What the amendments say
A Bulgarian parliamentary committee on economic policy, investments and industry approved on second reading amendments to the Insurance Code obliging insurers to offer compulsory third-party liability insurance for periods shorter than a year but not less than 30 days. The shortened term applies to vehicles with temporary or transit registration, slow-moving vehicles, self-propelled machines, category L motorcycles, as well as camping trailers and camping vehicles. For vehicles with temporary or transit registration, the policy will be valid for the registration period.
Background and requirements
The amendments were tabled by Stefan Belchev and a group of MPs from "Progressive Bulgaria" between the first and second reading of the bill. The initiative followed June protests by motorcyclists over the rising cost of policies for mopeds and motorcycles. Plamen Danailov, deputy chair of the Financial Supervision Commission, said insurers must comply with the requirement on the day the changes are published in the State Gazette, otherwise sanctions and fines will be applied. The Financial Supervision Commission will send insurers a letter with the new requirements.