Bulgaria’s forthcoming adoption of the euro will deliver adjustments to the legal responsibility limits for obligatory motor insurance coverage. In accordance with the Monetary Supervision Fee’s (FSC) Program for the Safety of Customers of Non-Banking Monetary Providers and Merchandise, the legal responsibility limits for non-pecuniary and property harm ensuing from bodily damage or loss of life will enhance to six,450,000 euros per occasion. For property harm, the restrict will rise to 1,300,000 euros per occasion. At the moment, these limits are set at 10,420,000 leva for bodily damage or loss of life and a pair of,100,000 leva for property harm per occasion, whatever the variety of affected events.
Insurers are required to keep up transparency by publishing their claims settlement procedures on their web sites. Measures applied by the FSC have enhanced the monetary stability of the insurance coverage sector whereas additionally selling transparency, significantly in managing “Motorists’ Civil Legal responsibility” insurance coverage—the commonest type of protection.
An digital coverage era system, managed by the Assure Fund, is already operational. This technique maintains a registry of all energetic “Motorists’ Civil Legal responsibility” insurance coverage insurance policies for particular automobiles, recognized by their registration or body numbers. The Assure Fund’s web site gives public entry to this info.
Laws additionally specify cut-off dates for insurers to request further proof from policyholders in declare settlements. For “Civil Legal responsibility” contracts, insurers should comply inside 45 days from the declare’s submitting date. The legislation prohibits insurers from demanding proof that policyholders can not fairly receive because of regulatory or authorized boundaries. This provision goals to forestall unwarranted delays in declare settlements by making certain that requested proof is critical and related.
To guard policyholders in circumstances of insurer chapter, a “Provisional Fund” has been established. This fund ensures claims arising from “Civil Legal responsibility,” obligatory passenger “Accident” insurance coverage, and life insurance coverage contracts. As soon as a courtroom determination declares an insurer bankrupt, the fund covers the insurer’s obligations to policyholders. The measure underscores Bulgaria’s dedication to safeguarding insurance coverage service customers amid its transition to the eurozone.
