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Archive 2004

  • 01.04.2004

    Improving Dispute Resolution in Ukraines Insurance Sector: Proposal for an Insurance Ombudsman

    (Code:T31)

    Proper mechanisms for dispute resolution are important for the functioning of the insurance sector. In Ukraine, insurance litigation tends to be costly, troublesome and unfair. This is an impediment for the development of the sector. To improve this situation we propose the establishment of an Insurance Ombudsman set up and financed by the insurance industry. He will be tasked to mediate and resolve disputes between policyholders and insurance companies in a flexible, objective and cost-efficient way. The Ombudsman institution has to be independent in structure and appearance. Therefore, it should be headed by a well-reputed expert and supervised by a neutral Council. In addition, the Ombudsman’s verdicts should be binding for member insurance companies. A well-functioning Ombudsman institution will bring about advantages for all market participants: Consumers will be better protected and benefit from higher standards. This is likely to increase the insurance industry’s image considerably and act as a driving force for market growth. Increased credibility will allow participating insurance companies to acquire new customers. Finally, also the government will profit: The Ombudsman will help to decrease the case load of courts and relieve the supervisory authorities.

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