Financial Services, Insurance, Latvia, Transport

"Given that the scenario of the UK's departure is still not clear, it is impossible to predict all details, but it is already clear that this can leave an impact on MTPL insurance," Abasins said.

Whatever the outcome of Brexit, Great Britain will remain in the Green Card system also after leaving the EU, so no radical changes are being expected in that respect. It is possible however, that after March 29, when the UK is due to leave the EU, standard MTPL insurance policies, which are valid in all countries of the European Economic Area (EEA), will lose validity in the UK.

In Abasins' words, motorists will be able to buy the Green Card from insurance companies in Latvia or on entering the UK.

In case controls are introduced on the EU-UK border, it is also likely that insurance checks on the border will be carried out as well.

"Since there is still no clarity, we recommend that every motorist who plans to enter the UK after March 29 follow information on the coming changes and prepare for them in due time," the LTAB chairman said.