Croatia - Compulsory Transport Insurance
Lloyd’s underwriters are not permitted to write compulsory transport insurance from Croatia
Article 2(1) of the Act on Compulsory Insurance within the Transport Sector 2005 (“the Act”) defines compulsory transport insurance as:
- Accident insurance of passengers on public transport (included in Non-Life Class 1).
- Motor third party liability (Non-Life Class 10).
- Aircraft third party liability (Non-Life Class 11).
- Yacht or motorboat third party liability (included in Non-Life Class 12).
The Act requires insurance undertakings that wish to write compulsory transport insurance to be a member of the Croatian Insurance Bureau (the local association of insurers) and the Guarantee Fund; to have policy rates and the general and special conditions of policy wordings approved in advance by the insurance regulator, the Croatian Financial Services Supervisory Agency.
As Lloyd’s is not a member of the Croatian Insurance Bureau and the Guarantee Fund, Lloyd’s underwriters are therefore not permitted to underwrite the types of insurance listed above. Lloyd’s underwriters may underwrite risks that fall under Non-Life Classes 1 and 12 that are not listed above, eg, ship’s liability for a vessel that is not a motorboat or a yacht.
Any syndicate that wishes to underwrite compulsory transport insurance must discuss the matter with Lloyd's International Trading Advice team before doing so, in order to ensure that the appropriate requirements are met.