STATISTICS:

GEORGIA: adoption of the law on MTPL postponed

The discussion of the MTPL bill, based on which the mandatory motor third party insurance system was supposed to be introduced from July 1, 2019, was postponed for September, as Business Georgia reports.

According to Devi KHECHINASHVILI, Chairman of the Board, Georgian Insurance Association, the adoption of the law is scheduled for September, but the date of its enforcement is still unknown. This bill will establish mandatory insurance limits for all vehicles in the country. The cost of insurance will vary depending on the vehicle category.

As soon as the law enters into force, Georgian insurers proposed to consider the first five years as a transition period for adaptation and development of a unified approach. "We believe that all private insurance companies should develop standardized insurance policies with the same conditions - now such a system is being used for foreign vehicles. We offer exactly the same model to the government, but we don't know which one they will accept", KHECHINASHVILI explained.



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