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Bulgaria approves shorter civil liability insurance terms
The Bulgarian Commission on Economic Policy, Investment and Industry has approved amendments to the Insurance Code that will change the availability of civil liability insurance. Under the new rules, insurers will be required to offer insurance policies with terms shorter than one year, with a minimum duration of 30 days, for specific types of vehicles.
These flexible terms are intended for motorcycles, campers, slow-moving road vehicles, self-propelled machines, and vehicles with temporary or transit registration. The amendments were introduced by Stefan Belchev of Progressive Bulgaria and a group of MPs to provide more tailored options for these vehicle categories.
Plamen Danailov, Deputy Chairman of the Financial Supervision Commission, stated that insurers must comply with these requirements on the day the changes are published in the State Gazette. Failure to comply will result in sanctions. Additionally, the amendments include updates to the regulations governing the Guarantee Fund to improve financial security and fund management.
Entities
Bulgaria · Bulgarian Parliament · Commission on Economic Policy, Investment and Industry · Financial Supervision Commission · Guarantee Fund · Plamen Danailov
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Insurers must comply with the new requirements on the day the law is published in the State Gazette. www.dennews.bg · www.standartnews.com · www.vesti.bg
- [● 3 SOURCES] Insurers failing to comply with the new rules will face sanctions. www.dennews.bg · www.standartnews.com · www.vesti.bg
- [● 3 SOURCES] Insurers must offer civil liability insurance for terms between 30 days and one year for specific vehicles. www.dennews.bg · www.standartnews.com · www.vesti.bg
- [● 3 SOURCES] The Commission on Economic Policy, Investment and Industry approved amendments to the Insurance Code. www.dennews.bg · www.standartnews.com · www.vesti.bg
- [● 3 SOURCES] The shorter insurance terms apply to vehicles with temporary/transit registration, slow-moving vehicles, self-propelled machines, category L vehicles (motorcycles), and camping equipment. www.dennews.bg · www.standartnews.com · www.vesti.bg
- [● 3 SOURCES] The amendments also modify regulations concerning the Guarantee Fund to clarify financial security and management rules. www.dennews.bg · www.standartnews.com · www.vesti.bg
- [● 3 SOURCES] The shorter insurance terms apply to motorcycles, campers, slow-moving road vehicles, self-propelled machines, and vehicles with temporary or transit registration. www.dennews.bg · www.standartnews.com · www.vesti.bg
- [● 3 SOURCES] The amendments also modify the regulations concerning the Guarantee Fund. www.dennews.bg · www.standartnews.com · www.vesti.bg
- [● 3 SOURCES] Insurers failing to comply with the new terms will face sanctions. www.dennews.bg · www.standartnews.com · www.vesti.bg