Regulatory Alerts2014-10-16
Ordinance No. 49 of 16.10.2014 on Mandatory Motor Third Party Liability Insurance and Passenger Accident Insurance for Public Transport
The Commission for Financial Supervision issued Ordinance No. 49 to regulate the conditions and procedures for mandatory motor third party liability and passenger accident insurance in Bulgaria. The ordinance mandates specific content for insurance policies, introduces a unified methodology for assessing vehicle damage claims, and establishes strict rules for the issuance and use of Green Cards and guarantee fund signs. It further defines the obligations of insurers regarding claim processing, the handling of border insurance for non-EU vehicles, and the protection of vulnerable claimants.
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