New insurance rules
Bulgaria's parliament has finally adopted amendments to the Insurance Code allowing insurers to offer civil liability policies from 30 days for certain types of vehicles instead of an annual policy. The measure covers vehicles with temporary or transit registration, slow-moving machines, self-propelled machinery, category L vehicles, as well as caravan trailers and campers. The cost of policies will be determined by insurers.
The amendments were tabled by Stefan Belchev and a group of MPs from "Progressive Bulgaria" after motorcycle protests in June caused by the rising cost of insurance for mopeds and motorcycles. In addition, the Guarantee Fund will be able to pay compensation instead of an insurer with a revoked license within 7 days, and the period for restoring funds to the National Bureau of Bulgarian Motor Insurers will be 15 days.