Extension Approved for Compulsory Vehicle Insurance
The Legislative Assembly of El Salvador has approved an extension, until next December 31 2012, for the enforcement of compulsory insurance of vehicles.
Friday, June 29, 2012
From a press release from the Legislative Assembly of El Salvador:
With 68 votes, the Legislature approved on Thursday, an extension of six months for the enforcement of compulsory insurance for liability for damages to third parties, resulting in traffic accidents, a provision is established in the Law of Land Transport, Traffic and Road Safety.
According to the Deputy Guillermo Olivo, the Parliamentary Group of the FMLN, another agreement reached was "forming a technical sub-committee which will examine proposals of the Executive Branch, to be incorporated in the law." The legislator also revealed that they already have a report from the Executive regarding the "creation of the Solidarity Fund for victims of traffic accidents (FONSVAT)" which will transfer resources to the Ministry of Health. The report proposes that a portion of the Fund also serve for road signs, and a remaining percentage, to be determined, would be transferred to the families of victims of traffic accidents.
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Insurers are obliged to cover accidents involving alcohol consumption after Congress approved a bill on its third reading.
From a statement issued by the National Assembly of Panama:
Bill No. 232, which imposes rules for obtaining a certificate of vehicle inspection to act as an insurance policy that includes coverage for accidents resulting from the consumption of alcohol, was approved on its third reading by the full National Assembly.
The Superintendency of Insurance in Costa Rica is planning to start the process of opening up the market for compulsory automobile insurance in the first quarter.
In order to liberalize the market for compulsory automobile insurance, there first needs to be a review and approval of a decree which will focus on the regulation of the sale of insurance from the National Insurance Institute (INS) to private companies.
The request for compulsory insurance against third party injuries, which came into force on May 20, shall have no effect.
This was confirmed today by Deputy Minister of Transport Luis Felipe Moreno, who had given the order to Central American Traffic Services SA of C.V. (SERTACEN) to demand the existing policy on May 8.
Starting this Wednesday, a vehicle in El Salvador must be compulsorily insured against injuries to third parties.
Having insurance against third-party injuries will be a requirement for anyone wishing to obtain or renew a vehicle circulation tag beginning next Wednesday. It will also be a requirement for registration or transfers in the Public Registry of Motor Vehicles
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