Monday, December 27 2010 16:16
Armenian parliamentarian: The Law on Compulsory Motor Third Party Liability Insurance shows new level of development of public in Armenia
ArmInfo. The Law on Compulsory Motor Third Party Liability Insurance (MTL) aims to protect the interests of the Armenian citizens, Gagik Minasyan, Head of the Armenian Parliament Commission for Financial, Budgetary and Credit Affairs, briefed in the Parliament on Monday.
"The Law On MTL protects the interests of the injured party in a road incidents. It is widely practiced in the world," he said.
The parliamentarian believes that when public achieves a certain level of development, it understands that the innocent party has a right to recovery of the damage caused to his health, property and material funds.
"The given legislative initiative has been developed for a long period of time and our commission studied the experience of many countries. I think the law is more than ready for application," 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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