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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.
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.
- 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.
- What is an Insurance Business?
- Why do we need Law on Insurance Business?
- Insurable interest
- Contract of Indemnity