The official cabinet approved the draft Law on Amendments and Supplements to the Insurance Code. This was announced by the government press service.
With the changes, the requirements of Directive (EU) 2021/2118 amending Directive 2009/1OZ/EC regarding the insurance "Civil Liability" in the use of motor vehicles and to control the obligation to take out such insurance. It also sets out new definitions for "vehicle" and "use of vehicle". The proposal provides for an exemption from the obligation to insure trailers category 01 (up to 750 kilograms), self-propelled machinery with an engine power of up to 10 kW, motorized bicycles, individual electric vehicles and self-balancing vehicles.
Furthermore, it is envisaged that certificates for insurance claims will be issued centrally by the Guarantee Fund based on the data on insurance claims contained in the electronic register maintained by it. In this way, the entire history of damage caused when using the vehicle is reflected, regardless of the insurer with which the driver was insured.
A change is proposed in the current national regulation of the adjustment of the insurance premium under compulsory insurance "Civil Liability" to motorists depending on the claims made ("bonus-malus" system). The minimum insurance sums under the mandatory "Civil Liability" insurance are updated. of motorists.
An EU-level harmonized regime for compensating injured persons in the event of insolvency of an insurer under mandatory "Civil Liability" insurance is introduced. to motorists in their country of residence through a guarantee mechanism involving the authorized compensation authorities in the Member States. The guarantee fund is designated for such a body in Bulgaria. It is proposed to change the financing mechanism of the Guarantee Fund funds. Provision is made for the contributions to the Provident Fund under compulsory insurance "Civil Liability" of motorists to be determined as a percentage of the charged insurance premium, and not as a fixed amount.
In the transitional and final provisions, amendments are also foreseen in the Law on the Financial Supervision Commission in connection with the introduction of a registration regime for the organizations for conducting professional training of employees of insurance brokers, as well as the payment of fees for their registration and the implementation of general financial supervision over them.
The bill to amend and supplement the Insurance Code was approved by Decision of the Council of Ministers No. 206/22.03.2024. and tabled for consideration and adoption by Parliament. Due to early termination of the powers of the 49th National Assembly, the legislative procedure has been suspended. The bill was re-approved by Decision of the Council of Ministers No. 524/23.07.2024. and submitted for consideration and adoption by the 50th National Assembly. Due to the premature termination of the powers of the 50th National Assembly, the legislative procedure has been suspended. This requires the bill to be approved again by the Council of Ministers and submitted to the 51st National Assembly.