Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Liabilities definition

What does Liabilities mean? In practice, a scheme’s liabilities are what it owes: the future benefit payments (for example, pensions and lump sums) and the scheme’s expenses. They are usually measured as the present value of expected cashflows, determined by an actuary using assumptions on discount rate, longevity, inflation and expenses. Comparing liabilities with the market value of assets gives the funding level: a deficit arises where liabilities exceed assets; a surplus where assets exceed liabilities. “Liabilities” is a descriptive term used across legal, actuarial and accounting contexts rather than a single statutory definition. However, valuation bases are prescribed for particular purposes. In...

Road traffic insurance: compulsory cover, third-party rights and MIB—RTA 1988 s151–152, EC(RAI)R 2002 direct actions, Article 75, exclusions and practical litigation guidance

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Practice notes

Road Traffic Act 1988—general provisions

The obligation to hold motor insurance, and the scope of that protection, is contained in Part VI of the Road Traffic Act 1988 (RTA 1988), titled ‘Third-Party Liabilities’, covering sections 143–162. These provisions also define the entitlements of those injured to pursue claims against insurers.

RTA 1988—relevant provisions

Requirement to insure use of a motor vehicle

RTA 1988, s 143 provides that no individual may use, or cause or allow the use of, a motor vehicle on a road or any other public place unless appropriate insurance exists for that vehicle’s use. The Motor Vehicles (Compulsory Insurance) (Miscellaneous Amendments) Regulations 2019, SI 2019/1047—effective from 1 November 2019—abolished Securities and Deposits as substitutes for motor insurance. However, under SI 2019/1047, reg 5, any deposit lodged or security provided before 1 November 2019 can remain valid until 1 November 2021.

Extent of minimum cover required—the ‘compulsory risk’

Under RTA 1988, s 145, cover for death and personal injury must be unlimited in amount, while cover for damage to property is mandated up to £1.2m.

Duty of insurers

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Web page updated on 21/05/2026

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