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Compulsory Insurance

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HomeBrud.gifInsurance LawBrud.gifCompulsory Insurance

Compulsory Insurance is the type of insurance for which the law stipulates

  • the insurance conditions
  • the levels of premium
  • and the minimum insurance proceeds
  • which organizations and individuals participating in insurance and insurance enterprises are obliged to fulfil.

Examples

Compulsory insurance shall include:

  • Motor vehicle owners' civil liability insurance
  • aviation carriers' insurance for civil liability to passengers
  • Professional liability insurance for legal consultancy activities
  • Professional liability insurance for insurance broking enterprises
  • Fire and explosion insurance.

Notes

  • Compulsory insurance shall only apply to a number of types of insurance aimed at protecting the public interest and social security.
  • Depending on the requirements of socio-economic development from time to time, the Government shall incorporate regulations on other types of compulsory insurance.

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