FGA attends the first International Motor Insurance Convention

The Motor Guarantee Fund (FGA) attended the 1st International Motor Insurance Convention that took place in Madrid last June.
The meeting brought together, for the first time, about 150 delegates from different countries, representing the entities that guarantee the protection of victims of cross-border road accidents. The main objective of the meeting was to discuss the restructuring project of the Council of Boards(CoB).

The event was also attended by representatives of the European Commission, the United Nations Economic Commission for Europe and Insurance Europe.

 



FGA's Statistics - 1st Quarter 2018

Until March 31, 2018, the Motor Guarantee Fund received 1,168 accident reports, a 14% increase over the same period of last year. The compensations paid in the period amounted to EUR 2 764 223, which represents 24% less than in 2017.

 

GF mission

The Motor Guarantee Fund (MGF) is an autonomous public fund, managed by the Insurance and Pension Funds Supervisory Authority.
The Fund ensures, among other cases, the compensation of personal injuries and damage to property resulting from road accidents in Portugal when the person responsible hereof is unknown or, if known, has not fulfilled the obligation to take out motor third party liability insurance.

The Motor Guarantee Fund  also pays the compensation due for bodily injuries when the MTPL insurance 

undertaking is declared insolvent. At European level, the MGF also acts as Information Centre and Compensation Body.

Reimbursement of sums paid

The MGF is entitled to demand the reimbursement of the amounts spent on claims settling, plus default interest.

Under the law, the holder, the owner and the driver of the vehicle which caused the accident are jointly and severally liable for the reimbursement, regardless of upon whom the obligation to take out the insurance falls.


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