According to the legislation on compulsory insurance of civil liability of vehicle owners the Fund will have the following main tasks:
to indemnify for a damage caused to injured or aggrieved persons when using vehicles through compensation payments in accordance with the law on compulsory insurance of civil liability of vehicle owners;
financial provision for a system of support of certain categories of citizens entitled to have insurance premium discounts in accordance with the law on compulsory insurance of civil liability of vehicle owners through compensating these discounts;
development of database relating to compulsory insurance, including the information on compulsory insurance contracts, insured accident, personal information on the insured persons and injured or aggrieved persons; organization of information exchange between these insurers and the Fund following the insurance secrecy legislation requirements;
development and approval in coordination with dedicated government agency for insurance activity control and supervision (hereinafter referred to as the dedicated government agency) of rules regulating the Fund’s activity focused on implementing basic tasks assigned by the legislation.
To perform the assigned tasks the Fund shall implement the following functions:
pay compensations to injured or aggrieved persons in accordance with the established procedures and fulfill recourse claims;
compensate insurance premium discounts provided by insurers to persons entitled to have discounts according to the legislation;
exchange with dedicated government agency the information required by the Fund to fulfill their tasks;
exchange with insurers the information on compulsory insurance observing the requirements of the insurance secrecy legislation;
develop annual and quarterly forecasts on incomes and expenses of the Fund;
develop and submit for review by dedicated government agency the offer relating to the updating the legislation on compulsory insurance of civil liability of vehicle owners;
arrange international contacts, study and use a foreign experience in the field of compulsory insurance of civil liability of vehicle owners.
The Fund can perform any other functions according to its tasks and legislation.