Bulgaria's parliament adopted amendments to the Insurance Code on second reading that prohibit insurers from refusing to issue motor third-party liability policies for periods of 30 days, three or six months. The amendments, proposed by MP Petar Petrov of the Vazrazhdane party, cover motorcycles, caravans, campers and self-propelled machines. According to Petrov, the measure will limit premium increases and reduce citizens' costs, as well as lower Guarantee Fund payouts when compulsory insurance is absent. Other changes empower the Financial Supervision Commission to act independently when funds managed by the Guarantee Fund are insufficient and establish a new procedure for payments on obligations of insurers with revoked licenses through the Security Fund.
