The Parliament will consider at first reading amendments to the Insurance Code submitted by the Council of Ministers, according to the adopted work program of the National Assembly, BTA reported.
Some of the proposals for amendments are related to the insurance “Civil Liability“. A harmonized mechanism is being introduced at the European Union level to guarantee the claims of injured parties in the event of insolvency of an insurer under the compulsory motor insurance. The amounts of the minimum insurance amounts under the insurance are being updated. A new definition of “vehicle“ is being proposed and exemptions from the insurance obligation are provided for.
The agenda also includes the second vote on the Draft Law on Amendments and Supplements to the Law on Recovery and Restructuring of Credit Institutions and Investment Firms. Some of them are related to the requirements of a European regulation regarding the prudential treatment of global systemically important institutions that are subject to a multi-entry point resolution strategy, and methods for indirect subscription of instruments eligible to cover the minimum requirement for own funds and eligible liabilities. It is indicated that the requirements in question should have been introduced into national legislation by November 15, 2023. On July 25, 2024, a formal letter of formal notice was received from the European Commission to initiate an infringement procedure against Bulgaria for failure to notify the European Commission (EC) of the measures for the implementation of Regulation (EU) 2022/2036 within the deadline.