Avner takes steps for dissolution

Avner, the motor vehicle accident victim insurance association owned by Israeli motor insurers, will tender out sale of its future claims portfolio for US$300 to US$400mn. Completion will allow Avner dissolution to take place early next year when a new law requires that compulsory car insurance be taken out directly through insurance companies. After sale, half of money available will be used to pay outstanding income tax and part go to Karnit, the road accident victims’ compensation fund.