Lloyd’s Market Association (LMA) has warned the UK government to not take abrupt action following a court ruling by the European Court of Justice on motor insurance. The government previously called for input from the motor insurance sector following the 2014 “Vnuk judgement,” a European Court of Justice decision that broadened the scope of compulsory motor insurance. The LMA said it was “deeply concerned” that ministers had announced plans for an overhaul in January without consulting its members. LMA has requested time for consultation because of concerns that the "Vnuk judgment" will increase costs and the risk of fraud. If the ruling took effect in the UK additional insurance would be required for vehicles on private land.
Lloyd’s Market Association (LMA) has warned the UK government to not take abrupt action following a court ruling by the European Court of Justice on motor insurance. The LMA said it was “deeply concerned” that ministers had announced plans for an overhaul in January without consulting its members. LMA has requested time for consultation because of concerns that the "Vnuk judgment" will increase costs and the risk of fraud. If the ruling took effect in the UK additional insurance would be required for vehicles on private land.