Bulgaria’s parliamentary Committee on Economic Policy, Investments and Industry Wednesday approved amendments to the Insurance Code requiring insurers in Bulgaria to offer third-party liability insurance for certain vehicles, including motorcycles and motorhomes, for periods shorter than one year, but no less than 30 days.
The provisions were tabled by Stefan Belchev of Progressive Bulgaria and a group of MPs between the first and second readings of the bill amending the Insurance Code. Insurers would be required to offer third-party liability policies with shortened coverage periods for vehicles with temporary or transit registration, for the validity period of the registration; slow-moving road vehicles; self-propelled machinery; motor vehicles in Category L as defined by the Road Traffic Act, which includes motorcycles; and camping trailers or motorhomes.
In response to a question from Martin Dimitrov of Democratic Bulgaria about whether insurers were prepared to offer such third-party liability policies, Plamen Danailov, Deputy Chair of the Financial Supervision Commission (FSC) and head of its Insurance Supervision Division, said all insurers would be required to comply with the new requirement on the day the amendments were promulgated in the State Gazette. Insurers that failed to do so would be held liable and subject to sanctions, he added. Danailov said the FSC would send a letter to insurance companies outlining the new requirements and noted that insurers were already aware of the forthcoming legislative changes.
The amendments to the Insurance Code also concern the existing rules governing the Guarantee Fund. The changes aim to clarify the rules on the financial security and management of the funds administered by the Guarantee Fund and to create better conditions for maintaining their liquidity and solvency.
One of the key changes would allow the FSC to decide to provide funding in the event of a shortfall in the funds on its own initiative, rather than only following a proposal by the Guarantee Fund’s Management Board. The aim is to enable a faster response when additional funding is needed.
The rules on insurers’ contributions would also be clarified by distinguishing between advance and additional contributions and establishing a clearer basis for calculating advance payments. The FSC would also be able to set a different deadline for reimbursing overpaid advance amounts.
The amendments would also allow the Guarantee Fund, through its Security Fund, to make payments on behalf of the National Bureau of Bulgarian Motor Insurers when an insurer’s licence has been revoked. These would cover compensation for damages, interest and expenses related to insurance claims, as well as certain fees. The Guarantee Fund would be required to make the payment within seven days of being notified.
The amendments also provide for more effective cross-border cooperation between the Guarantee Fund and equivalent bodies, national bureaux and compensation bodies in other EU Member States.
Economic Policy Committee Approves Insurance Code Revisions Allowing Monthly Third-Party Liability Insurance for Motorcycles, Motorhomes THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-10-07 15:12:02
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