The competent authority with regard to the "Civil Liability" insurance for motorcycles is the Financial Supervision Commission (FSC). This was stated in a position statement by the Consumer Protection Commission (CPC) in connection with the public discussions on insurance premiums, bTV reported.
Insurance activity is part of the non-banking financial sector and is subject to specialized legal regulation and supervision. The competent authority with regard to insurers is the Financial Supervision Commission, which exercises control over its supervised entities within the framework of the powers granted to it by law.
According to the current Law on the Introduction of the Euro in the Republic of Bulgaria, the CPC monitors the presence of unjustified increases in the prices of goods and services. The exception is the economic sectors in which a special regulator operates. This is the case with the provision of insurance services, including the mandatory "Civil Liability" insurance for mopeds and motorcycles, the CPC further explains.
The Financial Supervision Commission exercises control over its supervised entities, such as insurers, with regard to compliance with the requirements of the Law on the Introduction of the Euro in the Republic of Bulgaria and the prohibition of unjustified increases in service prices during the period of dual labelling.
The Consumer Protection Commission supports the dialogue between institutions, various economic entities and representatives of various communities in order to find a fair and sustainable solution in the interest of consumers, the press center of the Consumer Protection Commission added.
Today, motorcyclists are blocking the capital with a major protest. The reasons are the increased prices of “Third Party Liability“, the obligation to pay for year-round insurance and the elimination of the option for installment payments.
Motorcycle clubs are demanding that the prices of mandatory insurance be frozen at the levels before March 1 of this year, as well as that seasonal policies be introduced, since many motorcycles are used only a few months a year.