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Posted by: Cornelia Stefoglu

News / Economic

19 July 2019 / 12:15

Parliament approves amendments to insurance law

Parliament has adopted in two readings legislative changes aimed at creating a level playing field between the participants of insurance market. The draft was voted at the meeting of Parliament held on Friday, 19 July, reads a press release of the Legislative.

The legislative changes are intended to contribute to gradual strengthening of financial capacities of insurance and reinsurance agents and brokers. The project extends the term of financial consolidation by increasing the share capital of these entities for at least half a year.

Also, there were repealed the rules introduced in 2018, which regulate the exclusion of insurance intermediaries from the sale of civil liability of autovehicles (RCA) and Green Card.Moreover, there were similarly excluded provisions stipulating maintenance of social capital in free cash means of obligations on a bank deposit account.

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