The Fourth Directive is designed to improve the claims
process for EU third parties claiming against an Insurer based in another
EU Member State.
One of the main requirements is that a claimant should
be able to identify the relevant Insurer from the registration number
of a vehicle. The UK
insurance industry has concluded that the only realistic means of meeting
this requirement is to develop a database of all vehicles and their associated
insurance policies.
In summary:
It is a legal requirement that motor insurance
policy details are recorded on the motor insurance database.
Motor Insurers have to provide basic policy information on all their policies.
Policyholders have to provide vehicle information
within 14 days of acquiring a vehicle.
A £5,000 fine may be imposed for non-compliance.
Automate will automatically update the MID based
on the information input on the system every 24 hours.
AUTOmate Solutions Limited is an appointed representative of LMI Ltd
who are authorized and regulated by the Financial Services Authority.
Registration number 440256
