International motor insurance in Iceland

The role of ABÍ

The role of International Motor Insurance in Iceland sf. (ABÍ)

The role of ABÍ is in a nutshell as follows:

  1. To settle damage caused by a vehicle that is registered abroad but used here in Iceland temporarily. This however only applies to vehicles that come from countries that are parties to the multinational cooperation on use of the green card, see regulation on use of foreign registered vehicles no. 267/1993 with subsequent amendments.
  2. To provide Icelandic car insurers with international vehicle accident insurance cards, i.e. green cards, and to guarantee obligations regarding use of Icelandic vehicles in countries that are party to the green card cooperation.
  3. To handle and/or guarantee the settlement of damage caused by uninsured or unknown vehicles in accordance with the legal rules regarding compulsory vehicle accident insurance.
  4. To be an information centre and compensation body according to the provisions of the traffic laws.

Handling of disputes

Handling of disputes

A dispute can arise between the insurer and the party that considers he has a right to accident damage compensation. These disputes can always be referred to public courts. That course is normally both time-consuming and expensive, and for this reason it is often not a viable option for the consumer. The SFF (Icelandic Financial Services Association) and its constituent members, in cooperation with government and consumer organisations, have developed a system that is intended to resolve disputes with insurance companies in manner that is professional yet fast and inexpensive and without the intervention of the courts.

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