Monday, December 13 2010 16:35

Motor third party liability insurance policies available in Nagorny Karabakh


ArmInfo. Motor third party liability insurance (MTL) policies are now available in Nagorny Karabakh, ArmInfo correspondent to Stepanakert reported.

Armenian insurers started selling MTL 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.

The source reported that over 11 months of 2010 over 40 road accidents were registered in NKR.
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