El Salvador: Mandatory Insurance Law
Under the new law, about 80% of vehicles will have to pay between $ 30 and $ 40 worth of insurance.
Monday, January 17, 2011
Raul Betancourt, executive director of the Salvadoran Association of Insurance Companies (ASES), said that according to preliminary analysis about 556 thousand vehicles would pay this premium.
The insurance industry has expressed concern about the new compulsory insurance for traffic accidents in the absence of information about the project.
Although competition in compulsory insurance opened up to private operators in January, the market still has only one supplier, the state run INS.
The rating agency Fitch Ratings highlighted the benefits and cautioned about the risks of introducing compulsory insurance for traffic accidents.
Central American heavy load carries are opposing the payment of third party insurance demanded by Mexican authorities.
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