation claims system, three major changes have already been introduced:
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Standardisation of loss adjusters' valuation calculations;
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Adoption of a smart system for the assignment of loss adjusters; and
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Automatic calculation and payment of vehicle depreciation compensation together with property damage claims, without requiring policyholders to submit an additional application.
Phase Five
In the fifth phase of the action plan, the SEDDK will launch the Joint Claims Notification Centre (OHIM). The platform will allow citizens to report traffic accidents quickly and conveniently through a single centralised system that will be integrated with all insurance companies.
SEDDK says that it will continue to introduce measures that simplify insurance claims and compensation procedures, reduce administrative burdens, and accelerate claims processing.