Thursday, December 9 2010 14:12
Procedure of motor third party liability insurance to be facilitated for rural residents in Armenia
ArmInfo. Procedure of motor third party liability insurance (MTL) will be facilitated for rural residents in Armenia, Prime Minister Tigran Sargsyan made the given initiative in the government on Thursday after he gave relevant charges to the Armenian Police.
The prime minister said the initiative applies to the vehicles exploited in rural areas where villagers use their cars some 3-4 times a year. There are a big number of such cars.
"It is necessary to help villagers in this situation, especially that the law will come into effect already on Jan 1 2011," he said.
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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