“Over the years, since the establishment of the Green Card System, the situation of road accident victims has significantly improved. The system has worked very well to protect road accident victims and enhance road safety in the countries within its scope of application. However, due to the current geopolitical situation, the level of protection has decreased in some cases due to sanctions that make the operations of the Green Card System impossible in certain countries. We are working on solutions to address this situation,” Sandra SCHWARZ, President CoB has stated on the occasion of the 2023 International Insurance Conference of Moldova.

She explained that the Green Card System is part of the broader landscape of bodies that share responsibility for regulating, overseeing insurance-related issues, and consumer protection. However, other regulatory bodies are not obliged to respond to CoBs requirements—it is more of a collaborative environment in the interest of the insured rather than a clear hierarchy. In this context, one of the major obstacles is the different regulations in different countries—for example, there are countries where the use of an electronic Green Card is not possible, limiting the potential advancement of the entire system.

Speaking about the CoB’s priorities, the issue of resolving insolvencies is one of great importance. “We are currently acting based on agreements between insolvency authorities. In the near future, we need to find a solution for unifying approaches at the EU level. Currently, insolvency is the direct responsibility of national supervisory authorities in the country where the insolvent entity is domiciled, and the financial burden falls accordingly on the players in that market,” SCHWARZ explained.

She also said that in the coming years, CoB will take measures to simplify the Green Card System to some extent and move towards a more digital form of operation. “Recently, vehicles have become true computers on wheels. They provide a wealth of data that is already being used and will be used in the future for the development of better products, such as Pay As You Drive, etc. However, ownership of the data is still an unresolved issue,” Sandra SCHWARZ stressed out.

Following the conference, we have asked Sandra SCHWARZ to summarize the most important issues on the CoB agenda. Watch the video recording of the short interview here.

To see the video recording of the extended presentation given by the CoB President in Chisinau, watch the video recording from the conference on YouTube.