Thursday, December 2 2010 11:22

Heritage Party: Most citizens cannot afford motor third party liability insurance


ArmInfo. Heritage Opposition Party parliamentarians suggested a bill "On recognition of the Law on Motor Third Party Liability Insurance invalid," says the Heritage Party's press- release provided to ArmInfo.

The source reports that the given law providing for motor third party liability (MTPL) insurance aroused a wave of discontent among drivers. MTPL has become additional financial burden for the citizens suffering from inflation pressures. Most citizens cannot afford MTPL. The law implies additional unexpected expenses for the citizens and surplus profits for certain economic entities.

Armenian insurers started selling MTPL policies on October 18 2010. The Law on Motor-Third Party Liability Insurance will come into force on 1 January 2011. The law introduces the concept of an insurance agreement concluded for a period ranging from 3 months to 1 year (for the vehicles imported temporarily or in the transit regime the period is minimum 15 days). According to the tariff plan approved by the Central Bank of Armenia and worked out by the self-governing organization "Motor Insurers' Bureau", the minimal amount of the basic insurance premium is 18634 AMD, and maximum - 110313 AMD. At present only 10% of the registered vehicles bought MTPL policies.
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