Банкеръ Weekly

Briefs

CIVIL LIABILITY INSURANCE UP 25 PER CENT

All automobile owners will have to purchase by December 31, 2001 policies for the obligatory Civil Liability insurance. The law stipulates fines for those who fail to do that and continue to drive their vehicles. Natural persons will be fined by BGL200 to BGL500, and juristic persons - by BGL500 to BGL 5,000.The obligatory Civil Liability insurance shall be hiked by 25%, the Council of Ministers decided at its session on October 4. Amendments to the Ordinance on obligatory insurance were approved as well. The changes are aimed at the harmonization of Bulgarial legislation in this sphere with European standards, Finance Minister Milen Velchev explained. The amendments stipulate updating of the amount of compensations payable to victims of road traffic accidents and an increase in the Civil Liability insurance.The Civil Liability insurance for the most popular class of automobiles in Bulgaria - with volume up to 1,800 cu cm - was BGL39 so far, and BGL50 will be payable after the hike. The good news is that the compesations, projected by the obligatory insurance will be raised, too. Presently, the compensations for one person involved in an accident is BGL30,000, and BGL50,000 if more than one person is involed. BGL20,000 is the current ceiling for property losses. After the amendments to the Ordinance, the insurance ceiling for non-property damages will be raised to BGL100,000, and to BGL40,000 for property losses.Unlike the Civil Liability, the other obligatory insurance - Accidents - for the seats in the public transport vehicles will remain unchanged, the Finance Ministry explained.sad statistics for the last two or three years show that only 50% of the automobile owners pay the Civil Liability inusrance, despite of its mandatory character. It is not unlikely for this percentage to lower further after the present hike.

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