Monday, December 27 2010 16:18

Introduction of Motor Third Party Liability Insurance in Nagorny Karabakh Republic may be postponed


ArmInfo. The Law On the Motor Third Party Liability Insurance in Nagorny Karabakh Republic may come into power with some delay, ArmInfo correspondent to Stepanbakert reported quoting the Prime Minister of NKR Ara Haroutiunyan. Relevant negotiations are currently held with the Central Bank of Armenia.

The NKR Parliament passed the Law On MTL on November 10 and the NKR President approved it on November 15. The Law provides for compulsory insurance of nearly 17000 motor vehicles throughout NKR before Jan 1 2011. Nairi Insurance, RESO, Rosgosstrakh, INGO Armenia and other are engaged in the insurance in NKR/ Earlier, Ustinian legal company was providing MTL policies on voluntary basis. Four days before the Law On MYTl comes into effect over 400,000 vehicles in Armenia: 260,000 cars, 15,000 buses and 55,000 trucks. Their average age is 12 years. The estimated amount of Armenia's MTPL market is 13bln-14bln AMD ($38mln).

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 20% of the registered vehicles bought MTPL policies.
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